Please help, all advice needed!

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Please help, all advice needed!

Matthew Jones
Murfreesboro, TN · Member since 2013 · 11 posts · 0 votes

Hello everyone, I'm hoping I can get some good advice here as well as help with understanding the basics and creating a plan.  

To start, I am 28 and completely lost right now.  I am an OTR truck driver who came on the road to cut out all expenses and save up for a career in aviation as a pilot.  

At this point that idea doesn't seem very wise as an investment.  I would be investing $40,000+ dollars into a career with no stability, terrible pay, terrible QOL, etc...  I already make more now than most of my pilot friends.  

The thought of going to college to get a degree so that I can built a resume that I pass around to others in order to beg for a job completely baffles me and does not seem logical.   

The only other thing that has been on my mind is RE investing.  In my previous job I worked around a lot of very successful RE investors and developers.  I remember being almost envious of their lives.  The thought of building my own future and controlling my life like them gives me a rush of excitement and adrenaline...

Here's my problem, I honestly cannot make a connection in my mind of how to go from where I am now to where they are.  I also do not see how investing in a home for a $300/month cash flow turns into financial freedom.  I basically just cannot see the forest through the trees I guess.  

Is there anyone that can explain this to me? How would you approach this in my shoes? I've been reading as much as possible, but since I do not have any type of finance background I end up getting more lost and end up more discouraged.  

I feel like I may be in a unique position to invest because I make at least $1000 every week and my only expenses are food.  What would you do?  Can anyone give me an example of a 5 year, 10 year, and 15 year plan that would be viable for me?  

So far it feels like life has seriously beat me down and I'm tired of this.  I really want to take control and do something with my life.  The thought of investing and maybe one day developing seriously excites me, I just can't figure out how to start and how it ultimately works over the years.  

Thanks so much everyone!

Signed,

Beaten down and lost

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Sean Blanchard
Chalmette, LA · Member since 2014 · 9 posts · 2 votes
10y

It seems like a real estate investing course that teaches you a formula of some kind might be helpful. Some criticism I have heard about investing classes is that you could get most, if not all of the info for free elsewhere, with some perseverance. However, if you don't know what you are really looking for, how will you know when you find it, right? There is a lot of great info available on this site, and also very helpful people. The BP podcast is also probably the most informative real estate podcast out there. I know I have personally picked up a lot of good info from BP. Also, there is a podcast called Lifestyles Unlimited that has a lot of good info, and they also offer a course that walks you through from starting out, to moving into apartment complexes. I have not personally taken the course, but I think courses like it would be the step by step guide that you may be looking for. Also, you get a mentor with them. Like I said though, the info is probably all available for free on biggerpockets.com, and instead of a mentor, ask the community. Its all on what you want, but there are classes out there if you are tired of the guessing game. Hope this helped!

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  • Michael Boyer
    Investor · Juneau, AK · Member since 2015 · 980 posts · 741 votes
    10y

    Matthew, it sounds like you have an "in demand" career right now, and one very important to the US economic system. So the ideas about future education or switches would be personal decisions I suspect...

    On the investing side, real estate has been a worthwhile (and even profitable) part of my life (but it is no magic formula for happiness or anything).

    So you could see if a property (maybe think about a duplex, triplex or fourplex) would pencil out and you could even make a unit your home a short time and later rent that unit out, too, and buy another property (or just live On the Road!)......See the guides under the Education bar above and some of the tools for analyzing property...

    But as an otr trucker, I would guess getting a property managed probably works better (as you literally are on the other side of the country) unless you have an on call handy man plumber, etc. and some systems in place (lots of ideas on that on BP)..

    And  I would even read up on things like Index funds (read John Bogle's work if you can find it). This puts your dollars to work as well..... best of luck!

    0Reply
  • Matthew Jones
    OP
    Murfreesboro, TN · Member since 2013 · 11 posts · 0 votes
    10y

    One thing I did forget to mention and I feel should be...   I don't care for my current job.   It's a different lifestyle to be sure.  I can tolerate it but it does get pretty miserable at times lol.  It's just one of those things I guess.   I'm sure I would enjoy the "job" of flying but at this point I'm just questioning my future and whether or not that would be a wise decision.  

    0Reply
  • Darlena Jones
    Strafford, MO · Member since 2015 · 181 posts · 61 votes
    10y

    Can you turn your OTR to a local route?  Then, look at house hacking with a plex?  

    0Reply
  • Marrio Barnes
    Real Estate Investor · Milwaukee, WI · Member since 2013 · 37 posts · 54 votes
    10y

    The goal in financial freedom is to stop trading time (your life) for money and to acquire more assets that provide passive income. Right now it seems you need to continue to try and spend more time with you're old real estate friends, read more books,  and listen to more podcasts.  It will help you adjust your mindset, because if you can't see the benefit of a small amount of cash flow you won't buy a property.  Good luck.

