Who brought the new guy?

Question

Hello bigger pockets community, I am really excited to be here! My name is Dillon O'Connell and I am a 22 year old newbie within the wild world of Real Estate Investing. Currently, studying Mechanical Engineering at the University of Central Florida in Orlando I have 6 months left until graduation [with Very little student loans] and I have been bitten by that REI bug. I was introduced to REI after reading Rich Dad Poor Dad by Robert Kiyosaki and then finding the BP podcast [which ultimately is who brought the new guy :)]. For the past couple of months I have done a lot of listening, watching and learning about all things real estate. I am incredible motivated and I've never been more excited about getting involved but I feel stuck, so I'm seeking advise. Like I mentioned I graduate in May 2024 and I do not have a job lined up... yet, but I want to get involved now. I would really like to invest in long term rentals, but I do not know where I may end up working or living after graduation, which is leading me think of investing in non-local markets. I know this is completely possible but having a difficult time creating a strategy. I look forward to all of your suggestions and advice. Thanks everyone and thank you Bigger Pockets!

Will Bazile · Answer

Hi Dillion, I'm not here to give advice but I am a newbie who has also been bitten by the REI bug too. We have similar stories in that I am also graduating soon (studying Industrial Engineering :) ), and am having REI dilemmas too. Would be great to stay connected and to see how both our journey goes. Best of luck!

Jake Andronico · Answer

@Dillon O'Connell

Congrats man!! Welcome to BP.

I've house hacked two single family homes (purchased when I was 22 and 23) and my goal is 4 paid off properties. Nothing crazy, nothing fancy.

I've been a landlord for going on 5 years now and this is are some key takeaways from what I've learned:

- This is a long game. If it's "fast, easy, and highly profitable" be extremely weary.

- Buying good properties in a great area at a fair price over a long time horizon is tough to argue with.

- Things will go wrong. Definitely have some cash reserves before going into it. Even on brand new properties, things can happen.

Lastly, two house hacks have completely changed my life already. It was difficult, not sexy at all, but I would not change a thing.

Best of luck to you, and it sounds like you're in a potentially phenomenal profession to be lined up to invest!

Shawn McCormick · Answer

@Dillon O'Connell Welcome to BP and congrats on your upcoming graduation. I am on the board of the local chapter of the National REIA, called CFRI. We have about 2 dozen meetings a month all geared around education and networking. Membership is only $175 a year to get access to all of those meetings. There are focus group meetings that are geared toward specific niches/education like creative financed deals, landlording, flippers, STR, advanced investors, commercial/multi-family etc.

Everyone that attends is local and there is no selling, so you just get to meet and learn from local investors that are eager to help. You can attend your first meeting free and then decide if you think it would be what you are looking for.

Hope this helps, best of luck to you!

Samuel Leatherwood · Answer

Hey Dillon,

I have been to GOREIA (Greater Orlando Real Estate Investor Association). There are lots of people to meet with and talk with there as well. The main monthly meeting is free and open to the public whereas some of the other meetings require membership.

Congrats on graduating soon. Find ways to live cheap for the first year once you get employed and save up a nice bit of cash for your first deal. Good luck. : )

Alan F. · Answer

Welcome Dillon, you got some excellent advice! 1 thing get at least some $ in a compounding account. At your age it can really add up, build that diversified portfolio. Best of luck

Sloane Kraftsow · Answer

Hi Dillon - Welcome and would love to connect with you!

Dmitriy Fomichenko · Answer

Welcome to the BP family @Dillon O'Connell ! You have found the right place for a plethora of information on REI.

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Wishing you the best!

Dillon O'Connell · Answer

Hi KC, thank you for your solid advice. I definitely plan on continuing my education and diving deeper into all the topics you mentioned! Do you have any real estate groups in Orlando, Jacksonville, or Florida that you'd recommend?

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