What got you into real estate, your story? Attend School?

Question

Hello, my name is Omar Monsalvo and I live in Southern California. I just wanted to share my story and hoping you can share yours.

I am 18 and currently attend University of California, Irvine and am studying Civil Engineering with specialization in Structures. Not sure if I want to focus on structures relating to aerospace or residential buildings (which would help me in my REI career).

I found interest in personal finance and investing this past summer so I began reading about stocks/bonds/mutual funds etc but I always found more interesting Real Estate because so I started educating myself this past week.

My plan is to graduate college and save 15% of my annual salary for index funds and 20% for my REI career by living below my means.

My goal is to save 10k this year as an emergency fund. Then I will start saving for my first property the following years. I plan to buy and rent properties. This plan is really vague but it’s the ground work I have so far. Anything should I do different? How can I learn more about where to invest? Should I minor in anything to give me more knowledge? Please feel free to share your story too.

Thank you in advance.

Omar Monsalvo · Answer

Appreciate the input Caleb!

Christopher Sparacino · Answer

Hey guys,

So about two years ago I attended a real estate seminar just out of curiosity, that changed my life! I raised my standards and goals from wanting to make $2k a month to $10k a month, ever since then I've felt wealthy, if i could just make it one time I knew I could replicate it. Fast forward two years and im close to closing my first wholesale deal and making that $10k in one month, it's been a long journey, lost alot of friends and my family turned on me, but that was my own fault.

I also attend a community college for computer information systems.

Omar Monsalvo · Answer

Thank you, Luke. What you said has motivated me even more, made my day really. Appreciate the advice!

Luke G. · Answer

@Omar Monsalvo

You’re doing exactly what you should be doing, reading, educating, interacting with a site like this, and going to school for a job that will have a respectable W2 income.

Keep saving, that combined with your potential W2 income is a giant help when you start seriously investing and underwriters for loans love seeing it.  The loan approval process for someone like you will be a breeze. You’ll be able to house-hack immediately once you graduate and that’ll leap you into more aggressive REI opportunities as you grow your net worth and number of deals. Just the fact you’re even thinking about this stuff yet puts you ahead of 99% of your peers.

Jim K. · Answer

In another millennium, I finished college, and went to graduate school on a full fellowship to an Ivy League school. I dropped out of grad school to follow a girl to Europe, and then I ended up with another girl in another part of Europe. In a moment of chivalry, I donated my work and time to flip a small apartment she owned, a place she could not unload at anything other than a major loss otherwise. Then I flipped her condo. Then I flipped and sold my own condo. And then I got on a plane and as the plane was leaving the runway for America, I sent my girlfriend a break-up SMS. This was 2007.I came back to America, lived and worked here for a bit, watched the bottom fall out of the real estate market, and then I met another girl and got married. A bit later, my wife decided it was time to buy our first rental property at a fire-sale price. And ever since then, property after property, renovation after renovation, I have worked tirelessly as her renovation contractor, property manager, and handyman.My dreams of academia are dead. My hopes for a life of the mind are a mocking shadow. To be among the new intellectuals of the 21st century, to challenge the conscience of humankind, to write my name in letters firm and bold in history as a great and original thinker...I am reduced to a tragic, pathetic figure wheezing on the dust of construction debris, hands calloused and gnarled to tell a tale of innumerable tasks, back stooped after Herculean labors, misery made flesh, all in the name of love.

Tale as old as time.

Omar Monsalvo · Answer

Wow man! Thats awesome! Does this mean you have your RE License? I want to get some hands on experience as well! Goodluck on your journey sounds like you’re heading in the right direction!

Alex Alvarez · Answer

@Omar Monsalvo Hey man, I attended UCSB last fall and knew I wanted to get into REI and RE as an agent. I dropped out as soon as I started reading and listening to BP. I entered sales as an agent for income potential, and knowledge about the legalities of RE. I now work with investors as an agent finding on market deals and instead of wholesaling, I just represent them on the purchase and sale of the property. Awesome double ended deal along with working with investors and learning a lot, as well as learning valuable communication and sales skills better than an expensive degree at UCSB could get me. The income potential is what really attracted me. I wasn’t held down and could still budget aggressively for REI capital and I just turned 18, have no debt and am saving everything. Learning as much as possible about creative financing, finding off market deals, buy and hold REI (what I love most) and building valuable relationships with investors. Currently living as a broke college student with several other broke college students, but instead of going to school I’m going to the office and working with investors. I personally prefer taking the 4 years I would’ve spent at college spending time and money to learn and gain experience in real estate and investing.

Omar Monsalvo · Answer

Wow! That’s really amazing! Congratulations on hitting your goal! One day I will be able to say the same! Thank you for sharing!

Omar Monsalvo · Answer

Thank you for sharing Neal! Definitely will continue to educate myself right now so I can be ready upon graduation like you said.

Will also look for a friendship with someone who knows the ins and outs.

Goodluck on your future endeavors, appreciate the input!

Omar Monsalvo · Answer

Woah! That’s really cool we both go to the same school! We could meet up sometime and chat.

Definitely will educate myself in lease option as it caught my interest! Renting and leasing is what caught my eye.

Thank you for sharing!

What got you into real estate, your story? Attend School?

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