All Forum Posts by: Brody Boston

In May I will be graduating from college and thanks to Robert Kiyosaki I will be looking for ways to grow my asset column through real estate investments. I have a very successful mentor who can help me learn a lot of the basics to make my first couple of investments. I will also be diving deep into books, podcasts, and webinars. Out of college, I do feel that it will be necessary for me to get a full-time job, though I will be looking to get out of this within a few years. My question is in what position I should be seeking. Would it be best to learn more about real estate through my job as a potential real estate agent or something of this nature? Or would it make more sense to get a position in sales that could develop me more as an individual, as Robert Kiyosaki did?

I have just over $20k saved of my own money, my mentor may possibly partially help fund my deals even if I were to move to Virginia, and my Dad would be willing to co-sign on a loan for my own personal residence if need be. My plan would be to get a multifamily or possibly even rent out rooms in a single family in my own primary residence (house hack). If that were the case, my $20k would be likely spent on a down payment on my primary residence. I have a credit score of 762 (not sure if that's what you were asking) and I would obtain a W2 through my real estate or sales job. I am hoping to get a job with a base salary and the ability to earn additional commission. If that were the case I would work incredibly hard and hope to earn around $75k in my first year. I am not sure on what these numbers would actually look like after other factors are included, but I would hope to put 10% into a Roth IRA, 20% into saving for my next investment, and 70% would be to cover all of my own expenses including any mortgage that may not be covered by my renters. These numbers come from the book The Richest Man in Babylon, so that may greatly change in today's world, that's something I still need to look deeper into.

@Dennis M. I have just over $20k saved of my own money, my mentor may possibly partially help fund my deals even if I were to move to Virginia, and my Dad would be willing to co-sign on a loan for my own personal residence if need be. My plan would be to get a multifamily or possibly even rent out rooms in a single family in my own primary residence (house hack). If that were the case, my $20k would be likely spent on a down payment on my primary residence. I have a credit score of 762 (not sure if that's what you were asking) and I would obtain a W2 through my real estate or sales job. I am hoping to get a job with a base salary and the ability to earn additional commission. If that were the case I would work incredibly hard and hope to earn around $75k in my first year. I am not sure on what these numbers would actually look like after other factors are included, but I would hope to put 10% into a Roth IRA, 20% into saving for my next investment, and 70% would be to cover all of my own expenses including any mortgage that may not be covered by my renters. These numbers come from the book The Richest Man in Babylon, so that may greatly change in today's world, that's something I still need to look deeper into.

I am stuck between two incredible opportunities and I am struggling to decide which option will provide me with the greatest long-term investment. I am a Senior in college, graduating with a Business degree in May. My roommate and I have always been extremely driven and determined to be self-employed. Starting in August we began searching for a future that would not only provide financial incentive but freedom and room for growth. After reading dozens of books, doing research, and listening to some of the incredible podcasts on BP we have been clearly directed toward real estate. 

We would like to establish a partnership and create a business that flips mobile homes to build enough capital to sell these homes on contract or move into larger real estate investments (though we believe there is plenty to be made in mobile homes alone). This plan would begin to be executed immediately after we graduate in May, with a ton of learning yet to do until then. Next semester we have lined an incredible local investor to work with him on his buy and hold properties, many of which are mobile homes. He has over 150 properties and still has managed to meet with us on multiple occasions, eager to share what he knows. 

This mentor relationship seems to be extremely mutual, we are willing to do whatever for him in exchange for his wisdom. He too seems to love that two kids are so interested in his livelihood. He does not charge us, in fact, he has offered to help us through our first couple deals because he truly wants us to succeed. We are planning to spend as much time as possible with him next semester and had plans to move to Richmond, VA this summer to start on our own.

This is where the decision has recently been so hard to make. The college town we currently live in is far less populated (not nearly as exciting) but has plenty of opportunity for lower capital investments, which is important for us to start. We have the option to stay where we are this summer and continue to learn from our mentor. His guidance would be helpful in assuring immediate success and that it seems like a no-brainer. However, I believe that we could find another mentor in Richmond and it may provoke us to become more independent in our own pursuit of our future if we were to leave. With moving to Richmond we would find full-time employment in sales or real estate and try to work our own investments on the side. If we were to stay, our current mentor would potentially be willing to fund our first couple deals to get us on our feet and we would not need to find a job.

I think that either way, we will be successful, but I do think that there is probably a better option. I am not sure if that is to be independent and learn from our own failures or to learn from our mentor for the summer months to gain that valuable information that we may not find elsewhere.

Any input would be greatly appreciated!