I am new to the forum, this is truly a great forum offering a wealth of knowledge. I would like to get some advice from the board. I am a Licensed Real Estate broker with the state of California, I have been in the business for four years. I worked my a$$ off in the first few years 7 days a week 10-12 hours per day to get where I am at. I have skyrocketed in my business from a no body to a well respected Broker averaging roughly 50 sales per year averaging $9,800 per deal in commission (by no means am I bragging since there are several agents averaging over 100+ sales per year.)
I am at time in my life where I am doing some soul searching. I love the Real Estate business and I am passionate about it. I enjoy doing it and would like to be involved the rest of my life. I am 26 years old and I am determined to be a multimillionaire by 30. I would like to start investing in multiple unit income properties as soon as possible but as you know I still have to work for the money I make. I want to create a large passive income every month but I only have 150k saved for investments or units. I don’t know if I should concentrate on opening my own Real Estate office first with the money I saved or keep working independently until I have enough money to buy some investments. I thought about buying some cheap properties at auction and flipping them to earn some extra capital. Or should I do both at the same time? I guess I am afraid to pull the trigger and I don’t know where I should start to ensure I hit my goal.
My main goal is to expand my Real Estate business into owning multiple unit residential, commercial units, and Real Estate Development while creating a new Real Estate brokerage that I can eventually franchise. I want to basically own everything .
To give you some background when I first started in this business I was fortunate to succeed right away. I started making a lot of money, bought a big expensive home, expensive cars, and before I knew it I had $20k a month in bills and I was no longer working for myself. I was working to pay off debt.. So I decided to make a change and this was one of the most invaluable lessons I learned. To quote someone else on this forum they wrote "Entrepreneurs live below their means so later in live they can live like no one cant." Or something like that.. Anyway I sold my expensive home short sale, paid off all my credit card debt, and reduced my expenses 85%.
What would you suggest I start with to get off the slow lane and onto the fastlane an ensure I do hit my goal by thirty? I really appreciate you reading and any insight is greatly appreciated. Thanks again!
I am at time in my life where I am doing some soul searching. I love the Real Estate business and I am passionate about it. I enjoy doing it and would like to be involved the rest of my life. I am 26 years old and I am determined to be a multimillionaire by 30. I would like to start investing in multiple unit income properties as soon as possible but as you know I still have to work for the money I make. I want to create a large passive income every month but I only have 150k saved for investments or units. I don’t know if I should concentrate on opening my own Real Estate office first with the money I saved or keep working independently until I have enough money to buy some investments. I thought about buying some cheap properties at auction and flipping them to earn some extra capital. Or should I do both at the same time? I guess I am afraid to pull the trigger and I don’t know where I should start to ensure I hit my goal.
My main goal is to expand my Real Estate business into owning multiple unit residential, commercial units, and Real Estate Development while creating a new Real Estate brokerage that I can eventually franchise. I want to basically own everything .
To give you some background when I first started in this business I was fortunate to succeed right away. I started making a lot of money, bought a big expensive home, expensive cars, and before I knew it I had $20k a month in bills and I was no longer working for myself. I was working to pay off debt.. So I decided to make a change and this was one of the most invaluable lessons I learned. To quote someone else on this forum they wrote "Entrepreneurs live below their means so later in live they can live like no one cant." Or something like that.. Anyway I sold my expensive home short sale, paid off all my credit card debt, and reduced my expenses 85%.
What would you suggest I start with to get off the slow lane and onto the fastlane an ensure I do hit my goal by thirty? I really appreciate you reading and any insight is greatly appreciated. Thanks again!
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