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Updated almost 10 years ago on . Most recent reply
If You Could Do It All Over Again? Best Advice?
Hi there, I am brand new, 19 years old and I want to make mark in this world. I was wondering if you were 19, you had the whole world ahead of you - what action would you take with real estate knowing what you know now? My gut tells me wholesaling, but they can be risky - what do you guys think? How would you build an empire starting from nothing?
Most Popular Reply
I'm 25 so I'm not too far away from 19, but it feels like a lifetime. I have absolutely no regrets about my life or my career so far. I've loved every minute of learning and owning real estate. That said, there's so many things I've learned that there are definitely some things I would have done differently - but mainly done sooner.
A few things I would absolutely do if I had to do it over:
1. Get my real estate license while I was in college. If for nothing else than the experience of the class, meeting a broker in charge and other agents that I could build relationships with. Mainly though, I would learn how to use the MLS and go look at properties even if I wasn't ready to buy any. This isn't a necessity by any means, but since I'm about to get licensed, I wish I had done it sooner.
2. Network. Joining real estate investing clubs, general investing clubs, local non-profit charity organizations. I would get involved and soak up as much information as I could.
3. Read more. I've read at least a hundred books on investing (not only real estate), personal finance, business, and the self-motivation books. However, I wish I had read them all earlier and taken more notes. I would absolutely read with a highlighter in hand. I love flipping through old books I read and seeing things I highlighted 5 years ago.
4. House hack earlier. I was 23 when I bought the duplex I live in, but I wish I had done it either.
5. Build a relationship with an attorney and a CPA that you click with. This is crucial if you're going to be building a large portfolio of properties and investments. You will always need sound legal and accounting advice.
I know those are pretty basic and not specifics on deals, but they create an amazing foundation for your real estate career.
I'm 25 so I'm not too far away from 19, but it feels like a lifetime. I have absolutely no regrets about my life or my career so far. I've loved every minute of learning and owning real estate. That said, there's so many things I've learned that there are definitely some things I would have done differently - but mainly done sooner.
A few things I would absolutely do if I had to do it over:
1. Get my real estate license while I was in college. If for nothing else than the experience of the class, meeting a broker in charge and other agents that I could build relationships with. Mainly though, I would learn how to use the MLS and go look at properties even if I wasn't ready to buy any. This isn't a necessity by any means, but since I'm about to get licensed, I wish I had done it sooner.
2. Network. Joining real estate investing clubs, general investing clubs, local non-profit charity organizations. I would get involved and soak up as much information as I could.
3. Read more. I've read at least a hundred books on investing (not only real estate), personal finance, business, and the self-motivation books. However, I wish I had read them all earlier and taken more notes. I would absolutely read with a highlighter in hand. I love flipping through old books I read and seeing things I highlighted 5 years ago.
4. House hack earlier. I was 23 when I bought the duplex I live in, but I wish I had done it either.
5. Build a relationship with an attorney and a CPA that you click with. This is crucial if you're going to be building a large portfolio of properties and investments. You will always need sound legal and accounting advice.
I know those are pretty basic and not specifics on deals, but they create an amazing foundation for your real estate career.
Thanks Justin for your reply, I appreciate it. I will take everything you have said and implement it. I am looking forward to getting to know more people who are in this industry and take my real estate experience to another level. I will be getting my real estate permit this summer by the way, and will be getting experience with MLS. Thanks for your help!
If my step son who is 27 would listen to me, I would tell him to buy a small house(fixer upper). Look for one that elderly people own and when a spouse dies they wish to sell it. That may be a person who will do owner financing. Or may be you will qualify for a bank loan.Dont worry too much about the looks. Live in it for a year or two while you work on it and fix any issues. Find somebody to rent it or find a property manager to rent it for you. Once you have lease in hand, move out. Rent something until you find another small house. Repeat. You see, once you have a lease in hand ,that income will help when qualifying for a new loan and you will not have to worry about some bank wanting you to put down 20 percent because it is investment property. It will always be your new residence. There are many more things you can do like wholesale etc. However, this is a simple way to have five houses in five years. Dont get married unless your woman agrees with the plan.
be born to rich parents and start about 38 years sooner.
Simply Amazing!
I like the marriage advice you are offering.
If I could go back, I would have started when I was your age.
Start crushing it now! Take action now. Find a mentor and go from there.
My two biggest regrets?
1) Not starting when I was 20-23.
2) Not starting out with a 4-unit property using FHA funding.
By far, #1 is my biggest regret. Other than those two, I don't have any regrets. All the little mistakes I made since I started had to be made. We don't learn and grow and improve without making mistakes along the way. I just wish I had started making mistakes in REI when I was in my early 20s.
Yes, my regret is not starting at an earlier age! Bought my condo when I was in my mid-20s to live in, but didn't buy my first investment property until I was 32. I was investing in the stock market between that time and did well, but realize now that I should have also invested more in real estate. It's also all about market timing and I feel now is a good time then any to be in real estate. So start now and continue to learn everything there is to know about real estate. It will pay off for you in the future, while your still very young!