Looking for personal advice- New to Real Estate Investing

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Looking for personal advice- New to Real Estate Investing

Kaylinn Restrepo
New to Real Estate · Central Florida · Member since 2022 · 8 posts · 6 votes

Hello everyone,

My name is Kaylinn Restrepo, I'm 24 years old and started to learn about real estate investing for the past year. The more I have learned the opportunities this can bring for my future, the more I've been intrigued to take action. 

I currently work as an AR Bookkeeper for a construction company in Central Florida ( I started here at 18 as a receptionist with no office experience). At this point, I have seniority here for many people twice my age and many people rely on me as a great asset in the company. But I've realized since the start of 2022, that I feel like my purpose is not with my employer anymore and that my desire to pursue something more is somewhere out there. A couple weeks ago, a coworker told me "wow you're so confident at what you do". To be honest, that broke me inside, it made me realize how confident I became at what I'm doing currently, but scared to start where I really want to be which is real estate investing. Also, my employer recently advised me that my evaluation of this past year has been great and raises will be coming soon, but that didn't even satisfy my current void either. I live with my parents, but I do contribute for them financially because I know money is tight even when they don't want to admit it to me. 

I just finished reading Rich Dad Poor Dad and I found a lot of clarity that I questioned before. Now that I have the ambition to take action, my fears and doubts run thru my head, but I'm tired of it holding me back.

I'm looking for advice on what direction to take. I don't really know anyone who has taken chances or risk on investing. The only advice given to me is to continue working at my current employer and keep learning. But I'm ready to do more, even if it takes sacrificing my current wage. I'm not letting the "chicken little" (from the book Rich Dad Poor Dad) make me grow the same fear that kept others to stay at their JOB. I'm looking to find a mentor or investment company looking to hire to help me educate myself more in real estate investing and gain experience.


I'd appreciate any advice given and in advance my apologies for the late responses. I don't find much time during the day to type this much and just came out of my lunch break at work. I will be able to respond later on tonight once I'm home. 

Also.... please let me know in the comments what books I should look into to read! I'm about to start reading the BRRRR by David Greene.

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Zachary Inman
Specialist · Indianapolis, IN · Member since 2021 · 312 posts · 282 votes
4y
Hi Kaylinn,

The BP book "Real Estate Investing" is a great place to start :)

Best of luck!
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  • Zachary Inman
    Specialist · Indianapolis, IN · Member since 2021 · 312 posts · 282 votes
    4y
    Hi Kaylinn,

    The BP book "Real Estate Investing" is a great place to start :)

    Best of luck!
    1Reply
  • Andrew FreedBusiness Member
    Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    @Kaylinn Restrepo - Start with househacking a 2-4 family to get a feel for being a real estate investor. It's a super low risk strategy for getting started. You live in the property so it forces you to gain property management skills, there are a ton of low down payment loan options available which makes the barrier to entry low, and you can live for free or almost free. It's a great way to build wealth and offers "on the job" training. Feel free to DM me if you have any househack specific questions. I am currently house hacking a 3 family. 

    [email protected]781-964-3200Podcast Guest on Show 69 Doors from ONE Real Estate Deal Using Other People’s Money
    0Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    4y

    @Kaylinn Restrepo my advice is look for a new job that is tied more directly to real estate investing. Property managers need people to work in AR and often those jobs flex with customer service. It could be a path into being a property manager. Working in a property management office, you will interface with investors, property managers and tenants. Save up money while working to invest in your own rental property. Don't quit working to pursue real estate investing. Do it on the side until you have enough income and experience to do it full time.

    Another option is work with a local real estate firm. They need people in accounting, office admin and you could even consider getting your real estate license while doing that job.

    A PM or real estate office may even pay for your certifications or education. When they see your potential, odds are good someone will want to mentor you so they can keep you engaged in their business.

    Good news is that you are very young, so you have time on your side. It does sound like you are ready for a change. Good luck and feel free to message me and bounce ideas off me. 

    1Reply
  • Joshua JanusBusiness Member
    Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
    4y

    Is a house hack a goal of yours in the future? Definitely study the requirements for an FHA Loan like a book and make sure to set yourself up for success. Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified. Let me know what questions you have. This isn't legal or lending advice, and you should seek professional assistance.

