Young man aspiring to become a future investor!

Young man aspiring to become a future investor!

Georgetown, MA · Member since 2013 · 3 posts · 2 votes
Hello bigger pockets! This is my first post on BP. I just wanted to introduce myself tell you a little about what my plans for the future are. My name is Hyke Grigorian. I live in Boston, MA. After doing some research on BP and reading a few books, I am ready to introduce myself to all the great resources that I can find on this website. I will tell you right away that I am not ready to invest into real estate at the moment, but I know that it is going to be a big part of my future. So at the current moment, the way I see it is the more I can learn now, the better. Why wait? Right? If some are willing to share their experiences of how they got started, that would greatly be appreciated. I am always looking for advice on the best ways to approach banks or hard money lenders for loans, or even key things to take into consideration while looking at a property. Any advice is great. I know all this may sound vague and I know i am very young and inexperienced at the age of 24, but I have always been ambitious in life. I started my own moulding manufacturing company a year ago and that has been, and continues to be a great learning experience in itself. To be honest, that experience, along with working in the electrical trade, are what inspired me to start learning about real estate investment. I eventually got tired of seeing people paying me to fix up their houses that they had bought to rent out. My moulding company was a great way to network with contractors and people that I already knew since moulding are commonly changed in renovations and it was a good start for the business, but now I am ready to learn more and push myself towards being an investor myself. As far as actual plans go, as I mentioned, I don't know much. I have a basic understanding of real estate terminology and I know when I am actually ready to invest, I would like to buy a multi-family. Other than that, I am still learning. Thanks for reading and I hope to speak with many of you!
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Darren SagerPro Member
Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
12y

Welcome to BP @Hyke Grigorian ! Thanks for taking the time to introduce yourself. A good way to begin is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it. We'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "Boston" or "Haverhill" if you're looking to find potential opportunities for investing or other members in your area. You can also use the Find Members area to do the same. The Podcasts come out weekly and are great way to learn on the move.

If you appreciate a post that a fellow member put up responding to you be sure to say "Thank You!" by casting a vote for it. Simply click the box in the upper right corner of the post. If you want to get a member's direct attention in a post you're writing first type an @ and then wait for their name to appear below where you're writing, then click on it.If it doesn't have their name highlighted in a blue background it didn't work properly and you should try again. And lastly I highly recommend becoming a Plus or Pro member of the site and take advantage of all that BP has to offer you. It will be one of the best investments you'll make when it comes your real estate investing.

I got started by purchasing a duplex and living in one of the units. Its a great way to get started and build a great real estate investment portfolio.

Again welcome to Bigger Pockets!

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    12y

    Everyone has their own path. Mine was getting licensed and working for a commercial developer for 3 years on a very large retail project assembling land.

    After that I opened my own brokerage and focus on retail, triple net, and apartment buildings. Transactional volume in larger commercial deals for cleints allows me to grow money at a faster pace then most traditional jobs would for investing purposes.

    Glad to see you here on BP!

  • Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
    12y

    Welcome to BP! My getting started was buying the Carlton Sheets course, starting it, deciding "you can't do that" and then reading books about rental property investing. It takes a while to internalize all the information needed, so read, read, and read some more.

  • Darren SagerPro Member
    Investor · Tampa, FL · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    Welcome to BP @Hyke Grigorian ! Thanks for taking the time to introduce yourself. A good way to begin is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it. We'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "Boston" or "Haverhill" if you're looking to find potential opportunities for investing or other members in your area. You can also use the Find Members area to do the same. The Podcasts come out weekly and are great way to learn on the move.

    If you appreciate a post that a fellow member put up responding to you be sure to say "Thank You!" by casting a vote for it. Simply click the box in the upper right corner of the post. If you want to get a member's direct attention in a post you're writing first type an @ and then wait for their name to appear below where you're writing, then click on it.If it doesn't have their name highlighted in a blue background it didn't work properly and you should try again. And lastly I highly recommend becoming a Plus or Pro member of the site and take advantage of all that BP has to offer you. It will be one of the best investments you'll make when it comes your real estate investing.

    I got started by purchasing a duplex and living in one of the units. Its a great way to get started and build a great real estate investment portfolio.

