Starting out In Real Estate

[Ivan Carrillo]

Hello, I'm a 22 yr old living in Texas and have nothing but time to dedicate to learning the ins and outs of real estate. After spending hours upon hours on the bigger pockets podcast and reading financial books. I decided it was finally time to start taking action toward my goals. I already know a decent amount of keywords and vocabulary but as far as experience goes I'm in need of help desperately. My goal this year is to own 20 rental properties and flip at least 8 properties. If anyone is willing to dedicate their time to help get some experience with my real estate journey as well as develop a sense of confidence with real estate that would be greatly appreciated. Again I have nothing but time right now and I am very committed to learning and achieving my goals, whatever it takes. 

[Scott E.]

I love that you're 22 and already passionate about getting into real estate investing. If you maintain this level of dedication and passion, you will be wildly successful in life.

Regarding your question about finding a mentor, that is easier said than done. You will establish mentor/mentee relationships naturally over time. But you can't force it. Instead, just start surrounding yourself with like minded people. Go to local meetups. Meet other investors, wholesalers, and agents. Just immerse yourself into the local real estate scene. Your network will become your 'mentor' and will help you navigate your first couple of deals.

Last I want to address your goals. Don't take this the wrong way, but somebody needs to say it. You're not going to own 20 properties this year, and you're not going to flip 8. You will be lucky if you finish your first year with 1 rental and 1 house flipped. And that is perfectly ok.

Don't rush the process. If you buy a bad deal, it is very hard to unwind yourself out of that bad deal. This means that buying a bad deal early on in your career will likely cause you to lose your shirt.

Instead focus on networking, learning how to underwrite, and be very particular about what properties you're pursuing.

Be patient. Work hard. Stay positive. Have integrity. You'll do great.