Hello from Connecticut

[Kevin D.]

Hi everyone, please allow me to tell you alitlle about myself and my intentions within the Real Estate community. Any and all feedback, advice, comments, suggestions are welcome.

I am currently 30 years old. I have a full time job, no savings, and poor credit. I'm working on rebuilding my credit and saving money. My goal is to purchase my first home within the next 5 years.

Real estate is something I have been interested in for several years now and during this next year I'm planning on becoming a licensed real estate agent.

I also plan going back to school and receiving an associates degree in business, followed by a bachelor's degree specializing in finance.

Preferably, I would like my first home to be a 3 unit multi family home. I would like to live in one unit while renting out the other two.

My goal is to eventually own my own full service real estate company. My company will offer many different services including property management. I also plan on investing in rental properties as well as flipping properties.

I'm curious as to how I should go about my goals and if they sound reasonable, or if they are to broad and I should be focused on specializing on one specific area of real estate.

Thank you for taking the time to read my post, I look forward to hearing back from you

[Ed Matson]

Hi Kevin,

Firstly, welcome to BP.  You are 30 years old and need to rebuild your credit.  You have also identified running your own RE company as your long term goal.  You say you want to go to school to eventually get a bachelors in finance.  A very laudable pursuit if your goal is to get a job in finance and work for someone else.    But... you say you want to start your own company.  Would your time be better spent on a more focused program of going to your local community college and taking every RE course they had and getting your license?  Work for a broker until you can hang out your own shingle.   This way you will be educating yourself by immersing yourself in the real estate industry. Your idea to house hack in a three family is quite possibly the best way to get started as a RE investor.  Do this as soon as you can.  

I have an MBA with a concentration in Management.  I think formal education is very important.  But... will that degree help you achieve your goals more than working in RE and taking relevant classes.  This is quite possibly the first time I have ever suggested to someone that getting a traditional four year degree might not be their best bet.  Also, and very importantly, the BP Podcasts and webinars are excellent educational tools.  They will also direct you to books that are excellent to educate yourself in preparation of pursuing your RE goals.  I also think they may help you focus your goals a bit.

Best of luck.