    [email protected]614-502-5316Podcast Guest on Show From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!)
    0Reply
  • Kaylinn Restrepo
    OP
    New to Real Estate · Central Florida · Member since 2022 · 8 posts · 6 votes
    4y
    Quote from @Zachary Inman:
    Hi Kaylinn,

    The BP book "Real Estate Investing" is a great place to start :)

    Best of luck!
    Thank you for the recommendation!
    0Reply
  • Kaylinn Restrepo
    OP
    New to Real Estate · Central Florida · Member since 2022 · 8 posts · 6 votes
    4y
    Quote from @Andrew Freed:

    @Kaylinn Restrepo - Start with househacking a 2-4 family to get a feel for being a real estate investor. It's a super low risk strategy for getting started. You live in the property so it forces you to gain property management skills, there are a ton of low down payment loan options available which makes the barrier to entry low, and you can live for free or almost free. It's a great way to build wealth and offers "on the job" training. Feel free to DM me if you have any househack specific questions. I am currently house hacking a 3 family. 

    Thank you for the tip Andrew I greatly appreciate it! I always told myself I would only move in to a single family home, but my mind has changed that perspective and I'm much more open to it now. I understand that my first home is not supposed to be my permanent home but an investment for potential cash flow to grow in the future!
    1Reply
  • Kaylinn Restrepo
    OP
    New to Real Estate · Central Florida · Member since 2022 · 8 posts · 6 votes
    4y
    Quote from @Joe Splitrock:

    @Kaylinn Restrepo my advice is look for a new job that is tied more directly to real estate investing. Property managers need people to work in AR and often those jobs flex with customer service. It could be a path into being a property manager. Working in a property management office, you will interface with investors, property managers and tenants. Save up money while working to invest in your own rental property. Don't quit working to pursue real estate investing. Do it on the side until you have enough income and experience to do it full time.

    Another option is work with a local real estate firm. They need people in accounting, office admin and you could even consider getting your real estate license while doing that job.

    A PM or real estate office may even pay for your certifications or education. When they see your potential, odds are good someone will want to mentor you so they can keep you engaged in their business.

    Good news is that you are very young, so you have time on your side. It does sound like you are ready for a change. Good luck and feel free to message me and bounce ideas off me. 

    Joe thank you for your response, I appreciate the different options you recommend and I'm considering to look for an opportunity for at a real estate firm. My job has become stressful to me as I'm the only AR Bookkeeper in my department and I feel like I'm growing more bitterness towards it than knowledge. 

    I have been considering getting my real estate licence so I will definitely look for any positions giving that opportunity or probably work on it on the side. I know I will feel much more confident on this journey the more I seek knowledge and experience from others.

    My current job is all I know, but I'm not happy and I feel like I'm growing more resentment if try to keep staying thinking it will get better. Finding a new job sounds scary, but I'm more than ever open to change!

    Again a million times thank you for taking the time to respond !


    0Reply
  • Kaylinn Restrepo
    OP
    New to Real Estate · Central Florida · Member since 2022 · 8 posts · 6 votes
    4y
    Quote from @Joshua Janus:

    Is a house hack a goal of yours in the future? Definitely study the requirements for an FHA Loan like a book and make sure to set yourself up for success. Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified. Let me know what questions you have. This isn't legal or lending advice, and you should seek professional assistance.

    Hey Joshua!

    Thank you for the recommendation and I am open to house hacking more than before! I know I meet the current requirements for an FHA Loan and my credit score is excellent. Honestly, my biggest fallout is the capital, I spent these past years paying my debt off and helping my family. And that is why I hesitate to change my job right at this moment and not qualify for the FHA Loan. But now that I understand a little bit more where I'm trying to reach, I can set clearer goals to get there! I appreciate the advice and your time to respond!
    0Reply
  • Kaylinn Restrepo
    OP
    New to Real Estate · Central Florida · Member since 2022 · 8 posts · 6 votes
    4y
    Quote from @Jordan Ray:

    Hi @Kaylinn Restrepo I am 24 as well, a realtor & developer in South Florida. My advice is to connect and ask questions with as many people who are in the place you want to be. Also, check out a book called The real book of real estate by Robert Kiyosaki. Feel free to connect!

