All Forum Posts by: Alexander Carlson

I posted not too long ago with a few questions about getting started in RE for someone who is going to be Junior at university and I appreciated all the insightful responses. While I am interested in owning my own real estate properties on day I am trying to evaluate the best way to get into the industry. My question today is about Wholesaling. I have read a lot about wholesaling so I understand what is from a spectator's point of view but I was hoping to get some insight into the business from others experienced in the field. Obviously being in school I can devote all 24 hours of my day to this. I understand that I could go at my own pace in contracting houses but is the time commitment with wholesaling too great for a college student? Secondly, what is the initial overhead (i.e. contracts, do I need to start a LLC, networking). My last question is about networking. I go to school in Phoenix, AZ but I am from Lincoln, NE. I have not established many contacts outside of my university, and my college colleagues are not necessarily my target market. Even though I am at a disadvantage would I still be able to get into the wholesaling game and be successful?

Thank you for your responses.

Thank you all for your insight and your encouragement. The biggest trial for me will be staying dedicated, and I know BP is going to be just what I need to continue to stay motivated!

William, thank you for the encouragement. I will look into the idea of an investment from my father.

Josh, I will probable try the house hack for my first investment. Thank you for your insight!

Thank you for these responses. They are certainly helping me formulate a game plan.

Hello! My name is Alexander Carlson, I am 20 years old and I am looking to get into real estate. Now I realize that 20 years of age is not when most people start investing in real estate, or anything for that matter but I believe in getting ahead in the game. I understand that power of compounding interest and currently time is my biggest asset. I live in Lincoln, NE for half of the year and the other half I go to school in Phoenix, AZ. I am considering a partnership with a long time friend who lives in NE year round. Using the FHA loan one of us would live in the first property we would own, renting out the other portions.

I have 2 years of undergraduate work left then I intend on pursuing a real estate law degree. My goal is to be building my portfolio while in my undergraduate program so by the time I get to law school I have an income coming in because of smart investments I have made in years past. I intend on making this my full time career and developing more companies as I go. I was born and raised in a entrepreneurial family and I have seen my father grow a small company into a multi-million dollar one. Because of this I understand hard work and dedication, but I do not want to rely on my family for everything.

Between me and my partner we will have approximately $25,000 to begin our company. 

A few specific questions that I have would be:

- What cost are involved in starting? (e.i. L.L.C., Legal paperwork, business cards, website, ect.)

- Do I actually have to live in the house for the FHA loan?

- If I do have to live in it could I occupy the residents for a summer and then move out keeping the same rates?

- Should I even use a business partner? I have the knowledge and he has the money, seemed like a great relationship but is it always wise?

- Nebraska or Arizona for the home?

- Should I pursue a real estate license before I began any of this?

Advice of any kind is appreciated! I have connection in Lincoln with people in real estate, but I believe knowledge and wisdom are incredible valuable and I will take all of it that I can get!

Thank you for your responses!