Updated about 7 years ago on . Most recent reply
New investor plans (Thoughts?)
Hi, I just turned 18 and I'm a senior in High School graduating class of 2019. I'm planning on getting into Real Estate ASAP after I graduate. I can't get a job until I graduate but, I am pretty damn confident in my financial and investment plans for the future. I just want some experienced opinions.
Here's my overall plan:
I graduate in 2019 and immediately start working and building credit
I live with my parents (they've agreed to let me) until I have a decent income from real estate.
I have to go to college but I'm going community and my father has agreed to pay for my student fees so there's no concern there
Here's where it starts getting good...
My longtime friend (since kindergarten) is VERY entrepreneurial and is also the son of a contractor and is planning on going into contract work. He's a year older than me and has already made some money from working a minimum wage job. He agreed to join in investing with me and work for me for no costs at the start of our business (all income would be going back into the business until it's financially self-sufficient)
On top of that HUGE benefit seeing as contractors absolutely drain cash during a rehab, my dad told me that he will possibly help financially support me in the start of my business. He makes 250k+ annually. My friend's family is poor but I'm planning on helping him fix that with our business ;)
We live in the Daytona Beach area in Florida which as many people know is where the NASCAR Daytona 500 is held along with Bike Week so the housing market is ridiculous here (in a good way)
We're thinking since we are both going to stay with our parents well into our 20's we should make our first investment on a duplex so we'll have a great financial boost from 2 units funding us.
I just want some opinions from experienced investors on how they feel about this plan. I'm still 2-4 years out from executing any of this plan but my friend's network along with my father's financial support I feel EXTREMELY confident in my plan.