    Thank you Jordan I really appreciate the advice! 
    0Reply
  • Chace Fraser
    Realtor · Portland, OR · Member since 2017 · 357 posts · 259 votes
    4y

    @Kaylinn Restrepo the advice from @Joe Splitrock is great.

    House hacking is an incredible way to get into buy and hold real estate investing with a relatively low financial barrier to entry… plus the added benefit of reducing housing costs!

    Getting your mindset right, setting goals, and creating a strategy are essential first steps to investing in real estate. It's also crucial to surround yourself with the right people.

    There are many people that you will need to surround yourself with. To ensure success you will definitely want to associate with like-minded people, people with experience and who are already doing what it is you want to do, and people who inspire you… not naysayers, negative people, nor critics. BP is a great place to find these people, both virtually and in real life. You can find local meetups in your area by going to Network>Events up in the menu bar. I’ve found that people on BP are incredibly friendly and willing to help.

    If you’re looking for some of the best books to read when it comes to real estate investing, BiggerPockets has created their own list which you can find here: https://www.biggerpockets.com/blog/wp-content/uploads/2018/11/Best-Real-Estate-Books-Ever.pdf

    A book by @scott trench called “Set For Life” is in there and it is a GREAT READ on house hacking. Another great book that is not on this list (yet) is @Craig Curlop’s book “House Hacking Strategy”. These two books are phenomenal.

    0Reply
  • Kaylinn Restrepo
    OP
    New to Real Estate · Central Florida · Member since 2022 · 8 posts · 6 votes
    4y
    Quote from @Chace Fraser:

    @Kaylinn Restrepo the advice from @Joe Splitrock is great.

    House hacking is an incredible way to get into buy and hold real estate investing with a relatively low financial barrier to entry… plus the added benefit of reducing housing costs!

    Getting your mindset right, setting goals, and creating a strategy are essential first steps to investing in real estate. It's also crucial to surround yourself with the right people.

    There are many people that you will need to surround yourself with. To ensure success you will definitely want to associate with like-minded people, people with experience and who are already doing what it is you want to do, and people who inspire you… not naysayers, negative people, nor critics. BP is a great place to find these people, both virtually and in real life. You can find local meetups in your area by going to Network>Events up in the menu bar. I’ve found that people on BP are incredibly friendly and willing to help.

    If you’re looking for some of the best books to read when it comes to real estate investing, BiggerPockets has created their own list which you can find here: https://www.biggerpockets.com/blog/wp-content/uploads/2018/11/Best-Real-Estate-Books-Ever.pdf

    A book by @scott trench called “Set For Life” is in there and it is a GREAT READ on house hacking. Another great book that is not on this list (yet) is @Craig Curlop’s book “House Hacking Strategy”. These two books are phenomenal.

    Chase thank you so much for the advice! I'm definitely seeing house hacking as the best start for me as my first property. Actually funny you mention that, there's a free seminar in regards to knowing more about real estate that I registered today for the first time! It's during the week(work day) but I'm at that state of mind where I'm looking forward to learn and meet new people to network with and reach my true passion.

    Ive always been organized and planned my goals accordingly whether it was school or getting to the position I am now. I just noticed that I need more guidance by great people like yourself to help me clear that path to real estate investing. 

    Thank you again and I will check out those book recommendations!

    0Reply
  • Linda S.
    Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
    4y

    @Kaylinn Restrepo,

    Everyone thinks real estate is this glamorous, exciting thing to dream about, but no one really talks about when stuff hits the fan.  One of my primary residence's HVAC went out ($7K), and in the same week a rental of mine crapped the bed, so it's likely we have to replace that one as well ($6K), so you gotta be able to plan and stomach the downturns.    

    1) Go buy your own primary residence, preferrably a 2-4 family if you can-- but if you can't-- do at least a 3bd, 2 bath and rent out the other rooms.   Right now you pay your parents to live with them,why not turn the tables, and have people pay you?  Heck that alone will improve your quality of life because you won't have a mortgage payment!  It will also allow you to get your feet wet in real estate investing, at the cheapest amount possible, when you just have to put down 3-5%.

