I would love your knowledge!!
MI · Member since 2019 · 1 post · 0 votes
Hello my fellow success seekers. I am a seventeen year old that is desperate to learn about real estate investing. I am currently growing up in a family that is pushing me to go to college and get a prestigious job.I am desperate to prove to myself and my family that I have what it takes to be a real estate entrepreneur. I would be glad to find some guidance so I can set myself up for success in the future. If are knowledgeable in Michigan real estate or simply want to chat I would greatly appreciate a message. Thank you.
I wish my son ever asked me this question. Very good advice so far, here are a few of my thoughts.
1. As said before, do not skip higher education. Choose a college that will give you a good education on the subjects you are interested. If real estate is your focus, go after business and accounting among other courses. Boutique colleges (UOM, MSU, etc) will give you a strong resume which is useless if you have independence in mind. Frat parties and campus life are cool, but a distraction for people with a short term goal in mind like you (I wish I knew this when I was 17). You can get an associate degree in a community college and finish your bachelors after, saving tens of thousands of dollars.
2. Read, read, read. Work, work. work. While you don't have the cash to start, use your time wisely. School will give you part of your education, but the majority of your knowledge will come from reading and working on subjects related to your goals. If you haven't done so yet, read Rich Dad Poor Dad and Set for Life, two of my favorites.
3. 80% of the US population is in some sort of debt. Don't get advice from anyone without checking if that person can be trusted. For example, in my family there is not a single person that I can discuss financial independence, everybody believe in working for a good company and retiring at 65. And everybody is in debt.
4. Find a mentor. Work for free if necessary to acquire the knowledge you want to have. You will be surprised on how many "important" people are willing to develop a mentee. If you haven't done so yet, watch "The Pursuit of Happiness" with Will Smith.
5. Consider the well-being of others in your projects. I personally rent a house at a discounted price for a family of (legal) Syrian refugees. It is totally possible to make money and still do the right thing.
6. Mens sana in corpore sano. Eat healthy foods, exercise both body and mind, and develop good habits.
I hope this helps and I wish you the best. You are making the right questions and certainly in the right path. Remember, this is my opinion, please do your own research.
Why does it have to be one or the other?
If you love real estate so much, get a degree in something that will help you with that endeavor. Meanwhile, start building your knowledge and experience base on real estate investing. Real estate is easier if you have some cash of your own to work with as seed capital. So, if you have a lean patch, it is nice to have a marketable job skill you can fall back on.
If you want to talk to people who are investing, come to our meet up. It's posted in BP. Bring your parents.
How about going to college and acing a Business Major? That would be good for a real estate business, or working in many other businesses. While you are in college, work on the real estate on the side. Learn about it and save money for it.
BTW, my nephew graduated from college with no bills, $10,000 left over and he paid for it all himself with out a job. How? He applied for every scholarship and grant under $1000 that required an essay. With Google he could write an essay on anything in 2 hours with a little Google research. And very few students would take the time to write an essay for such a small amount of money.
Many of these grants and scholarships also offer numerous rewards to students that take the time to apply. Some gave $500 to each person who wrote an essay. He figured he made several hundred dollars an hour writing essays. Never did need to take a job delivering pizza or flipping burgers for minimum wage.
Collect that grant and scholarship money and when your degree is done use it to buy some property! ITs free money for the taking.
A college degree can be part of your success.
I would agree on getting a Business Major, or something in Finance. Anything to do with numbers, contracts, etc. This knowledge would come in handy.
I wish my son ever asked me this question. Very good advice so far, here are a few of my thoughts.
1. As said before, do not skip higher education. Choose a college that will give you a good education on the subjects you are interested. If real estate is your focus, go after business and accounting among other courses. Boutique colleges (UOM, MSU, etc) will give you a strong resume which is useless if you have independence in mind. Frat parties and campus life are cool, but a distraction for people with a short term goal in mind like you (I wish I knew this when I was 17). You can get an associate degree in a community college and finish your bachelors after, saving tens of thousands of dollars.
2. Read, read, read. Work, work. work. While you don't have the cash to start, use your time wisely. School will give you part of your education, but the majority of your knowledge will come from reading and working on subjects related to your goals. If you haven't done so yet, read Rich Dad Poor Dad and Set for Life, two of my favorites.
3. 80% of the US population is in some sort of debt. Don't get advice from anyone without checking if that person can be trusted. For example, in my family there is not a single person that I can discuss financial independence, everybody believe in working for a good company and retiring at 65. And everybody is in debt.
4. Find a mentor. Work for free if necessary to acquire the knowledge you want to have. You will be surprised on how many "important" people are willing to develop a mentee. If you haven't done so yet, watch "The Pursuit of Happiness" with Will Smith.
5. Consider the well-being of others in your projects. I personally rent a house at a discounted price for a family of (legal) Syrian refugees. It is totally possible to make money and still do the right thing.
6. Mens sana in corpore sano. Eat healthy foods, exercise both body and mind, and develop good habits.
I hope this helps and I wish you the best. You are making the right questions and certainly in the right path. Remember, this is my opinion, please do your own research.