Hello everyone! My name is Brent and I'm a young newbie to the industry of real estate. I'm 20, soon to be 21 and currently live in an apartment with my girlfriend of soon to be 3 years. While I don't have a background with real estate currently, I do have a background with consumer lending (Auto loans, credit cards, personal loans, etc.). I work for a credit union in the Saint Louis area where my job is to help our members secure financing for anything that they would need or want (Except for real estate and business loans, we have specialized departments for those). I've been working with loans and do enjoy it, it won't help build wealth at the rate I want. I'd like to consider myself an ambitious person. Most of my life I've wanted to be an entrepreneur of some sort. When I was in elementary school I wanted to become a doctor and open my own office to see patients without a corporate overlord. In high school, I wanted to create my own computer repair shop (One of my hobbies consists of building computers). At my current job I envisioned becoming a VP of either our contact services or operations. The problems I've had with these ambitions is either too much risk and not enough reward (Opening a computer repair store) or risking missing out on an opportunity because of lack of experience or not enough education (Becoming a VP, since currently all I have to offer education wise are books that I've read and a high school diploma. I must also be honest, I'm currently not interested in pursuing a degree that will either cost a lot of money or not provide the wealth I'm looking for on top of the fact that I hate general education which is what's required to get most degrees. That's where real estate comes in for me. With real estate you have an opportunity with both high risk and high reward, become an entrepreneur, and obtain financial freedom all without needing any college education. So, my current goal is to learn as much about real estate within the next 8 months so that I can be prepared when I buy my first property to begin the path to financial freedom (Since that's around the time my lease will be up). Most of what I'm currently looking to do in real estate is flipping and rentals with single family homes, but possibly multi family in the future. With that said, my goal is to obtain $10,000 per month in passive income, while flipping 30 houses a year and to reach this level within 15 years. It sounds very ambitious to me though I'm sure there are others who would consider this mild, but it's something to work towards. Thank you to anyone who made this far, I look forward to bonding with fellow investing and developing our communities together!
Hey @Brent Murphy ! Welcome to BP! Hope you jump into real estate and achieve your goals.
Some recommended resources:
If you haven’t already listened to the podcasts I’d start there.
Episode 108 - Grant Cardone... Just listen…
Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...
Episode 113 – Jay Papasan - Very practical slow and steady advice
Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k
Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.
Tax Reform Update – Brandon Hall and Amanda Han
BP Calculators or spreadsheets uploaded by members
My Favorite Books
I have to say all of the BP books…right? :)
The Millionaire Next Door
The Millionaire Real Estate Investor
What Every Investor Needs to Know About Cash Flow
Hope this information can give you a good start. Feel free to reach out with any questions.
Thanks @Account Closed for the information. I'll be sure to look into everything you've mentioned!
Hey Brent, don't feel bad about not wanting to spend big bucks on a college degree when you don't know what you want to do yet. While you figure things out, live small and save money. A $10,000 savings account will open many more doors and opportunities for someone with an entrepreneur's mind than a student loan balance.
Check out ESI Money. His formula is based around Earn, Save, Invest. If you do those 3 things you're well on your way. Also check out the Wealthsteading Podcast. His first 10 episodes are a great foundation for how to look at investing for the long haul and becoming the millionaire next door, also based on principles of earn, save, invest. I also love Radical Personal Finance, especially his early episodes. Mr. Money Mustache is a great blog to read, especially this post: The Shockingly Simple Math Behind Early Retirement. Read as much as you can and listen to as many podcasts as you can.
I went to college and it was a lot of fun and I actually do (loosely) use my degree for my job, but these days I probably get a semester's worth of knowledge every month from listening to podcasts and reading books that interest me. It's never been easier or less expensive to learn than it is today. Eat up every ounce of free knowledge you can and then you'll know where to go when it comes time to spend a few hundred or a few thousand dollars on an online course or a certification or something to get over a short term hurdle, if you even need to.
Best of luck!
Thanks @Max Householder for the advice! I'll be sure to look into the stuff you mentioned. My current plan is absorb as much knowledge as possible before I buy my first property once my apartment lease is up.
A house-hack is a great way to start, especially when you're young and your life is more flexible!
Hey Brent - welcome to BP and to the world of Real Estate! I am almost 25 and have similar ambitions. I did go to college, however I recently resigned from my corporate job to work in Real Estate full time. I chose to buy my first property two years ago with an FHA loan. I now have a 2nd home that I live in and rent out the first. It's not a fast strategy (and it's not as quick as house hacking), but it's WORKING! And we plan to continue doing this for the next few years, while we're young and don't mind moving terribly. The goal is to just get the first one behind you, and then each next step should be easier :) Best of luck to you, and again, welcome!
Thanks @Kristen Paquette for the reply! I really appreciate your input, best of luck to you as well!
Welcome to St. Louis!
Welcome to St. Louis @Brent Murphy let me know if you need help getting started!
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