    2)  The vibe I got from your post was that you want to be a realtor-- do it!   Try it out, see if it is a better fit for you, on the SIDE..   nothing makes investing EASIER than having a steady, long term job that banks can show to underwriters and be happy to get you  approved!   Don't mess up this huge factor,  to banks-- you are not a person, you're a score and data to assess the risk they must take.   Push for a raise or look elsewhere for better or different employment.

    3) If you want a mentor, go to the local REI and put yourself out there! Offer to help them with their administrative stuff, or whatever you can to help them. Successful people want to help, but only to those that understand their time is valuable and the information the are giving you is important! The most important thing is finding someone doing what you want to do-- there are tons of ways to invest- -everyone has their own strategy.

    Read:   Your Money, Your Life.

    0Reply
  • Kaylinn Restrepo
    OP
    New to Real Estate · Central Florida · Member since 2022 · 8 posts · 6 votes
    4y
    Quote from @Linda S.:

    @Kaylinn Restrepo,

    Everyone thinks real estate is this glamorous, exciting thing to dream about, but no one really talks about when stuff hits the fan.  One of my primary residence's HVAC went out ($7K), and in the same week a rental of mine crapped the bed, so it's likely we have to replace that one as well ($6K), so you gotta be able to plan and stomach the downturns.    

    1) Go buy your own primary residence, preferrably a 2-4 family if you can-- but if you can't-- do at least a 3bd, 2 bath and rent out the other rooms.   Right now you pay your parents to live with them,why not turn the tables, and have people pay you?  Heck that alone will improve your quality of life because you won't have a mortgage payment!  It will also allow you to get your feet wet in real estate investing, at the cheapest amount possible, when you just have to put down 3-5%.

    2)  The vibe I got from your post was that you want to be a realtor-- do it!   Try it out, see if it is a better fit for you, on the SIDE..   nothing makes investing EASIER than having a steady, long term job that banks can show to underwriters and be happy to get you  approved!   Don't mess up this huge factor,  to banks-- you are not a person, you're a score and data to assess the risk they must take.   Push for a raise or look elsewhere for better or different employment.

    3) If you want a mentor, go to the local REI and put yourself out there! Offer to help them with their administrative stuff, or whatever you can to help them. Successful people want to help, but only to those that understand their time is valuable and the information the are giving you is important! The most important thing is finding someone doing what you want to do-- there are tons of ways to invest- -everyone has their own strategy.

    Read:   Your Money, Your Life.

    Thank you Linda I appreciate your honesty! I understand from listening to multiple podcast episode from the BP and others so far that it's not all fun, and challenges are bound to come. I'm ready for the good and the ugly the same way. That's why I really do admire all of you that have responded to my post because it felt a little bit scary to open up. But this community I've seen so far in the BP is eye opening for me!

    I'm definetly taking your advice and making sure I play my cards right and prepare myself in any circumstance.

    Also thank you for the recommendation on the book I will check it out!
    1Reply
  • Scott JohnsonBusiness Member
    Specialist · Greenville, NC · Member since 2019 · 673 posts · 408 votes
    4y

    @Kaylinn Restrepo DO NOT SACRIFICE YOUR INCOME

    Remember that from Robert's book as well. Especially since you're assisting them financially. My brother and I are starting our investment journey a bit differently. We're wholesalers in Greenville, NC, but all of our buy-and-holds are going into our parents' names. We're building their retirement for them since they're getting close to that age. 

    If you wanted to you could use assisting your parents as a "why" for starting out with investments. The cash flow from your rental could go to them, and you get the loan paydown and depreciation. BRRRR is a fantastic technique and we did our first one this year.

    Educate yourself first. Get in contact with someone local who does what you want to do and work for free. I asked every flipper I talked to if I could just help them with some of the renovations and found one. They're one of our core buyers now. Give what you want, and it'll come back in buckets. If you want leads, give leads. If you want money, give money. 

    Hope this helps!

    [email protected]
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