Young REI looking for advice on how to start up in the industry

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Young REI looking for advice on how to start up in the industry

Roberto Melgar
Member since 2018 · 3 posts · 0 votes

Hello Everyone, 

I am a new member to Bigger Pockets and I just wanted to get some opinions on my current situation. So I am 19 years old and live in Kansas, but go to school in Missouri. I am currently a student in college and over this past summer I came to realize that I really want to start a business. I have done some research and came to the conclusion that I wanted to do real estate. Being as young as I am I have been having a lot of trouble trying to find resources I could use to jumpstart my business and start to gain experience. I currently work 2 jobs and was thinking of spending this next year building up a plan that I could then put into action next summer. I am also putting aside money which I then hope to use towards REI. I guess what I am asking for is advice on what someone of my age could do right now to start getting into the industry. I know with the lack of experience it there come many obstacles, but I was hoping to see what the more experienced community of Bigger Pockets had to say. I have considered investing in Clever Investor, but I just don't want to rush into anythig without hearing what others had to say. Thank you for your time!

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Jeff Filali
Rental Property Investor · Broken Arrow, OK · Member since 2016 · 1k+ posts · 1k+ votes
8y

How to be successful in real estate investing and what to do if you have no money…

I give this outline to a lot of people I mentor, some listen and some don't.

Step 1: Get a job earning X amount of money

Step 2: Get a second PT job earning Y amount of money

Step 3: Get a third PT job earning Z amount of money (preferably this should be in the real estate field in some manner)

Step 4: Wake up earlier daily, grind as many hours as you can, go to bed, repeat... Start studying as much information as you can about real estate investing on sites like BP, YouTube videos, etc.  DO NOT SPEND MONEY ON ANY EDUCATION YET, 95% of what you need to know you can learn for free.

Step 5: Figure out how to live off W (less then you earn)

Step 6: Open a savings account and put your savings into it (X+Y+Z)-W= S (Savings).  

Step 7: Get a credit card in your name, use it for some of your regular monthly bills and pay it off every month.  Every 6 months request a credit line increase.  This will help you start building some credit.  Also, pay all of your bills on time every month.

Step 8: Offer to help another real estate investor do anything they need in return for mentoring you.

Step 9: Listen to positive people daily who are motivating. I would suggest Eric Thomas, Gary Vaynerchuk, Grant Cardone just to name a few I listened to daily back when I was still in the upward grind. All these guys are very rich, but they didn't start off that way, they got off their butts and outworked everyone else.

Step 10: A year or two from now, once you've grinded your butt off, learned the business, saved as much as you can, and started to establish some credit, you will be able to start really investing your own money in real estate and may learn other options to get started sooner using OPM!!

No Free Rides!! To be successful in this life, you must be willing to put in the GRIND!!

Best of success!! Keep Grinding!! 

Also, search YouTube and listen to this... The Ultimate Advice For Every 20 Year Old - by Gary Vee

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  • Hattie Dizmond
    Investor · Dallas, TX · Member since 2014 · 2k+ posts · 1k+ votes
    8y
    @Roberto Melgar I would see if I could exchange one of my current part-time jobs for a part time job with a realtor, contracto, property managerr or local investor. Otherwise, maybe you can find and carve out time for an unpaid "internship" with one of the above. In the meantime, start networking and learn everything you can.
    0Reply
  • Jimmy Dang
    Las Vegas, NV · Member since 2016 · 133 posts · 53 votes
    8y

    @Roberto Melgar just like @Hattie Dizmond said, work for someone in the real estate industry. That way you can learn the business while getting paid

    0Reply
  • Jeff Filali
    Rental Property Investor · Broken Arrow, OK · Member since 2016 · 1k+ posts · 1k+ votes
    8y

    How to be successful in real estate investing and what to do if you have no money…

    I give this outline to a lot of people I mentor, some listen and some don't.

    Step 1: Get a job earning X amount of money

    Step 2: Get a second PT job earning Y amount of money

    Step 3: Get a third PT job earning Z amount of money (preferably this should be in the real estate field in some manner)

    Step 4: Wake up earlier daily, grind as many hours as you can, go to bed, repeat... Start studying as much information as you can about real estate investing on sites like BP, YouTube videos, etc.  DO NOT SPEND MONEY ON ANY EDUCATION YET, 95% of what you need to know you can learn for free.

    Step 5: Figure out how to live off W (less then you earn)

    Step 6: Open a savings account and put your savings into it (X+Y+Z)-W= S (Savings).  

    Step 7: Get a credit card in your name, use it for some of your regular monthly bills and pay it off every month.  Every 6 months request a credit line increase.  This will help you start building some credit.  Also, pay all of your bills on time every month.

    Step 8: Offer to help another real estate investor do anything they need in return for mentoring you.

    Step 9: Listen to positive people daily who are motivating. I would suggest Eric Thomas, Gary Vaynerchuk, Grant Cardone just to name a few I listened to daily back when I was still in the upward grind. All these guys are very rich, but they didn't start off that way, they got off their butts and outworked everyone else.

    Step 10: A year or two from now, once you've grinded your butt off, learned the business, saved as much as you can, and started to establish some credit, you will be able to start really investing your own money in real estate and may learn other options to get started sooner using OPM!!

    No Free Rides!! To be successful in this life, you must be willing to put in the GRIND!!

    Best of success!! Keep Grinding!! 

    Also, search YouTube and listen to this... The Ultimate Advice For Every 20 Year Old - by Gary Vee

    1Reply
  • Roberto Melgar
    OP
    Member since 2018 · 3 posts · 0 votes
    8y

    @Hattie Dizmond and @Jimmy Dang, thank you for the advice! I appreciate you taking the time to reply to my thread. I think before next summer I am going to work on getting a job assisting in real estate. I will continue to educate myself and might even work on getting a real estate license. 

    0Reply
  • Roberto Melgar
    OP
    Member since 2018 · 3 posts · 0 votes
    8y

    @Jeff Filali Thank you for taking the time to write up such a long response! I seriously really do appreciate it. I will continue to work on the steps you laid out and continue to develop myself so that I can in the near future start up my real estate business.

    0Reply
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