For those who have already started their real estate journey, how did you start?

Question

Hello Everyone!

My name is Andrew. I am 24 and married to my amazing wife. I also serve in the Georgia National Guard so I have access to the VA loan. My dad was always a pretty savvy real estate investor, mainly specializing in vacation rentals and I remember going to tour 10s or hundreds of properties and loved it. I currently work for a luxury building materials company and my commute is about an hour and a half each way every day. I decided to use this time to listen to audio books on real estate investing so I started out with the guide to investing in real estate, and I am currently on the guide to flipping houses.

I would love to hear from some of you guys who have already started their journey (or maybe are well into their journey!) on how you got started, what mistakes did you make, how much money do you feel a person must start with, what did your first deal look like, and which method of real estate investing did you do and what are you doing now (rentals, flips, etc.)

Thanks!

Andrew

Jay Hinrichs · Answer

for me got my RE license at 18 and hit the streets.. tough first 6 months.. but that first commish check of 900.00 when at the time 75 a great job paid 8 to 10 bucks and hour.. and it took me I calculated about 6 hours total time.. Never looked back.

Its not all wine and roses though some absolute great times and some deep dark moments ( 2008 to 2011).. And its a lifestyle not a job.

Andrew Stouse · Answer

Hi Brandon,

Thanks for the reply! I forgot to mention in the original post but I also am in the process of getting my real estate license. Its very nice to see someone who started out in this crazy market we are seeing today and still was able to find success! and yes...one long commute indeed but I also live with the family so saving $$$ is key ;)

Alana Reynolds · Answer

My husband and I are active duty military-Coast Guard. We have been taking turns using the VA loan. My first purchase was 2019 and I bought a 4 plex and lived there. Now it cash flows 2,000 a month after I had some repairs done and raised rent.

My husband used the VA in 2020 to by a single family. We updated the kitchen, added a 3rd bedroom and added the back screened patio to the house. We sold that house and used the proceeds at our next duty station to by a home and turn the garage into a rental studio apartment.

Our latest purchase is a 4 bedroom house that we will live in for a year with a roommate and save up for the next house. we plan on putting it on airbnb.

John Morgan · Answer

@Andrew Stouse

I had 25k to my name 9 years ago and lobbed out a low ball offer that was accepted. I found ways to buy 2 buy n hold SFR a year for the first 7 years. Patience is key. And I have plenty of patience. I currently now have 25 SFR and profit 17k/month off them not counting vacancies, cap ex or random maintenance work. Give yourself 5-10 years investing in RE and you’ll be set for life. Do whatever it takes to use OPM to snag cash flowing RE and keep recycling equity to buy more and more properties. That’s what I was able to do without much out of pocket $. I’ve paid myself back a few years ago all the $ I’ve ever put into RE from the cash flow, so I’m zero out of pocket on investing in RE with infinite returns from here on out. Good luck!

Alan Asriants · Answer

Got my license in 2017, sold 1 deal, then bailed on it.

worked 2 years as an engineer and decided to give RE a try again. many months later received a commission check and believed in the process.

year after that bought my first house hack and went from there...

Alecia Loveless · Answer

@Andrew Stouse Started out close to 30 years ago at age 21 with some shady business partners on two owner financed apartment buildings. Learned the hard way to make sure you know EVERYTHING about your business partners beforehand but fell in love with real estate.

Sold those two buildings to the terrible partners then tried a third deal that went badly just due to dumb luck and quit REI for the next 20 years.

Word of advice.  NO MATTER WHAT DONT QUIT REAL ESTATE INVESTING. THERES WAY TOO MUCH MONEY TO BE MADE.

Started back 4 years ago wiser, more mature, and with years of learning about real estate under my belt and kicking rear end! This time started with a SFH that has appreciated 400% in 4 years from $99K to just under $400K.

Andrew Stouse · Answer

Work is in Midtown Atlanta, home is in Loganville/snellville area.

Michael Dumler · Answer

@Andrew Stouse, continue living with your parents while saving for closing costs/reserves. House hack your first deal utilizing your VA loan. Read "The House Hacking Strategy" to understand the investment concept. In the meantime, connect with local investors to see what has worked for them regarding house hack deals. Living free with minimal out-of-pocket expenses will put you light years ahead of your peers, who are likely paying anywhere from $1,500 to $2,500 in rent, depending on location. Sure, there are different avenues you can take, but house hacking is the most risk-averse strategy to implement when starting. Where precisely is work?

For those who have already started their real estate journey, how did you start?

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