Any Advice for a Skeptical Sophmore in College

[Zachary Loch]

Hi Everyone,

My name is Zach and I was introduced to the world of REI and BiggerPockets from my obsession with podcasts and long term finance.

I am from Plano, TX (suburb of Dallas).I am Currently in college at Baylor University majoring in Business. I have held a 4.0 GPA while in college through 55 hours, which is not me trying to tell you I'm smart. I have good grades because my parents emphasized education to me from a young age, I work hard, and went to a great high school. Most people are surprised when they are told I have good grades because I go out a lot and am very talkative and friendly, not your stereotypical 4.0 no life academic with zero social skills. 

Through my extensive listening of podcasts I have been introduced to the worlds of Real Estate (BiggerPockets), Passive Income (SPI-Patt Flynn), Finance (Listen Money Matters), and entrepreneurship/life-hacking (Tim Ferris). However, many people they have on these shows explain how they simply buy a single family home, rent it out, pay down the mortgage, and net profit $1K. After reading BP, I have come to the conclusion that, while that is possible occasionally, profit margins are substantially less. Their goals are to simply eventually own 10 properties allowing them to net 120K a year, pay off their mortgages, and retire. There seems to be a lot of these stories selling REI as mainly a long term commitment that pays off huge in the long run.

For me, I feel like my competitive advantage is being young, having the ability to research, having no fear of rejection when asking questions, and being insanely curious. From experience I have found smart people love to show you how smart they and (hopefully) help you. Through my very short time here I am shocked at the wealth of knowledge and how many people can serve as industry experts. 

I have read many success stories such as Mike Henkel, who I later found out is a member of this site. My ambitions though are not to quit college and risk it all in REI. My goal is to graduate college with a degree in business (accounting, finance, or maybe a suggestion from you?). After that either go to grad school or get a job first. Realistically make 60-75K/yr which isn't stretching the imagination too much. Then, save as much as that as possible living frugally while my salary (again hopefully) increases.

Somehow I'm justing getting to my questions:

1) Is putting my saved money into a side RE business advisable?

2) What is your criticism of some of these stories you may have heard that are similar?

3) Would the financial/psychological/time commitment worth it.

4) Knowing what you know from RE, if you were in my position (considering RE as a side venture) what would you do?

5) What advice would you give to your 19 year old self regarding finance and RE. 

6) Do you have any great book, blogs, podcasts, or people you could refer me to?

7) Do you have any constructive criticism or advice for me-a 19 year-old sophomore in college studying business- This could include skills I should work on, early in life decisions, or anything you could say "I wish I knew that when I was 19/20

I would like to be involved and not 100% passive. Just not to the point where I can't stop working and can have a decent quality of life.

Growing up my father had a prestigious job in his field of work, which led to a very large pay check annually. I am super proud of that and have an infinite amount of respect for him, but I also saw that money really stresses people out when abused and not respected. I want to be that guy who lives modestly, but secretly has $1million invested without having to worry about money

My goals: 

1) Be smarter than my peers with my money

2) Amass a larger than usual net worth (including Real Estate Portfolio)

3) Minimize unnecessary mistakes

4) Learn as much as possible in this short life we live

5) Use money as an avenue for freedom and happiness, not greed and 

Please answer any questions you can :) It would be very much appreciated.

Yes I managed to write a novel. Not sure if this should go here or in Introductions? If miscategorized, let me know if I can move it, or worst case I can copy and paste.