Newbie investor in the KC area ready to make serious moves

[Rachel Morrow]

Hey BiggerPockets future (or current!) millionaires, I am new to real estate investing and would love to hear the input of some veterans out there. I have a bit of cash saved up (about 45K), and I work at a blue-collar job as an Amazon warehouse employee (around 41K/year working 60 hours a week).

I listen to at least 7 hours of BP podcasts or business books per workday at my job and am at a point where I am pretty sure I know what I am doing in regards to analyzing deals and getting to know the area I would like to invest in. I am slightly concerned that I will not be taken seriously in real estate transactions due to my age (19), but I am ready to take action regardless.

My main goals are:

-building long-term wealth to live on my own means

-keeping my work meaningful by serving others through what I do and creating constructive relationships

How I plan to do it:

-Buy a house/multifamily to house hack within the next 6 months

-potentially wholesaling in my area (KC) alone or with a JV partner

-Getting my real estate license to become a full-time agent and work for KW

I am looking for recommendations regarding a few questions I have:

Once I complete the necessary training, what is a good time to quit my day job to pour fully into being an agent?

Is this market too hot for newbies like me to jump into?

I'd appreciate any words of wisdom you guys have for me, and thanks for reading!

[Lee Ripma]

@Rachel Morrow

Nice work on getting prepared and taking action. I’d keep the W2 until you have a cash cushion and have done a few deals. I actually think Scott Trenches set for life book is a great foundation for anyone of modest means looking to get ahead. I didn’t really take any of his advice, but I think it’s good!

One thing that could be good in your situation would be buying a 4-6 bed house and renting out the rooms. While inventory is low for duplexes there are always SFH in KC. Maybe your tenants could be other folks you know from work and/or also young. You can do a 5% down conventional loan for a owner occupants and not deal with FHA loans (harder to get accepted but not impossible).

There are certainly other ways to be involved in RE without being an agent, but that is one option. I think you learn a lot doing acquisitions for a flipper. Then you learn how to find deals instead of sell pretty houses, the former is more valuable IMHO.

Get after it, you’re doing all the right things!