I was at the Real Estate Expo yesterday (With Tony Robbins, Christina El Moussa, Todd Talbot, Tim Payne, Dave Seymour, Daryl King, Robert Shemin, etc). While I did not learn as much as I expected in the sense of knowledge (Based on their amazing marketing of what they would be teaching), I did pick up some golden nuggets, but more important, found it opened up different areas of my mind, the way I look and think about certain things.
Imo. Dave Seymour and Robert Shemin, had the most to share. I felt others were there, more for themselves (To sell their "program").
So, basically they preached about how you can get a property without "using your own money". B-firms, partners, etc. They say, I just have to pick up the phone and call "so-and-so" and they're funded. Yet they all mention how their first deal was funded by X family member (usually their Dad). (They claimed if you paid $1000 and joined "their team", that they would completed fund any deals you brought to them, if they were not bad deals......I find that hard to believe? Is it just marketing hype? Has anyone paid for programs like these and actually benefited in this way?)
Now, I do not have a R.E. licence (something I am looking into), but I have a serious interest in real estate, and have since my mid-teens. I love looking at properties, researching different markets (acerages, farms, residential, beaches, commercial), see what houses/properties are going for, watching these types of shows on tv and seeing what they do, why they reno/ choose the designs they do, what they look for, etc. My father has bought and flipped many homes (on his own, and I mean from minor repairs, to complete gut-jobs). Although he did not have a second property (it would be the home we were living in) so we moved many, many times growing up.
Basically, what I am asking is, where does a student start? I would literally be a millionaire right now, had I the money put up as a down-payment on a home. (No, I don't necessarily want "A million", I would be lying if I said I did not, but I want financial freedom doing what I enjoy.) I pointed out three homes in the last two years, I said WATCH that home......lo-and-beyhold it went from the high 300's to 700's, another from low 4's to high 8's and another from low 4's to mid 7's. The EQUITY! (Not to mention the mortgage benefits, which renters would have been paying.)
I do not have a full-time income (so a bank giving me a mortgage...I am not sure.) Now maybe I don't need funding for a $300K first income/flip property, maybe I can find something cheaper - say 50-150K. But there is still the issue of funding? Do you just cold-call real-estate-investors, hey here is the "door" and the "numbers" will you help fund it in exchange for x amount of profit?
I am currently 22, and in university for accounting. My ultimate goal would be to have Two properties (be it land, or an apartment) by the age of 25. Something I can keep long-term, something that will generate monthly revenue. Would I be interested in flipping, most definitely, and I would like to get into that area as well. I find the hardest part is the first job, after that it sort of opens up something, you realize it is possible. You can remortgage your first property to fund your second, etc. But getting the first property is the first step.
So, does anyone have any advice for me? (Be it directly related to my question, or even life-advice, or directional advice.) If you could go back and tell your 20y.o. self something what would you say?
Imo. Dave Seymour and Robert Shemin, had the most to share. I felt others were there, more for themselves (To sell their "program").
So, basically they preached about how you can get a property without "using your own money". B-firms, partners, etc. They say, I just have to pick up the phone and call "so-and-so" and they're funded. Yet they all mention how their first deal was funded by X family member (usually their Dad). (They claimed if you paid $1000 and joined "their team", that they would completed fund any deals you brought to them, if they were not bad deals......I find that hard to believe? Is it just marketing hype? Has anyone paid for programs like these and actually benefited in this way?)
Now, I do not have a R.E. licence (something I am looking into), but I have a serious interest in real estate, and have since my mid-teens. I love looking at properties, researching different markets (acerages, farms, residential, beaches, commercial), see what houses/properties are going for, watching these types of shows on tv and seeing what they do, why they reno/ choose the designs they do, what they look for, etc. My father has bought and flipped many homes (on his own, and I mean from minor repairs, to complete gut-jobs). Although he did not have a second property (it would be the home we were living in) so we moved many, many times growing up.
Basically, what I am asking is, where does a student start? I would literally be a millionaire right now, had I the money put up as a down-payment on a home. (No, I don't necessarily want "A million", I would be lying if I said I did not, but I want financial freedom doing what I enjoy.) I pointed out three homes in the last two years, I said WATCH that home......lo-and-beyhold it went from the high 300's to 700's, another from low 4's to high 8's and another from low 4's to mid 7's. The EQUITY! (Not to mention the mortgage benefits, which renters would have been paying.)
I do not have a full-time income (so a bank giving me a mortgage...I am not sure.) Now maybe I don't need funding for a $300K first income/flip property, maybe I can find something cheaper - say 50-150K. But there is still the issue of funding? Do you just cold-call real-estate-investors, hey here is the "door" and the "numbers" will you help fund it in exchange for x amount of profit?
I am currently 22, and in university for accounting. My ultimate goal would be to have Two properties (be it land, or an apartment) by the age of 25. Something I can keep long-term, something that will generate monthly revenue. Would I be interested in flipping, most definitely, and I would like to get into that area as well. I find the hardest part is the first job, after that it sort of opens up something, you realize it is possible. You can remortgage your first property to fund your second, etc. But getting the first property is the first step.
So, does anyone have any advice for me? (Be it directly related to my question, or even life-advice, or directional advice.) If you could go back and tell your 20y.o. self something what would you say?
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