What Should a College Sophomore be Doing to Jump Start an REI Career?

Question

I have been reading to various blogs and forums (btw Brandon Turner, you are the man) and they have left me wondering, what should I do ONCE I AM FINISHED WITH COLLEGE. I understand the importance of getting to my local REIA club and reading as much material as I can, but for a some who is at a stage where I am heading toward a four year degree in both Finance and Accounting what would any suggest I (or anyone who has recently read Rich Dad Poor Dad :)) consider doing so that I am fully equipped for REI once I leave college.

Some Background:

I currently live in New Orleans. With people still coming back, (parents that stay in the city they left Katrina for while their children finished high school... people like my mother) i can say that with the distressed home and steadily rising market I see positive growth potential.

I am flat broke... but I have been helping my grandparents and living with them during my college years... so i am not this lazy kid who wants to make it over night. (I am wondering if I should find a way to completely pay down student loan before start, it'll be hard but what isn't these days).

I would really like some incite on the qualification for hard money loans as well as FHA 203k loans. How much money should I be making now.

I really would love to flip homes, because real estate and car are two things I find the most interesting. I'm not just some 19 year old kid who think he can get rich quick. I see the tremendous amount of work many of you investors put in, as well as your willingness to give REI a good name.
 
So, I really would like someone who could weigh in on the situation I'm in, as well as any insight on investor who were as young as I am (19... but almost 20 :)) and how they combated the stereotype of being to young to make it happen... and we all know that's not the case!

Thank you for any information you can share... and to any New Orleans investors: im ready to learn :)

Ryan Reese · Answer

Ben Leybovich, thanks for the kind words. Since I am just starting out I been doing a lot of research, Rich Dad, The Millionaire Real Estate Investor, The E-Myth among others. Everything that they say hinges on your very point. So, I thank you for taking the time to read this and give some great incite. I would love to have you as my first official contact!

Ben Leybovich · Answer

Ryan Reese  I have to say, first of all, that I am very impressed with your language skills and thoughtfulness.  You stand out...

Understand the following – RE is about people; you buy from people, you sell to people, you rent to people, and you get financed by people!  I hope you like people :)

I am about to give you a piece of advise that can, if you heed it, change your life.  Ready?

If you scroll your smart phone “contacts”, how many people in there have capacity to finance a real estate deal?  How many people in there can you call and ask a question about RE? 
 
The most important thing you can do right now is to surround yourself with the “right” people and soak it in.  It won't be easy because a lot of them will blow you off, but be persistant.  Pay attention to what they do, how they do it, when they do it, and why.

When you’ve learned enough, the deals will come.  Good luck, although I sense you won’t need too much of it…

Brandon Turner · Answer

Hey Ryan Reese I don't think I've ever been called "the man" before in a positive light, so thanks! :)

I read rich dad for the first time at about your age - and it was incredible. Life changing, really.

If you haven't yet read my article on How to Invest in Real Estate at a Young Age, be sure to do so.

I think the best thing to do now is two-fold:

1.) Be smart during college (low or no debt, study things that will help you in life rather than cause it seems fun, and work hard so you'll get good grades and a killer job when you get out.

2.) Build contacts for your future.  Older investors are yearning for young people that they can pass their legacy down to - cause most children of investors want nothing to do with it. Harness that - and use it. Get connected with older investors, let them take you under their wing. Often the best way to do this is to work for them on the side during college. Nights and Weekends hauling garbage, cleaning rentals, etc can be a terrific way to make an impression on them, learn about the business, and get some money while doing it. It's a lot better than donating Plasma - which is what I did during college. Ick.

Hope that helps! Keep in touch!

Karen Margrave · Answer

Ryan Reese I don't know if you've read either of the blogs I've posted recently about development, but that's the lens I look through. By the time we start actually putting up the building, most of the work has already been done! All the planning, underground, and foundation work. The point is, if you build a strong foundation (though nobody sees that) the building will be solid!

No matter what knowledge you can pick up, be it real estate, construction, handyman, sales, customer service, etc.,  it's all part of your foundation that you build upon over the years, and ALL of it will be helpful in real estate investing. Good luck!

Ryan Reese · Answer

Karen Margrave we are on the same page. I was already thinking about doing the weekend seminars, but I did not think to use that knowledge to monetize the skills I will need when I purchase my first flip. I just found my hobby! Thank you both Michael D'Aries and @Karen Margrave.

Karen Margrave · Answer

Michael D'Aries That's great advice, and if you don't know how to do the handyman stuff, Home Depot has weekend workshops where you can begin to learn. All of those skills can eventually help earn money, while giving Ryan Reese the flexibility to work around his school schedule, and be invaluable in his future Real Estate career!

Dawn Anastasi · Answer

The first property you will probably own is your own home.  You can make it a duplex and rent out the other side, thus paying for your mortgage. If someone pays for your place to live, that frees up that obligation for you to save money to use on your next venture.

Michael D. · Answer

Ryan Reese I think I may be able to give you some advice that you may find useful in the "Paying off student debt" arena. I am a 24 year old recent college grad, and I too am trying to determine the best way to get my feet wet in REI. While I was in college I started a small handyman service where I did small carpentry, and landcaping jobs. It was really tough balancing this with my school work, but I picked up many great skills that will prove to be useful in rehabing properties, as well as made me more money than what most other college students were making. This combined with a tight budget allowed me to save up enough money to pay off my loans at my time of graduation. I'd recommend taking any skills you have, regardless of what area they may be in, and see if you can market them in the form of a small CASH business.

Ryan Reese · Answer

Yea I know @JohnMireles, I was just putting it out there :)

John Mireles · Answer

Sure. Work your ass off. Or, study your ass off and apply for scholarships. Absent actually having a rich dad, there's no shortcuts here.

What Should a College Sophomore be Doing to Jump Start an REI Career?

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