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Updated about 5 years ago on . Most recent reply
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A few questions from an 18 year old.
Hello, Im 18 and a recent college dropout. College was definitely not for me and I have started soul searching and reading many books. I plan to work 60-70 hours a week at a restaurant for the next two years as well as work on side hustles. My thought process of this was to build my credit, save up a lump of money, mature a little, and become financially independent.
I have stumbled across the idea of becoming a landlord and plan to study this and research for the next few years. I have some quick questions before I truly devote my time to "studying".
1. At the age of 20 with an excellent credit score, would I be able to get out 6-7 loans within my first year assuming I have the money to pay the down payment/other fees.
2. Is it possible to make land-lording my primary income within the first year or two?
3. What books have you read regarding RE and Land-lording that have truly made an impact on your business.
Sorry for the influx of questions, I am just incredibly interested. Thank you for your time!
Most Popular Reply
I strongly advise you to go to technical school in one of the trades, or better yet, get apprenticed in one of the trades and go to technical school at night (usually cheap classes held at the local public vo-tech school, in the evening, for apprentices). In fact, the guy you're apprenticed to will usually pay for your classes. Electrician, plumber, HVAC, something like that. The reason is that first of all, you will make a LOT of money eventually doing that. Second of all, you will have a skill that will be extremely helpful in becoming a landlord, and building up a rental real estate empire. Forgot restaurant work - they can hire a ton of people for that, and often, ex-cons are working in kitchens. It's dangerous work for low pay with violent people. Electrician, HVAC, plumbing, then househack into your first multi, then start building your empire. You will do SO much better financially than all your peers getting psychology degrees at college. Go for it!