Young Investor in Dallas Advice on How to Get Started Needed

[Christos Dimopoulos]

Hello Fellow BP Members,

I am a 24 (soon to be 25) year-old aspiring Real Estate investor. I just moved to Dallas, TX with from Atlanta, GA for a fresh start. I am brand new to the area and while trying to figure out what direction I wanted to take my life, I found REI! I am sure glad I found it. I have previously worked in technology sales in Atlanta and do not yet have a job here in Dallas. I have some money saved up that I can invest into RE/live off for a period of time but am looking for advice on how to get started.

The strategies that appeal to me from a long term plan perspective are buy-and-hold Single Family and small Multi-Family (duplexes, triplexes, 4-plexes) houses. I see these as great a way to get into REI that should produce some cash flows fairly soon. I have aspirations to eventually get into larger apartment complexes investments in the future as well.

My situation of not currently having a job has me at a crossroads as to whether I should first seek a job to produce income and invest into REI on the side or jump into REI full time right away. I really like the idea of being able to dedicate all of my time to REI (searching, vetting, locating deals, and then managing the properties) but am hesitant to take the plunge. Are there any ways to do this?

I am brand new to RE from a hands-on experience standpoint but have taken a two-day seminar, attended webinars, listened to podcasts, and done a great deal of research thus far. I have thought about getting a job in Real Estate to gain some hands-on experience while getting paid. Are there any particular roles that I could get into in RE given I have sales experience on my resume? Which one would give me the best knowledge to help me in my future REI career. This does put all of my eggs into one basket (Real Estate), but it could be the best way to learn.

I would really appreciate any and all advice I can get here from experienced (and maybe even local investors) to help me make the best decision on how to proceed. If there are any investors in the Dallas area that could use some help in their business and are willing to take on young motivated and determined aspiring investor, I am willing to work my tail off to gain hands-on experience in RE and learn the business.

All the best,

Christos

[George Tak]

Hi Christos,
I would recommend that you got a job while you hon your skills in the investing world.  I am sure you're a smart guy and probably learned a lot about investing.  However, learning and actually doing the investing may be totally different.  Also, you shouldn't use your savings as your living expenses if you can help it.  You should use your savings in something productive as in something that will produce assets or income.

If you, by chance, considered becoming a real estate agent to earn income while investing on the side, then I am interested in talking to you about joining my real estate company.