About me - Any Advice?

Question

Hello, my name is Tucker Arlosoroff and I am 18 years old. I am a senior in high school in West Palm Beach Florida and I am looking to get into real estate. After getting rejected from many colleges, I decided to shift my focus and thats when I came across Brandon Turners Rental Property Investing book. I'm not sure what I want to do with my life ( as most 18 year old feels) but I know I want financial freedom and I want to reach that goal early on in my life. I want to understand money and how to create it through assets.

My goal here is to learn. Many people on here are well educated on real estate and have become quite successful doing it. I would love to talk and listen to you guys and hopefully become good at this as well. If you guys were in my position and had a year to get into real estate, what would you do? How would you start?

Sloane Kraftsow · Answer

Hi Tucker! Congrats on almost graduating high-school. I am also from Florida and am getting started in real estate as a recent college grad. I would love to connect with you and learn more!

Ke Nan Wang · Answer

Hi @Tucker Arlosoroff, the reality in real estate investing is that you need have some kinda way to generate money first. You can generate money by providing some sorta value to other people, your time and labor in exchange for money. If you have a higher useful degree (engineer, computer science, etc.), it's easier to get a higher wage job and it's the lowest risk of generating income. If you are going in the business route, it's doable, many people have done it, it's just lots of hard work and higher risk. Much harder and riskier than getting a degree and entering into a W-2 job and just exchange time for money. That's why many entrepreneurs fail and the ones who make it, make great money.

I disagree with some of the sentiment that some of the successful people have it here that, oh it's easy, you just do XYZ and boom, you make $XXX. They often overlooked the years of experience, knowledge, intuition and relationship they developed while they were crawling through the trenches and they think simply by telling other people what they know, and others can skip the steps.

If you are going into the business route, the best way is to find the most successful people in the industry and figure out a way to work for them. Offer whatever you can offer to them and work for them and learn. Books and podcast can only bring you so much value, the rest is experience and network.

Hope this helps and best of luck to your REI journey.

Dominick Galinis · Answer

There’s already a ton of great advice here, but one thing I’ll say is;You’re about to embark on a journey where there is a TON of people with a TON of advice and perspectives. And here’s the thing, they ALL work. The biggest thing you need to learn is about yourself, and what is it that YOU want. The best advice on the newest Mid term rental strategy is irrelevant to you if you have no desire to do that. Find what sounds fun to you, and learn that thing.

Alli Breighner · Answer

Hey Tucker-

First off, congrats on joining BiggerPockets and for putting yourself out here. This platform has numerous resources to offer so I definitely recommend taking advantage of it all.

I would suggest joining meetups and putting yourself out there to make new connections. Some of the best advice I've ever received has been in person at local meetups. There are various people who are willing to share their stories because everyone has once started off brand new to real estate just like you.

Also, the BP Podcast and books are great as well.

David Greene has fantastic books too. If you're interested, I'd be happy to recommend some of my favorites.

Kevin Bartlett · Answer

Welcome to BiggerPockets, Tucker! You'll definitely learn a lot from this community

Tucker Arlosoroff · Answer

Thank you!! I would love to connect with you as well. You can contact me anytime.

Nick C. · Answer

Get a job in real estate. Anything to learn. The good news is you’re starting young. Don’t worry about what you want to do with your life yet, you’ve got plenty of time to figure it out. I’m in my forties and still trying.

Dan Guenther · Answer

@Tucker Arlosoroff - I’ll send a message and we can find a time.

Henry Clark · Answer

Would approach this from a couple angles.  A.  Snowball-  you need to build capital.  Don’t try to get into the 3/2 house investment.  Look for free housing either helping an elderly out.   Getting paid for house sitting.  Develop a side business of house site visits for potential buyers and out of state owners.  Small landscaping business.

Get a full time job with hvac, electricians or plumbers.  Start as a helper and get them to pay for school.  Keep this as a permanent job till your REI is ready for you full time.

Weekends help at habitat for humanity building houses   Do all phases.

Within a year do a trailer house as a rental unit.  Don’t house hack it.  Stay at your free rental spot.  This is not your long term REI.   This simple and low risk deal will teach you a lot about REI.

Join REI groups.  They will start to pull you in.   But only do snowball size deals up front.

Do all the reading and learning.  Then about 22 to 25 start your MFH investments or house hacking or BRRRR.

Right off the bat at a bank account at a local bank or credit union.  Start to get to know the commercial lending officer.   Check in every 3 months with them.

Locate two local realtors.  SFH and commercial.  Get to know them and stop in every 6 months and say hello.

Develop a checklist of things to learn.  Before you start your journey.

If you’re near a military base learn about BAH and develop around that concept.

Tucker Arlosoroff · Answer

Thank you for the reply. I would love to hop on a call and talk with you. Let me know what works best for you, I am free anytime.

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