My plan to be successful at a young age

[Jacob Coates]

Good afternoon everyone,

I am a 20 year old Marine currently deployed, upon my return i plan to buy homes and rent them out. This is a piece of what i wrote today and would I would like some feedback. Much apprecition to all of you.

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This ties into my financial planning for the next 10 years. I do not want to go to college. I do not believe in paying for classes that you are not going to use. What I do want to do is go to seminars about real-estate investing. I also want to read books about real estate, and I do want to take financial planning classes. My plan is, once my education is done, to get some hands on experience and buy houses, property, multifamily homes, with little to none of my own money, and rent them out. The ultimate goal is to own large buildings, wither they be apartments, or businesses, and rent those out. I want to be at the level where I will hire people for the management and maintenance of these structures. With only having a year and a half in the Marine Corps, I have heard of 2 people who do this. One was a SSgt at my MOS school, and he was a millionaire. The other is my CO, who made $40k with his wife this year in investments alone. So the dream is to be a badass intelligent investor with money coming in every month, and also a successful casino destroyer. The date is 2-17-14. I EAS on 8-13-16. I have roughly 2 and a half years left on my contract. The year of 2014, I want to work my way up to owning just one home, and rent it out. Also at the end of this year, I turn 21. I could go to a casino right now whose required age is 18, but only smaller casinos allow that. it’s the bigger casinos that have the lower minimum bets and higher maximum bets, and essentially that is required. So at the end of this year I plan to go once a weekend, and have a limit of 500 dollars profit. That’s potentially 2 grand added to income every month which is 24 grand a year if all goes well. I am also willing to risk my 10 grand that I will need to do this, even though the risk is minimal, as long as I have money coming in from property, I am not worried. With the casino profit money I will invest into more real estate property, because with my paycheck back in the rear, I will be limited with how much I can do. If I bought a home for $180,000, and got it financed for 30 years, it would be roughly $500 a month for the payment alone not including maintenance or taxes. The house would be rented out for around $700-$900/Mo and along with my 2 grand from my Blackjack strategy I am going to reach financial freedom at a young age. But the question is will I want to? Also I don’t want to live in a risk forever so I will adjust my blackjack accordingly. Playing monopoly in real life is the dream.

[Liam Goble]

The badassity of investing is the way to go. I would encourage you to use any of the loans available to military to purchase a small multifamily building. Live in one unit and rent the rest out. That will give you a sense of what it is like to be a landlord and have cash coming in every month.

For point of reference, my wife and I started investing almost exactly 18 months ago. We are cashflowing about $1,000/month right now, or $12,000/year. We will be using flips to get more capital to invest in buy-and-hold, rather than using casinos, but I have a friend who is/was very successful at hold'em ($70k annually).

Good luck.