Hello from Pasco Washington! I have but one question for all.

Hello from Pasco Washington! I have but one question for all.

Real Estate Investor · Pasco, WA · Member since 2015 · 16 posts · 8 votes

Hello everyone and anyone.

As a preface to my question, know that I am 19 years old and am starting out fresh. I currently go to school for network security, and work retail for money. I am also moving out with my girlfriend to affordable housing, of which we have at least 3 months saved up for. Some people would say I am ready for life. I say I haven't even started. I've recently started picking up self-help books and improvement books, and it has me realizing that I want more. I truly want to learn and grow, be financially independent and not worry about checks from another person to satisfy my living. And I'm glad I'm starting to learn this as a young adult. Even though I know it will take a lot of time and effort, I will get to that point of financial independence and beyond. While I feel like I have been moving like a freight train, I know there is so much to learn and digest. So the question arises, where do I start?

My plan is to become adequately literate in finances and real estate. I have only just begun, but have read and plan to reread the intelligent investor. This is to at least have a good backup plan for my failures, of which I know there will be. But I really want to learn the jargon and concepts. I know this site offers a free book, and I intend on reading it. Is it a good place to start for real estate literacy? As well, where can I get a comprehensive book(s) of terms and concepts in finances and accounting for a beginner?

To anyone who replies and or reads this post, thank you for your time.

Also, I hope this doesn't constitute a mentor request. I don't asked to be guided, but a direction would be nice.

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Rental Property Investor · Brookline, MA · Member since 2013 · 1k+ posts · 777 votes
11y

@Jose Alvarado

Where do I start?

Finance-

Put yourself on a budget and stick to it.  One of the critical components of the budget is putting away money to invest later.  If your housing is cheap, excellent!!  Raise the rent on yourself.  Paying $750/month in rent... put $1000 away each month for housing.

Sticking to a budget is fairly easy in the investment world, but you need to make sure you have the self discipline to get started.

Skills-

Teach yourself something useful that is property related.  Installing doors and windows is a great place to start.  It's not as easy as the pros, or youtube, makes it look.  You'll find that you've mastered several key carpentry skills if you can master windows and doors.

RE-

Stick to a single topic for a while and figure it out.  BP has experts on just about every subject known to Real Estate investing.  Every month I find someone talking about something I've never heard/thought of here on BP.  I'd stick to the basics, flips/Buy&Hold/wholesaling, to start.

Life-

Get a job with as good a paycheck as you can.  I know this seems redundant, but the more you make, the more you can borrow for an investment property.  Network security is an awesome gig, I'd get into that on your off time as fast as possible.

Most of all find something that is fun.  RE, like much of life, is much easier when it's fun.

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  • New to Real Estate · Nampa, ID · Member since 2015 · 66 posts · 49 votes
    11y
    I think it is wonderful you are starting young. That puts you about five steps ahead. Willing to read and spend time learning puts you even further ahead. Listen to the podcast and most of the wordage will come to you. If your looking for good books to help you in general I found Earl Nightingale's Lead The Field when I was 21 and it is very enlightening. I'm a beginner myself so I hope someone awesome gives you good advise as well. Good luck!
  • Rental Property Investor · Brookline, MA · Member since 2013 · 1k+ posts · 777 votes
    11y

    @Jose Alvarado

    Where do I start?

    Finance-

    Put yourself on a budget and stick to it.  One of the critical components of the budget is putting away money to invest later.  If your housing is cheap, excellent!!  Raise the rent on yourself.  Paying $750/month in rent... put $1000 away each month for housing.

    Sticking to a budget is fairly easy in the investment world, but you need to make sure you have the self discipline to get started.

    Skills-

    Teach yourself something useful that is property related.  Installing doors and windows is a great place to start.  It's not as easy as the pros, or youtube, makes it look.  You'll find that you've mastered several key carpentry skills if you can master windows and doors.

    RE-

    Stick to a single topic for a while and figure it out.  BP has experts on just about every subject known to Real Estate investing.  Every month I find someone talking about something I've never heard/thought of here on BP.  I'd stick to the basics, flips/Buy&Hold/wholesaling, to start.

    Life-

    Get a job with as good a paycheck as you can.  I know this seems redundant, but the more you make, the more you can borrow for an investment property.  Network security is an awesome gig, I'd get into that on your off time as fast as possible.

    Most of all find something that is fun.  RE, like much of life, is much easier when it's fun.

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    11y

    Glad to have you here @Jose Alvarado You are in the good company and you are in the right place to learn all about REI! All you need to do is read the blogs or post a question and the responses will be educating andgratifying.

    See you around the site!

  • Real Estate Investor · Pasco, WA · Member since 2015 · 16 posts · 8 votes
    11y

    To @Nate Hawkins, I heard about that book listening to an audio book by Brian Tracy and am very interested. Also thanks for the encouragement, and I hope all goes well with you.

    To @Aaron Montague, Thanks for the solid advice. I've read a book recently that says to pay yourself first, then pay everything else as it makes sure your asset column continuously moves up while you then have to find new ways of paying bills, or ensure other forms of income. It is at the very least a very interesting concept.  I think I will start with flips because it makes the most sense to me right now, then branch off.

    To @Dmitriy Fomichenko, Thanks! I will definitely look around and learn from people who are actually investing!

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    11y

    @Jose Alvarado

    Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    11y

    Hey @Jose Alvarado welcome to the site! Definitely start jumping into the community here! Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.

    Also - here's a couple articles you might enjoy:

    The 21 Best Real Estate Investing Books Ever

    How to Rent Your House: The Definitive Step by Step Guide

    How to Be a Landlord: Ten Tips for Success

    Finally -be sure to setup some keyword alerts - especially for "Pasco" so you can jump into local conversations.

    See you around the forums!

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    11y

    @Jose Alvarado

    Welcome. Use Google to find out about a term or initials.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Consider checking out HUD homes for small multi's owner occupied gets first crack.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Rental Property Investor · Brookline, MA · Member since 2013 · 1k+ posts · 777 votes
    11y

    "Pay yourself first."  A good line from Robert Kiyosaki.  His most important lesson in my opinion is the important difference between accounting style assets and real world assets.

  • Richland, WA · Member since 2014 · 11 posts · 0 votes
    11y

    Welcome..their is a group from here that meets once a month in Richland. I'll try and get you the information.

  • Property Manager · Weston, OR · Member since 2015 · 27 posts · 5 votes
    11y

    @Matt KisslerI would like that information too. My wife and I invest in the Milton Freewater/Walla Walla area and we would like to meet up with a local group of investors.
    Thanks

    @Jose Alvarado Dave Ramsey has a good budgeting system if you have never set one up before. 

  • Real Estate Investor · Pasco, WA · Member since 2015 · 16 posts · 8 votes
    11y

    To @Mark Nolan, thanks I will definitely start reading those articles. It is perfect, as I just found one to deal with skepticism, something I can falter under at times.

    To @Paul Timmins, I am going to download the podcasts and listen to them in my car.

    To @Brandon Turner, Thanks for the articles! See you around too.

     To @Aaron Montague, That's the guy! He has a very intelligent at looking at things.

    To @Matt Kissler, That would be much appreciated. I will look for it too.

    To @Garth Gissel, Thanks for the tip.

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