First Post - Looking for Guidance

[Josh Carlson]

Hey guys,

For the last few months I have had this burning passion to get into real estate. I have bought a few books and listen to podcasts every day. I have always dreamed of owning real estate but for some reason was content with machining for far too long. I am mainly looking for some guidance with a few things, or some help in any way I can get it. 

Money is my biggest worry. I have about 10k credit card debt and a 35k student loan. I feel like my main focus right now should be to pay the cards down to get my credit back up to a respectable number. I have heard that some banks may lend me money to get started but I find that highly unlikely after just buying a house for myself and maxing out a credit card. I think my best bet would be to find someone who will let me shadow them and even do some of the work to learn the ins and outs from in the field and not just these books. 

Should I get my RE license? If so, where is the best place to get it and does it matter?

Any help and advice appreciated! I am sick of being broke! 

Thank you,

Josh Carlson

[Erin Johnson]

I'm also going to suggest focusing on getting out of debt.  Dave Ramsey's total money makeover is a phenomenal place to start.  Changed my life.  By having your financial house in order prior to investing will help keep "Murphy's Law" at bay.  Similar principles to Dave are briefly covered in "The Simple Path to Wealth", "The Richest Man in Babylon", "Start Late, Finish Rich" and "The Automatic Millionaire".  It also helps you develop your "No Muscle" and practice delayed gratification.  Taking control of you money and making it work for you is the foundation needed to catapult you into real estate investing.

As far as becoming a Realtor in MN, you can do the required 90 hrs online.  As an agent you live off of commissions and not an hourly set W2 wage.  Statistically, the most successful agents are those who can do so full time.  Having a solid emergency fund and 6mo+ saved up without any debt (minus mortgage) will allow you to build your business while starting out.

Good luck in your journey, get Gazelle Intense and go get yourself some rice and beans ;)