Unique position. What would you do?

Question

Hello fellow BP members!

I’m looking for some advice and input here. Thanks to all in advance for taking the time to shed some light.

I’m a 26 year old aspiring real estate investor. I recently retired from professional hockey and I'm now looking to transition into my next phase in life. For many years now I’ve been totally obsessed and intrigued with the idea of financial freedom and the quest for passive/residual income. I’ve read many of the Kiyosaki books and buy in to the overall philosophy that he preaches (trading time for money, leverage, tax benefits, etc.). Real estate can obviously provide the residual revenue stream I’m looking for (with education and effort). I'm at a point in my life now where I don't have any commitments (not married, no kids, decent nest egg) so I can sort of head into any field/job I want. I've decided that real estate investing is what I want to pursue, however I want to gain some insight and experience in the industry before I start investing on my own. So my question for you is, on top of staying connected to this forum and learning from all of you, if you were me, and wanted to start getting into the real estate investment game, what type of job would you take to get some education and experience in the industry?

Any advice and input is greatly appreciated! Thanks for your time!

Ned Carey · Answer

That in part depends on what direction you want to go in real estate.  If you want to be a rehabber I would consider a trade like a plumber.  Yo could build all kinds of connections and skills that would help you in rehabbing. If you want to wholesale properties become an REO agent.

If you are thinking bigger go work for a commercial property manager and learn the commercial property business. Or become an agent selling commercial properties.

Just some ideas but also to make the point what you ultimately want out of real estate may determine where to start now.

Bill Gulley · Answer

James, you mention doinf financial consultation, specifically what? Do you have a related degree? Lots of opportunities in finance and banking as well as trsut departments that are RE related.

And be carefully offering free services for an education from an investor.....LOL

Paul Falbo · Answer

"Do you learn more than just the maintenance/management?"

Yes. If you take the CPM courses and CCIM courses, you can learn the "world" of real estate, from site analysis, acquisitions, proformas/analysis, management issues, leases, contracts for sale, marketing, etc.

I personally get involved with investments, personally, and for clients.  Part of my responsibilities include staying on top of capital markets.

Roger Staubach started his real estate company and went national right after the NFL.  His name opened doors and opportunities.  His knowledge and success are well respected.

You might want to ask around and visit a large management firm that specializes in the product type you're interested in.  Ask them what they do for their clients and then decide for yourself if you want to spend some time building your foundation.

Good luck!

Adam Gerig · Answer

James Gannon I would network at local REI meetings I'm sure there are some big groups in the Chicagoland area.  If nothing else I'm always here if you have questions or want to run things by me.  My partner & I are actually bringing on two interns mid-April to help grow our business while giving them some first hand experience and access to us 24/7.  May be a route to look into as well.

Account Closed · Answer

GREAT ideas here guys. Thanks to all who responded!!! Sorry for the delay on my end. My internet has been down and out for the past week or so, I only get access to the web here and there.

Ned Carey The buy/hold strategy for apartment buildings definitely intrigues me up to this point. Becoming a commercial realtor sounds like a good way to understand the business of locating and securing properties.

Paul Falbo Property management is certainly an option. Learning the day-to-day tasks is a valuable skill I'm sure. My only concern is that ultimately I would like to work up to the point where I can buy a large enough apartment building so that I can justify having a property management company run it for me. So, maybe I would be better off going the realtor route so that I can focus on understanding more of the inner workings of deals. Then again, maybe I would get that knowledge working for a property management company? Being in property management yourself, what are your thoughts? As a property manager, do you learn more than just the maintenance/management? Do you get involved with the investing aspect as well? Sorry for my ignorance on this subject! I'm such a real estate investing newbie at the point.

Adam Gerig I would love to intern with a local investor here in Chicago, and am willing to do anything (manual labor, number crunching, etc.) to just learn and be around people who have had success. Any ideas where I might be able to find someone looking to exchange advice for work?

Adam Gerig · Answer

James Gannon If I were you James with nothing tieing you down I would look to intern with an investor in your area.  It would allow you to get some things you won't ever learn from reading.  Also, allows you to network and learn the ins & outs as well as helping a mentor grow his business while you gain knowledge.  Just my 2 cents

Chuck Catchings · Answer

James, I sent you a PM yesterday, please contact me. I have someone to introduce you to that comes from a professional sports background such as yourself that's into RE investing. I'm not selling anything here, just want to make an introduction is all and hopefully help you out. You will get a lot of great advise off BP for sure.

Gary Clark · Answer

Welcome. I'm new to the site too and also here in Chicago. I've attended a few local REI clubs. The most important thing is to educate yourself on the different aspects of investing. There's a lot of information on this site

Paul Falbo · Answer

" if you were me, and wanted to start getting into the real estate investment game, what type of job would you take to get some education and experience in the industry?"

I'm somewhat biased, but I'd suggest commercial property management.

As pointed out by some of the BP members, your professional sports status can open some doors for a marketing/management position within some well known companies in IL.  (Kind of like playing forward and goalie in the same game.)  Since you have  been involved in the gentlemanly sport of hockey, I think you would be well suited to withstand both the physical and mental abuses heaped upon property managers.

All kidding aside, commercial property management exposes one to numerous issues that will assist you in real estate investment.  Along with this hands on experience, I'd also recommend classes through IREM, ICSC, and CCIM.  IREM and ICSC deal with marketing, leasing and management of commercial and multi-family assets.  CCIM deals with investment analysis.  You can visit each organization's websites to learn about their educational programs.

I posted a blog about why one should use a professional property management company, and plan to follow up on how Professional property managers create value for clients.  You can always move down here....Phoenix just had some snow and ice last week.

Good luck and welcome!

Paul

Jeff S. · Answer

Real Estate Sales if you are so inclined is IMO a great way to learn RE and business. I'd suggest buying a fixer home and get your feet wet. Time is of the essence.

Unique position. What would you do?

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