    0Reply
  • Sean Blanchard
    Chalmette, LA · Member since 2014 · 9 posts · 2 votes
    10y

    It seems like a real estate investing course that teaches you a formula of some kind might be helpful. Some criticism I have heard about investing classes is that you could get most, if not all of the info for free elsewhere, with some perseverance. However, if you don't know what you are really looking for, how will you know when you find it, right? There is a lot of great info available on this site, and also very helpful people. The BP podcast is also probably the most informative real estate podcast out there. I know I have personally picked up a lot of good info from BP. Also, there is a podcast called Lifestyles Unlimited that has a lot of good info, and they also offer a course that walks you through from starting out, to moving into apartment complexes. I have not personally taken the course, but I think courses like it would be the step by step guide that you may be looking for. Also, you get a mentor with them. Like I said though, the info is probably all available for free on biggerpockets.com, and instead of a mentor, ask the community. Its all on what you want, but there are classes out there if you are tired of the guessing game. Hope this helped!

    1Reply
  • Matthew Jones
    OP
    Murfreesboro, TN · Member since 2013 · 11 posts · 0 votes
    10y

    @Marrio Barnes

    Thanks for the reply.  It's not that I don't understand the cash flow, but how to I go from that to being able to have enough cash flow to retire from working for others?   I do plan on continuing to read and study.  I was just hoping for some examples of what plans I could make and how this can work out over the next 10 years.   

    So far I do like the ideas mentioned of buying a duplex or other multiplex to get started.   That may be something I look at by next summer.   Where can I go from that point though?  Sorry for such vague and basic questions, I'm just trying to figure out what opportunities exist for me in my current position.  

    Thanks everyone 

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  • Lennie Holland
    Superintendent · Gainesville, GA · Member since 2015 · 107 posts · 35 votes
    10y

    You in a perfect position to listen to all the BP podcast, audio books while trucking down the road. You can also read the wealth of information here while your on down times and participate in the forums.

    The questions you have about REI are answered here in multiple forms via podcast, blogs, forums post, etc.

    You would be surprised how much you will learn just by engaging with this community. No sales gimmicks, just great people willing to help you achieve your goals.

    Good luck

    1Reply
  • Steevee Reroma
    Canoga Park, CA · Member since 2014 · 17 posts · 3 votes
    10y

    Yes, definitely listen to the podcasts! you wont be bored on the road. It's a good start and for sure you'll be able to have some of your questions answered. 

    0Reply
  • Richard Dunlop
    Investor · Detroit, MI · Member since 2014 · 755 posts · 462 votes
    10y
    Originally posted by @Matthew Jones:

    Hello everyone, I'm hoping I can get some good advice here as well as help with understanding the basics and creating a plan.  

    ...Here's my problem, I honestly cannot make a connection in my mind of how to go from where I am now to where they are.  I also do not see how investing in a home for a $300/month cash flow turns into financial freedom.  I basically just cannot see the forest through the trees I guess....  

    Signed,

    Beaten down and lost

    10 of those pays your basic expenses

    15 of those replaces your current income

    What ever you make in RE can go directly to your savings/investments so it starts to snow ball if you keep working.

    I'm not stopping till I have 1000 doors with no debt.

    0Reply
  • Matthew Jones
    OP
    Murfreesboro, TN · Member since 2013 · 11 posts · 0 votes
    10y

    @Richard Dunlop

    Thanks for that reply.  I guess where I'm not clear is, how do you take out that many loans?   Pardon my ignorance, I'm just not sure how that works.  

    Thanks everyone for the replies, I certainly do listen to BP podcast as well as others.  It's all very exciting, I just get lost on some of the smaller details of financing.  How do you continue to aquire properties?   

    0Reply
  • Richard Dunlop
    Investor · Detroit, MI · Member since 2014 · 755 posts · 462 votes
    10y
    Originally posted by @Matthew Jones:

    @Richard Dunlop

    Thanks for that reply.  I guess where I'm not clear is, how do you take out that many loans?   Pardon my ignorance, I'm just not sure how that works.  

    Thanks everyone for the replies, I certainly do listen to BP podcast as well as others.  It's all very exciting, I just get lost on some of the smaller details of financing.  How do you continue to aquire properties?   

    I'm in a unique market so I can buy for cash outright 10 properties for less than others are putting up as a down payment on One.

    I posted some examples in this thread

    Some areas of TN I'm sure have properties that you could pick up for below market prices.  But others have pointed out you need to keep learning so you can act fast when the opportunity presents itself or while you're thinking it over someone else is making an offer.

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