Asking advice for a new investor with an ambitious plan
- So I'm decently new to real estate investing but I am very excited to learn the process (to the point where it keeps me up at night) and one day implementing it myself. Just a heads up, I am very serious about using real estate investing as a tool of income for the rest of my life so please take the following questions seriously. A little bit of personal background, I'm a 17 year old senior in high school soon to graduate. I'm thinking about finding a mentor to help me on learning the business of flipping houses for the moment and then another mentor in a few years for renting out property. The reason being is that I have two years of a local community college ahead of me and after those two years I will be moving to California to finish off my degree which means I wouldn't be able to take care of any rental properties in NJ (where I live now). So my idea is that I flip maybe a house or two during my remaining time in NJ and then pursue renting out houses in a few years, what are your thoughts. Of course a question to go along with this is do you think it's possible to learn enough in a years time to be able to begin flipping houses myself. Let's say I were to find a mentor on this subject in the next month and spend the rest of my free time doing diligent research online. Then I would utilize these tools of knowledge over the span of a year which would leave me another year of implementing my new found knowledge and flipping one or two houses depending on how long the first one takes. The time I would be using to get these things done is my extra time outside of my studies which can be more time than you think. Feel free to leave any thoughts, I am open to all advice.
Thanks.
Most Popular Reply
Hi Romain, congratulations for your decent mindset! I wish I knew how great real estate is when I was your age,
If you are planning to find a mentor, you are on the right track. A good mentor will give you a huge push in the industry and yes you will be able to capture decent knowledge in a year.
How do you plan to fund your deals? Do you have access to family funds? You understand that you are young and you will have difficulty funding your flip deals.
BTW, don't own rentals in NJ, in my opinion, you should own rentals in land lord friendly states. You can invest in other states and hire a property manager to take care of your property and tenant.