Real Estate newbie from MA with big dreams

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Real Estate newbie from MA with big dreams

Chris Oshea
Real Estate Investor · Charlotte, NC · Member since 2009 · 46 posts · 8 votes

How's it going?
My name is Chris, I'm 21 and live in Chelmsford, MA (about 30 minutes north of Boston) and I'm new to real estate investing.

I'm an entrepreneur at heart and FREEDOM is my goal in life.
I currently am a 9-5 slave for an auto parts retailer, I run the commercial department in my store, and I'm desperate to liberate myself from the constraints of having a JOB. It's just not for me.

I am extremely interested in the world of real estate investing, and I could easily see real estate becoming a full time career for me. My parents have always been interested in real estate and architecture, when I was younger they used to drag me along with them to go tour new neighborhoods, look at new houses being built or old houses being renovated, and on the weekends the TV was on HGTV or other programs showing real estate for sale. We have also done extensive remodeling to our house, so I've seen up close how hiring contractors and builders works.

I'm anxious to learn a lot more about real estate and property development, my short term goal is to learn the ins and outs of real estate assignments (Need a way to generate capitol without requiring much money on my end), then I think I'd like to try doing some rehabs and flipping, I'm not quite sure yet what my long term interest might be yet.

Anyway, I look forward to learning a lot from Bigger Pockets and becoming part of the real estate investing world!
Thanks!
-Chris :mrgreen:

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Jon Holdman
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
17y

Welcome to BiggerPockets, Chris.

You do realize those shows on HGTV, etc., are entertainment, not reality, right? Fun to watch, and once in a while they are sort of what its like. But there's a lot of silly stuff on those shows. And their math is wildly screwy. They neglect many of the costs and greatly overstate profits.

Wholesaling (aka assignments, flipping, etc.) and fix and flipping are jobs. Not quite in the same "be there at 8:00 AM" like your auto parts job, but in the sense that if you don't work, you don't get paid. They're both commissioned sales jobs. Meaning, even if you do work, you may not get paid.

Do some reading and studying first before jumping in. Find a real estate club, attend and meet some people. Watch out for all the people hyping great profits for no work.

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  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    17y

    Welcome to BiggerPockets, Chris.

    You do realize those shows on HGTV, etc., are entertainment, not reality, right? Fun to watch, and once in a while they are sort of what its like. But there's a lot of silly stuff on those shows. And their math is wildly screwy. They neglect many of the costs and greatly overstate profits.

    Wholesaling (aka assignments, flipping, etc.) and fix and flipping are jobs. Not quite in the same "be there at 8:00 AM" like your auto parts job, but in the sense that if you don't work, you don't get paid. They're both commissioned sales jobs. Meaning, even if you do work, you may not get paid.

    Do some reading and studying first before jumping in. Find a real estate club, attend and meet some people. Watch out for all the people hyping great profits for no work.

    2Reply
  • Norm Chrostowski
    Real Estate Investor · Lakeview, NY · Member since 2009 · 309 posts · 49 votes
    17y

    Welcome to the Premier site for RE investing. You will not find more informed, real time investors than right here...PERIOD! They are all more than willing to answer your "stupid" questions. I know this first hand...trust me!!

    Good advice from Jon. He's right on the money as far as those shows...VOTE for you Jonny-boy!

    Join your local REI club. Learn and read as much as you can. Ask questions here. And more importantly pick ONE area of RE, and become an expert in it...THEN and only then move on to another area to further your education. There is way to much info to learn all at once.

    IMHO

    Norm

    0Reply
  • Account Closed
    Rental Property Investor · Syracuse, NY · Member since 2008 · 131 posts · 17 votes
    17y

    The big advantage now is that you do have a job and income coming in. You can start part time and learn the business, then slowly transition to it full time if it is what you want to do.

    Chris

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  • Chris Oshea
    OP
    Real Estate Investor · Charlotte, NC · Member since 2009 · 46 posts · 8 votes
    17y

    haha yeah I do realize HGTV and stuff is more entertainment than anything. What I meant by including that in my first post was that for YEARS even before I started to get interested in real estate investing, I've been sorta exposed to seeing how different areas of different cities can be priced way different, see the types of things people look for in a house/apartment/condo, etc., obviously this isn't much in the way of education but I look at it as at least better than nothing. That was part of growing up for me.
    I've been reading as much as possible, I've got a stack of books I've read (the basic life skills sorts... Napoleon Hill, Dale Carnegie, Gitomer, Rich Dad/ Poor Dad, Cashflow Quadrant, Trump's "Think Big & Kick ***" and "Think Like a Billionaire"), I'm working on the Trump University's "Real Estate 101", and I've got "The Art of The Deal", "The Best Real Estate Advice I Ever Recieved, and Kiyosaki's "The Real Book of Real Estate", plus about a dozen more on their way from Amazon (Thanks to a bunch of loose change and the CoinStar machine offering no 8.9% fee by choosing an Amazon gift card rather than cash)

    I WAS going to check out one of the local AREIA meetings last night but clearly last night just wasn't the night for me (got out of work late, had directions on my blackberry and the battery died, then my car overheated in traffic... DOH!) but I've got a whole list of REI club meetings in my area and plan on attending as many as possible.

    I'm excited to get into the world of real estate and look forward to learning from you guys! Thanks for the welcomes and tips!

    0Reply
  • Account Closed
    Real Estate Investor · FL · Member since 2009 · 53 posts · 4 votes
    17y

    Chris,
    Welcome to the board !!
    I am also pretty new to this board but you will like it...cruise as much as you can. Some good articles and past posts..
    Nil

    0Reply
  • Karen Parker
    Real Estate Investor · Tampa, FL · Member since 2008 · 456 posts · 42 votes
    17y

    Hi Chris,

    Welcome to the forum. There's a lot of helpful people and advice here. If you'd like a short overview on what flipping can be like, I invite you to watch the following :D
    http://www.youtube.com/watch?v=KtGKwn2tdKQ

    0Reply
  • Kevin J.
    Phoenix, AZ · Member since 2009 · 68 posts · 0 votes
    17y

    Welcome to BP Chris

    0Reply
  • Chris Oshea
    OP
    Real Estate Investor · Charlotte, NC · Member since 2009 · 46 posts · 8 votes
    17y

    Thanks to everyone who's replied!
    I'm on the final stretch of Trump University's "Real Estate 101" and I've got about a dozen or so more books that have been showing up from Amazon (Had a gift card I wanted to use up) over the last few days, several which have been recommended on this site :-)

    I'm also polishing up my resume and I'm looking into maybe trying to get in with a property management company to see the rental/lease side of REI from a different perspective and to learn more about it (while getting away from the job I really don't like very much at the same time!)

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