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Starting Out

Discussion in 'Real Estate Investing' started by zenbox, Jul 24, 2018.

  1. zenbox
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    zenbox PARKED

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    Hello, sorry in advance this is more of an introduction that a plan or question... I'm 27, finally out of debt but my savings are minimal and pathetic, no expensive assets to speak of. Stuck in a dead end, slow lane job and just about at the end of my rope. I got my RE license almost a year ago but due to personal circumstances just have not had the energy or focus to do anything with it. Except now the pressure is mounting to either use it or lose it. So I'm ready to jump into the unknown and learn as I go. I'm ready to give this my all as if my entire future depends on it, because it kind of does. I've listened to a thousand people tell me it's unrealistic, or "just a part time thing" but I can no longer operate out of fear and self-doubt.

    I don't have the capital to start investing yet (and would prefer to avoid taking out loans before I'm sure I know what I'm doing) so being a broker is primarily a way of learning the ropes and making connections. I know it's a grey area but I could start wholesaling, which is something to consider.

    Ideally I'd like to complete my first flip in the next couple of years. I cannot and will not turn 30 in this stagnant, dismal reality. Just putting this out there in hopes of making it a little bit more real. Look forward to conversing here with everyone.
     
  2. passion518
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    passion518 Contributor Read Millionaire Fastlane Speedway Pass Summit Attendee

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    I'd say to absolutely start out by doing some wholesaling. You will learn a lot and acquisitions are the first step in any transaction.

    Once you start talking to sellers directly, you may find one who will hold some paper for you, allowing you to do your first rehab with little out of pocket cost. You will inevitably meet other investors. You'll learn by talking to them and seeing what they are doing in your market.

    Don't focus on - I'll do *this* once *that* happens. Focus on what you can do RIGHT NOW with the resources and knowledge you have this moment to provide value to others (not yourself).

    To wrap up...you said you wanted to complete your first flip in a few years. While its good that you identified a goal, but go into DETAIL and throw a deadline at it. Like this - "I want to have my first flip purchased by September 15th 2018 in the South Philadelphia area. I will make (X amount) on the job and it will be sold by March 15th 2019".

    (PS you can absolutely do your first flip in the next 3 months, not a few years) :)
     
    zenbox likes this.
  3. Victor Cezar
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    Victor Cezar Contributor Read Millionaire Fastlane

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    Hello dude!

    Welcome to our community.

    I recommend you to spend some time reading the gold, notable and most liked topic in this forum. you will find a lot of business schematics that you can follow in the beginning.

    Start something and if you have any doubts all people here are willing to help you in this journey.

    You are at the right time and the right place! now is time for action baby.

    GG
     
    Last edited: Jul 24, 2018
    zenbox and passion518 like this.

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