How Do I get started in real estate?

Question

Hey!! I am an 18 year old currently attending a university in California and I am looking to major in accounting. However, I am really interested in the real estate business for my future later in life as in early retirement because I don't think I want to do accounting forever. I've also watched a lot of videos about wholesaling and investing in real state, however, I don't know how to find any properties or even start! I've also went around looking for mentors to help me, but it is very difficult. I hope someone can give me advice!! Thanks!!

Ryan Howell · Answer

@Cameron Li - I would start by listening to every BP podcast and reading as many books as you can.  Then look up any local REIA's in your area and start networking and meeting people.  At your age, I would suggest that your first property be a house hack where you can offset your living expenses.  Until you're ready to buy it, do what @Jody Sperling said and bring value to those that are already where you want to be and learn from them.

David Richter · Answer

Hi @Cameron Li,If you want to make money and make it fast, then you need to provide massive value somewhere in the marketplace as quickly as you can. I would find someone who is where you want to be and offer to work with them for free to see what they are doing and see if they'd be willing to partner with you on big deals after providing a ton of value to them. This will give you connections and experience very quickly and the opportunity to get to your goal.Read a lot of real estate books. I would suggest getting the Profit First by Mike Michalowicz.Without any financial literacy, it tells you how to manage the finances of your properties and business. I would also recommend Gary Keller's The Millionaire Real Estate Investor because of the book's practical tips.Good luck on your journey!

Jody Sperling · Answer

Do whatever it takes to bring value. Scrub toilets, mop floors, sweep cobwebs. Once you have that mentality that you aren't too proud to do anything, find one or two friends who naturally have what you don't, be that money, experience, or moxy, and form an LLC to buy and hold houses.

Even if you and your friends get the worst deals in the world and you're only able to afford one property a year, if you simply buy and hold houses, by the time you're 35, you'll have 17 properties bought and rented.

At that point, you and your partners can dissolve the business, split the properties, and continue to accumulate properties solo. Having five properties and seventeen years of experience behind you will allow you to retire from your job accounting and allow you to achieve financial freedom through real estate: wholesale, flipping, or simple turnkey strategies included.

(but here's the secret: if you start with humility and strong partners, you'll have far more than 17 doors by the time your 35...best of luck to you)

Nicole Heasley Beitenman · Answer

Local meetups. And start getting familiar with the requirements for an FHA loan. As soon as you have some income under your belt, you'll want to get a property and start renting out rooms. If you can find someone to help you purchase a property to live in and rent while you're in college, that would be a huge win.

Caleb Brown · Answer

Learn, learn, learn as much as you can. From there network and talk with as many investors/professionals as possible. To start wholesaling all you need is lists to call and a dialer. Cold calling can be scary bur it's a numbers game. You will also need to have a wholesale contract for ones you get under contract. Then develop a buyers list. As you get traction you will learn the areas and where investors want to be. Try and learn the areas, you want deals that sell. Being honest and a straight shooter will get you far in this. Best of luck!

David Richter · Answer

@Cameron Li,Define them in your local area Facebook groups or meetups or real estate investment clubs.

Cameron Li · Answer

@David Richter Thank you very much for the advice! However, how do I find someone to work for? Is it through these forums?

Cameron Li · Answer

Oh Wow! Thank you very much @Ryan Howell! That sounds like a good plan! I'll just keep doing what I am doing but also network and learn more from experienced peers around me. Thank you once again!

How Do I get started in real estate?

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