Hi everyone, please allow me to tell you alitlle about myself and my intentions within the Real Estate community. Any and all feedback, advice, comments, suggestions are welcome.
I am currently 30 years old. I have a full time job, no savings, and poor credit. I'm working on rebuilding my credit and saving money. My goal is to purchase my first home within the next 5 years.
Real estate is something I have been interested in for several years now and during this next year I'm planning on becoming a licensed real estate agent.
I also plan going back to school and receiving an associates degree in business, followed by a bachelor's degree specializing in finance.
Preferably, I would like my first home to be a 3 unit multi family home. I would like to live in one unit while renting out the other two.
My goal is to eventually own my own full service real estate company. My company will offer many different services including property management. I also plan on investing in rental properties as well as flipping properties.
I'm curious as to how I should go about my goals and if they sound reasonable, or if they are to broad and I should be focused on specializing on one specific area of real estate.
Thank you for taking the time to read my post, I look forward to hearing back from you
Kevin, Sounds like you are on the right track with your decision to take the courses and getting your Realtor license. Getting your license I'm sure will help you get the funds needed to start your investing, while being able to see whats out there. You came to the right site to find information, there is plenty here. take some time to go through the forums, blogs and webinars. You may want to look into a local Real Estate Investment Association / club and join them, that would be a good way to get some local connections to share ideas.
Firstly, welcome to BP. You are 30 years old and need to rebuild your credit. You have also identified running your own RE company as your long term goal. You say you want to go to school to eventually get a bachelors in finance. A very laudable pursuit if your goal is to get a job in finance and work for someone else. But... you say you want to start your own company. Would your time be better spent on a more focused program of going to your local community college and taking every RE course they had and getting your license? Work for a broker until you can hang out your own shingle. This way you will be educating yourself by immersing yourself in the real estate industry. Your idea to house hack in a three family is quite possibly the best way to get started as a RE investor. Do this as soon as you can.
I have an MBA with a concentration in Management. I think formal education is very important. But... will that degree help you achieve your goals more than working in RE and taking relevant classes. This is quite possibly the first time I have ever suggested to someone that getting a traditional four year degree might not be their best bet. Also, and very importantly, the BP Podcasts and webinars are excellent educational tools. They will also direct you to books that are excellent to educate yourself in preparation of pursuing your RE goals. I also think they may help you focus your goals a bit.
Best of luck.
Hello @Kevin D. and welcome to bigger pockets! I would echo a lot of what @Ed Matson suggested regarding degrees and education, find out what you want to do, work for yourself or someone else or a combination of the two. I was in a similar position about 8 years ago on a 100% commission job, and there are many ways to get where you want to be. Here is how i did it:
Prioritize your goals and define a game plan. In your situation i would examine your budget and determine why you have had difficulty saving money, is it a matter of unavoidable circumstances or choice? Then see how much money you need for your objectives. If your triplex purchase is more important organize your down payment. I would aim for at least 5%, on a 150k triplex, this works out to be $7500. If you are having difficulty saving due to amount of income, get another source of income, and constantly look for higher paying work with your day job. I worked part time in restaurants and was able to bring in an extra $400/week or $1600/month(dont make this a long term plan). In one year you would have close to 20k. When you work more, it gives you less time to spend money as well. Househacking a triplex would likely reduce your living expenses and give you the ability to save more money and be able to take calculated risks.
What is most important is that you take the time to organize your objectives and write them down. The hardest part is getting organized and writing your plan, everything else falls into place afterwords. Be specific about your goals (not just a triplex, but where, how much, when? how am i going to get there?) I would start there and use a spreadsheet to track your progress, make a 1 year, 3 year, and 5 year set of goals. I have blown my goals away that i established that i thought were stretch goals back then. Best of luck!
Hello @Kevin D. and welcome to BP. I am a full service brokerage, and started it having a full time job. We do property management and represent buyers, sellers, investors. We also have a small portfolio of our own rentals. I have to tell you that it is extremely challenging to try and work a full time and try and build a business. I could go on for a long time about all of my experiences, but it would take a while.. I would be happy to meet with you some time to share. PM me any time and if you want to meet me for coffee some time, I would be happy to. You are in my area *Hartford/Tolland County.." I am in Granby. A lot of what @Rick Santos and @Ed Matson is spot on. Learn as much as you can out on BP, and feel free to reach out to me any time. I would love to help you.
Thank you everyone for the very informative replies.
@Rick Santasiere coffee sounds great, I would love to start networking with local real estate professionals. Since I'm new to this site I'm unsure of how to PM right now, maybe you could message me so we can set something up? I'm located in Vernon , maybe we can meet Wednesday as I have business to take care of in Hartford. Whatever works for you, I work second shift so any mornings are fine.
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
Strictly personal opinion: there is no such thing as "unreasonable", either go home or go big, as long as your plan it out correctly and have the discipline to fulfill your commitment. Which is what I'm training myself on. Good luck with your goal Kevin.
Welcome from one 30 year old CT member to another. As someone who just got into investing/flipping, I will say it's very doable, with the right networking, knowledge and drive. It sounds like you have a game plan, so stick to your guns and go for it!
@Kevin D. Welcome to the site! I'll echo what others have said. Focus on your education from BP, pick a strategy then learn everything you can about that strategy. Surround yourself with quality people who are doing whay you want to do. Have goals, big and small, but be flexible. Good luck!
@Kevin Gerace l tried messaging you but you are set up as "private.." Go to my web site and grab my contact info and reach out any time. Rick
@Rick Santasiere I think you tagged the wrong person, I'm assuming you are talking to me, expect a call from me tomorrow. When is the best time to contact you ?
Everyone else thanks for the great feedback ! I'm looking forwarded to making my start in realty!
I will also try changing my settings so I am no longer 'private'.
Call me tonight after 5. I am booked up all day. Was a crazy one yesterday..
@Rick Santasiere OK will do.
Welcome @Kevin D. !
I applaud you for setting ambitious goals already and there's no reason why you shouldn't go for them. think big work diligently and get out of your comfort zone.
I joined BP 4 days ago and already have learned a lot.
I'm in the same boat. im just starting out in investing.
I'm a real estate lawyer and newly licensed realtor so I'm hoping to apply thosex skills to investing.
I'm also trying to meet people to brainstorm with. if you have any questions let me know.
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