I'm from Frederick, MD and I'm Trying to Decide if Real Estate is for Me

[Alan Monahan]

I am trying to decide if real estate is the correct avenue for my future or if I should stick with more traditional investment options. Here is how I got to Bigger Pockets:

I bought a foreclosure when I was 18. It was about a mile from my grandparents house and my grandfather co-signed the loan. He and I fixed the property and I lived there for about four years. I haven't been involve in real estate since then but often think about what could have happened had I pursued it.

Ten years later, I live in central PA and work in MD/NOVA. I have what I would consider to be a successful career in insurance. I am a Project Manager making $175,000 annually and am looking to do something with my money. I would love to be involved in real estate; however, I am committed to working 70+ hours per week. My time is taxed. In eight years, it is possible that the work I am currently doing will run out. I am looking forward and trying to create possibilities for me beyond finding an additional job.

I love managing projects. I enjoy working with people and watching the project and the business grow. Combing that passion with the minor success I had with my first home is appealing to me on so many levels. I don't know if my current situations realistically allows for me to be involved in real estate. In my vision, I would place a sizable down payment on an apartment building everything two to three years and have a few properties that I could manage at the end of my work. Again, I'm not sure if that is feasible and was hoping more experienced people could assist me with my initial direction. 

Thank you for your time. Any advice is greatly appreciated.

[Dominic Jones]

@Alan Monahan ,

I have no experience in real estate as of yet but I was alerted of your post via keyword alerts! (Thanks bigger pockets!)

I just wanted to weigh in on your dilemma. From everything I've read and research so far, I am almost certain that the veterans will come here saying something along the lines of plot out your strategy and work backwards. What's your end goal? Where do you want to be 8 years from now? 5 years? 3 years?

I'm big into personal development and the encouragements you hear listening to the podcasts and reading the blogs and e-books heavily, come back to the universal success principals found in personal development: know your why and be committed.

The circumstances and situations are going to be different for every individual, but the success or failure is depending on how much conviction you have in the reason you're going into Real Estate Investing and the commitment to see it through NO MATTER WHAT.

As in all things in the life of business, you're only a loser, if you quit. I hope that this encouraged and helped you make your decision and I would definitely like to keep in touch to add to each others REI network.

All the best,

Dominic