All Forum Posts by: Account Closed

I honestly think you need all three to be truly successful. You can only teach yourself so much. There comes a point where you need someone that has some skin in the game to show you how to invest etc..

The contract is a buyer broker agreement (at least that is what we call it in California). If you like your realtor and intend on using her, it should not be any problem. All it states is that she solely represents you (the buyer) in the transaction. It is just an agreement you will use her to buy a property. 

I also use this too, I know some people really don't like contracts but I explain the entire contract to them and heck, I let them read the entire thing themselves if they really want to. We do this because there are some people out there that are not entirely trustworthy. Look at it from the realtors perspective- she is spending her weekends showing you homes, doing research for you, and constantly staying in contact with you. The least you can do is commit to her (if you actually like). You can even set a time on the contract for when you want it to expire. 

Good luck on your house hunting!

@Dave Foster Thanks for clarifying it for me! 

- 1st question: No but when you file you have to prove that the property was used solely for investing purposes (ex- you rented it out) if you lived there for any amount of time, I believe it disqualifies you. 

2nd question- I am not sure

- 3rd question After selling your 1031 exchange you have about 6-9 months (preferably 6 months I am in California). 

I hope this helps and if I am wrong, please someone correct me. I just learned a bit about 1031 exchanges last week. 

Goodluck!

Funny reading this because I just responded to someone who posted this not long ago. The reason why I say stay in school is to network! There is no other time in your life where you are around so many and it is seriously a gold mine to expand your social circle/sphere of influence. Ya, maybe 99% of college kids do not want to buy or sell a home, but maybe their parents, family members, friends? And maybe those college kids will want to buy 5-10 years down the line! Now if you do not plan on working in real estate in the location where you go to school, I understand that continuing to go to university may not be so beneficial. 

A few deals that I have closed have been off of my friends from university, so this obviously does work. Just network, hustle and have some fun while you are still young man!

The #1 advice I can give you is seriously talk to everyone/network as much as you can. With people in the real estate field and even in general, the more people you know, the larger your social circle/sphere of influence will be. I would say stay in school, the reason? Well because it is an excellent place to network! With students, teachers, and many other people. Now if you go to university where you do not plan on working in real estate, I understand where dropping out may be more beneficial. I actually got my RE license after university and a few deals that I have closed have been off of the friends I made while going to School. Just get involved by joining clubs, a fraternity, etc.. 

If that is not really your style, then go ahead and drop out but don't forget to network as much as possible!

Well what exactly do you want to do? Rent and hold, flip, wholesale? Once you decide what you want to do come up with an action plan on what you want to achieve and how you want to achieve it. Track your progress, make sure to keep the goals realistic, and seek mentorship. You can join you local real estate investing groups or reach out to people on sites like this.  Reading books does help but we have to go out and get our feet wet, and not worry about making mistakes. That is something a lot of people (including myself) were like at the beginning. Hesitant to do anything because "I didn't want to make a mistake" but that's how it is anytime you are new with someone, errors will occur. Just make sure to minimize them and make sure you don't go broke making them! Good luck! 

Hello Boris, 

As the Nike slogan goes "just do it." Being in the Bay Area I have the same concerns as you do regarding home prices being extremely high in this area. There has been a lot of good advice on here so I will not repeat it but one thing I want to throw out there is have you looked investing in Sacramento? You can definitely find some homes for "affordable prices" by California standard. It is a growing city and there is still room for growth! I don't know the numbers you are working with so that is up for you to decide whether Sacramento is worth exploring. 

Another thing is to find a partner/mentor you can work with. Perhaps you can shadow someone on a flip or learn the best way to pick up rentals etc.. Just network and find someone that has success and is willing to mentor you. 

As a fellow millennial myself (the younger side of the spectrum) the lack of motivation of home ownership is 

1. Home prices being extremely high

2. Student debt

3. The "wanderlust"/YOLO culture Gen Z and Millennials have nowadays. 

In my market (the Bay Area) we actually have a healthy number of millennial buyers. Most of them are working in Tech or in the medical field. I would say give it another few years, then we will see the younger half of the millennial and the older millennials who pay off their student debt enter the buying market. 

Speaking from my personal circle, all my friends want to become home owners, they just have lack of faith due to the market, student debt, or they just do not make enough money. 

Hi Joesph, 

I would not advise investing in the stock market right now. It is extremely volatile due to the political and economical climate. If you are a veteran in the stock market, you could still make money | if you are a rookie, you may want to do some research.

Since you want to focus on your other businesses, buy and rent would be a good strategy. You live in Seattle, correct? I'm sure you could find a multifamily out there to rent out and get a good cash flow. I think the number one advice is to network! Go to meet-ups, talk to agents, talk to brokers. You said you have a license, so I am sure you have some of these people in your sphere, you just have to reach out to them. Good luck!