23 Year Old Recent College Grad Looking to Become a REI

[Nicholas R Foster]

Hi Everyone, for the past three months since I have graduated I have taken baby steps in learning how to become a Real Estate Investor (listening and reading BP podcasts/books & real estate podcasts in the Chicago area such as the "Straight Up Chicago Investor") I have also recently started a full time job in which I am leveraging to support my goal of becoming a REI. For these past three months I have discovered I am passionate about learning more and more about real estate investing each and everyday, it is all I want to do with my free time on the weekends and days off work. My intermediate family and inner circle is not as interested in REI such as I am, so everything I am learning I don't really have anyone to speak about it with or learn from. Although I still have a lot of learning to do I am very eager to learn more and I am currently looking for colleagues/references or a mentor/advisor to take me under their wing to learn from and help out with my free time. To get skin in the game I am interested in starting out with house-hacking but I would love to hear advice from investors on how you started out in REI, what you may believe is the best route and if there any more methods towards learning more about Real Estate Investing. In addition, if there any meet-ups, seminars or events in general regarding REI in the Chicago or West Suburban Area I would to know for I can connect, network and continue to expand my knowledge within REI.

[Nicholas R Foster]

Quote from @Nate Sanow:

Happy for you getting going and started.  I always tell someone new to really focus on getting experience on 2 big things in their first few years:  1. Walk as many properties as possible.  Do this by going to open houses with some friends on the weekends, and target flipped properties in areas you like or want to invest in.  Also, if there are investor open houses in your area, where wholesalers are trying to sell vacant properties, go see fixer uppers…again if possible bring a friend.  I know this seems elementary but, in a normal year / normal life we maybe go to a dozen houses or less if you think about it, family, friends - we don’t just show up at a ton of properties…but in Real Estate, you need to begin to notice what makes one type of property different or similar to another so you can “Comp” properties.  

2.  In addition to this, put yourself in any environment possible to be around a higher volume of RE transactions.  You can do this by working at a mortgage company, title company, wholesaler company, real estate brokerage, OR if those things don’t seem practical you can do it vicariously by making friends with investors buying and selling multiple times a month, getting to know them, and eventually they might take you to the closing table, and to walk property when they buy.  

The point is, right now it seems like a lot, like RE is so crazy complicated…but after awhile, you see it the same as a check out line at the store.  There is a simple process of exchanging goods & services for revenue…

I wish you well and keep going and keep learning.  Best wishes to your success.  

 Thank you Nate for your insight! This was very helpful, I am going to full advantage of experience number 1 for the remaining of this year and next year as well!