    Again welcome to Bigger Pockets!

  • Rental Property Investor · State College, PA · Member since 2013 · 287 posts · 99 votes
    12y

    @Hyke Grigorian I had a similar experience to yours; I helped found a small construction company in my local town. As a contractor, I was always rubbing elbows with real estate investors. These guys always had time to meet me, almost at any time of the day. I didn't have that kind of time (I was on site), so it got me thinking about my future as a contractor.

    Like you, I started reading about REI, developing spread sheet calculators meeting with Realtors, etc. Finally after about three years of that, I was relatively confident my calculators were conservative enough for my liking and I felt I was ready to invest, only problem was I had literally less than $1,000 to invest.

    Rather than let that get me too discouraged, I decided to find an investment, develop a pitch and meet with some friends who had some money sitting in a savings account at <1% interest. I offered 5% for 10 years on their cash. I figured they would negotiate up to at least 7.5%, which I was OK with. Turns out, they didn't, and I got $20,000 at 5% for 10 years.

    I used that $20k to buy a SFH for all cash ($18,500). I put a little over $1,500 into the house and within 2 weeks, had the place rented for $825/month (included $100 electric allowance). The original tenants moved out at the end of their lease and the new tenants are in the place at $725 with no electric allowance.

    As a business owner, you know all about developing pitches to give people. Work on your proposal, show your future investors how they will make money and how you will protect their investment. If you do it right, they will want to come back with more money for you in the future.

  • J. MartinPro Member
    Rental Property Investor · Oakland, CA · Member since 2011 · 3k+ posts · 2k+ votes
    12y

    Hi Hyke, and welcome to BP! I’m a ‘fix and hold’ investor from the Bay Area in CA, and loving it! But you’ll find a variety of every type of investor on the site, and everyone is amazingly helpful. Some pointers for you: The "Learn" link across the top navigation bar has lots of great info, and so do BP members! You can click on the ‘vote’ button if you like someone's post or is helpful, and there are ‘awards’ to earn on your profile. And you can tag people by typing @ before you type their name, then clicking their name at the bottom of the message box. Welcome to the site, and good luck in everything!

  • Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
    12y

    I got started by reading Rich Dad Poor Dad and some other books that got me interested in real estate.

    Didn't do anything with these hopes and desires for a few years.

    Life forced my hand a little when we bought our first home on the wrong side of a flip in 04 and wanted to move in 07. Instead of taking a like $30K loss we rented it out for a modest cashflow. After that I bought some more rentals and eventually got into rehabbing.

    Good stuff and welcome to BP.

  • Georgetown, MA · Member since 2013 · 3 posts · 2 votes
    12y

    @Joel Owens , @Ann Bellamy ,@Liam Goble , @J Martin , @Darren Sager ,@Shaun Reilly , thank you all so much for the encouragement. I know that I have a LOT left to learn. I will be studying the beginners guide and will continue to read as you all have suggested. It's good to know there are so many people willing to help. Shaun Reilly, I started off by reading rich dad poor dad as well. So in doing this, I was very inspired by Mr. Kiyosaki and ended up attending one of his free seminars. There was a lot of good information there but he managed to keep out just enough to throw the hook for his real estate courses. Luckily for me I didn't sign up. But I did feel very wrong not doing it because the entire room stormed to the back to hand over $500 like it was nothing to them. All I can say is that I'm glad I found bigger pockets. I believe anything that I could have learned there, I can learn here myself.

    Again, thank you all for the warm welcome.

  • Residential Real Estate Agent · Cookeville, TN · Member since 2013 · 1k+ posts · 948 votes
    12y

    @Hyke Grigorian - I got started when I bought an REO to live in, and then got laid off from my j-o-b. We weren't really looking for an REO, but it just worked out that way. We did the rehab and moved in. Then got a HELOC on the equity and I started reading and learning. Began a few years later flipping houses using that HELOC.

    Welcome to BP and best wishes.

  • Georgetown, MA · Member since 2013 · 3 posts · 2 votes
    12y

    @Bryan L. , thanks for sharing your experience of getting into real estate. The more I read, the more I am surprised at how many people got into it, but not in the way that they expected they would.

    Again, thanks for the encouragement.

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