I am fairly new
to real estate currently I am a support engineer that commutes an hour
daily to go to work. I am looking to go full time in real estate but am
not too sure how to get my foot in the door. Do you have any pointers or
advise you would give a new investor.
Hi @Tariq Hakeem ! I totally can relate with the hour plus commutes! I do recommend checking out Land and House Academy. Let me know if you need any help along the way!
@Amy Aziz Thank you so for this information! I am going to look into this now.
Crank up the podcasts. Understand there are many different strategies. Some will be a better fit for you, your skills and background. And some strategies work better in a specific location or at a specific point in the economic cycle.
Start as soon as you can. Do you look to master everything. Keep the first deal or two rather simple. You will bump into things you were not expecting. Some mistakes will be minor and you just paper over. Some will be major and really test your commitment. That is life. There is no way to get started and avoid all the possible mistakes. Just focus on how you will recover.
Capital, knowledge, experience. You need at least two of the three.
The fastest, most efficient way to your goal , assuming you have none of the three, at least not in adequate amounts, is to get a position with a REIT, real estate investment company, real estate developer, or commercial real estate broker. Same cam be achieved while working in an unrelated field, but the timeline is greater, and the amount of effort is multiplied.
I can tell you what NOT to do: DO NOT spend $20,000 or more for guru mentoring. Guru mentoring is strategy specific; even in the rare case where the single strategy works, it won’t work for everyone, in every market, and for all time. Better to spend your time and money learning BASIC concepts of real estate. Courses offered to obtain licensure are inexpensive, as are community college courses. For more money you can obtain a degree in real estate, with the added advantage of the degree opening job opportunities in the real estate field.
Here’s my take after 40 years as a real property and real estate debt investor, syndicator, fund manager.
1. The education value obtained from these mentoring programs is very small compared to less strategy specific education
2. Becoming a real estate broker, does NOT provide an obvious path to real estate investment success.
3. Generating enough income from real estate investment activities ( as opposed to real estate business or job activities) to provide upper middle class to upper income lifestyle requires A LOT of capital.
4. Obtaining significant outside capital, either as debt or equity, requires a significant amount of experience and knowledge.
There are exceptions to every “rule”. Someone having paid $20,000 for a mentoring program will utilize the knowledge and create a very successful real estate business. However, he will be the exception; 99% of the people paying for a mentoring system will no longer be active in real estate investment within 5 years and most will have earned limited return on there investment.
I guess the bottom line is that there are few shortcuts, and those that exist don’t cut the time or money commitment significantly. I see more and more real estate investors who have no understanding of real estate fundamentals, and don’t realize how much this costs the, in terms of time and money.
@Tariq Hakeem "engineer that commutes an hour daily to go to work". Time to start thinking like an engineer. How can you maximize this time for efficient output?
You should be listening to real estate podcasts in every minute of your commute. Let's break this down:
In the next month, there will be ~20 working days. In 20 working days, you will have roughly 40 one hour commutes. In those commutes, you will have the opportunity to listen to 40 one-hour podcasts.
In one year, you can have ~2,000 hours of knowledge transferred from your radio into your ears. If this seems like a long time, then remember that real estate investing is a LONG TERM game. For reference - I spent 12-16 months learning before buying my first deal. Because of the education and networking I gained throughout those 12-16 months, I was able to move quickly when opportunities began presenting themselves.
A couple of podcasts to listen to:
Sean Terry's Flip 2 Freedom Podcast (more focused on wholesaling and finding off market deals)
Bigger Pockets main podcast (more general and numerous strategies presented)
Real Estate Disruptors podcast (wholesaling focused)
I just quit my engineering job after 14 years.
Its sad that engineers never really get on the front lines and hidden in cubicle land which might be the cause of low autonomy.
let me know if I can help!