Looking back what would you do?

Question

After reading many posts I have seen a few "If only I started when I was your age" quotes from people who I have been viewing as very informative on posts from others on this website who are my age.  I am a college senior now and am dying to get into real estate but want to finish school out strong and really learn about the business as much as I can before I get into it.

So I am wondering what many of you VERY successful people would do/would have done being my age and starting the business.  I know I need to goto REI clubs and just continue to "study" the business.  But is there something you wish you would have done earlier in your investing career?  Or a certain part of REI you wish you would have gotten into?  Thanks in advance for anyone who would like to share.

Account Closed · Answer

Hey Everyone,
I'm in same situation as Matt.  I graduate college in December and I'm trying to figure out what to do.  I have done one wholesale flip, but I'm definitly still lacking real world experience.  Any advice would be appreciated.

Also,
Mike you mentioned work for an investor or real estate agent to learn the ropes.  I'm in your area, do you happen to know anybody who might be looking to hire a hardworking college grad?

Thanks,
Lance

Account Closed · Answer

One thing I have noticed, for what its worth, title companies seem to have become dominated by women employees. For whatever reason, it seems that mostly women work and get promoted at title companies. So, you might be able to get a good start in knowledge of how real estate title works, you could try it, but I wouldn't think of it as anything else but a stepping stone to real estate investing. To get a job description, I would call on an ad which is looking for that position, whether in your area or not, and pick their brain as to what the day to day job descrtiption is. Good luck,

Matt DuSold · Answer

Licwidsand (or anyone else who could explain),

What is it like to work as a title company as a runner?  I have been looking around a bit but am not exactly sure what a typical day would be like doing this job.  If anyone could help i would really appreciate it, thanks!

Dave W · Answer

I’m in a similar situation, jus graduated school and pursuing a law degree. I've been reading books as well as this forum for some time. The one thing I have learned is there’s no reason you cant start now. Find a partner, mentor or investor.

Currently working on a business plan and building a network of realtors, investors and lenders, really gets you motivated.

good luck!

Matt DuSold · Answer

Well the thing is, for grad school it has NOTHING to do with business.  It is a psychology graduate program.  It would be paid for and it seems there is no stopping them.  My parents are already fine with the thought that I might get my degree and make a living off real estate NOTHING to do with school psychology.  They are just worried real estate wouldn't be able to support a life style.  Honestly, it just makes me want real estate success even more to prove them wrong.

Thanks for the personal assistant idea though.  I am going to really explore my options and see what I can land.   [/url]

Account Closed · Answer

Another thought is to get a job as a personal assitant for a heavy hitter real estate agent. Usually pays around $40K and you learn the ropes of real estate deals, make contacts, get access to alot of services like the MLS. When you are ready to jump into REI you can. Also, I would follow your parents advice and finish grad school - MBA? Especially if someone else besides you is paying for it. The more you know about business the better, and you will have alot of credibility in everything you do. Establish your credit and keep it gold. Good luck, Mike

Frank Adams · Answer

You can build your knowledge and finances at any age. Are you working while in school? If not, start now. Take an RE related job, study REI in your spare time. This site is one of the best educational resources you'll ever find.

As far as REI clubs go, check out a couple of "free" meetings before spending any money to join. Many (most?) of them have become "seminar peddlers" over the past years. Instead of a club see if you can find a "networking" group. I found one through this site and we meet for an hour, once a month. But like most meetings the real networking takes place before and after.

all cash

Jason Hanson · Answer

I luckily started when I was young and here is what I would do if I were you:

1. Go to the library and read everything you can on real estate investing
2. Go to your local REIA meetings and network with people
2. Don't worry about working for someone else....just find a local mentor and have them show you the ropes.

I would absorb as much information as quickly as possible and set a goal for yourself to do your first deal in the next 90 days.

Matt DuSold · Answer

Well, I do feel better because I have been doing some of the things you guys have listed.  I have been reading this religiously and been reading many books.  1 Minute to Rental Property Riches will be my book I take on my cruise with me for reading 8)  I do not have a job at school but I do not have a car so it would become very difficult.

My parents want me to goto grad school and I do as well just as a back up plan basically so I will be taking night classes for 2 years leaving plenty of time for a job.  I have looked into some PM companies but I will also look into title companies(thanks Licwidsand).

Again, thanks for your answers guys, I figure there is no better way to learn the right things to do than through the plethora of successful investors here.

Stephen McKee · Answer

Take a job at a title company. Make sure it is a major one. Start as a runner then do some customer service. Ask a ton of questions. Belive me, people will talk your head off and you'll have the time. You will also meet all th emajor investors in your area. Be sure to tell them why you took the job.