Hello all, I think this will be kinda long, so I'm gonna try and give you a quick summary if you don't want to read it all:
Current diesel mechanic, just turned 30, living in Austin, TX, looking for more lucrative career options that don't involve $50k and 6 hours/day of college. Moving into real estate both as a job and new career path, currently in classes to get my agent's license.
Okay, now the long version, it's largely for myself, and to organize my thoughts, so don't feel compelled to read.
I've wanted to be a mechanic for as long as I can remember. I've just always loved taking things apart and fixing them. Still do. But as I've worked in the industry, I've realized that companies do not value knowledge or experience. We have people who work at our company in sales who make impossible promises to our clients and then like to yell at us when we're not able to deliver. These people have no prior qualifications, make more $$ than I do, and have company cars and whatever. I have multiple years of technical training and a decade of experience, but the company obviously does not value that. At my 5 year mark, they sent me a keychain, a plastic plaque type thing the size of an index card, and a "gift" of my choosing, which I researched and found the highest value gift was worth about $10. It really felt like a slap in the face, and I would have felt better if they hadn't recognized me at all. This was a turning point for me when I decided I needed my career to move in another direction.
My parents have always been in real estate investment, but haven't had the best experiences. They had a house in Galveston they rented after moving out. The tenants completely trashed it. I saw it. I'm sure you guys have seen some stuff, but I couldn't imagine ever leaving a rented home this way. Then during the rehab, one of the contractors impaled himself on a palm tree or something and sued my parents.
They currently own a rental property in MO, it went horribly as well. Tenant wasn't paying rent, brought a "service dog" into the home without consent and again, left the place completely trashed. They're currently undergoing litigation to recover the property but don't expect to get much out of them unless they can garnish his wage from the VA.
On the other hand, my father is a doctor and when starting at a new clinic, the doctors approached him to buy into the property. He did, and was recently bought out and I haven't asked for details but I'm under the impression his share reached into the 7 figures.
They were considering purchasing a property in Austin, where I live, and I agreed to help them research it. The broker is a very old friend of theirs since before I was born, and I was working with him to look at potential single family rental properties. In working with him, I learned a lot about his work, and he seemed like he really enjoyed it. When I started looking into it, I realized it was a good way to make money without an enormous investment in time/money (college), which is what I have been looking for.
We didn't end up purchasing a property but the broker has agreed to be my mentor, and I sit down with him occasionally and talk about the industry, what I've learned in class, and also just BS because he also happens to be an interesting dude in general.
We also have an old family friend ("uncle" when I was growing up) who does REI in San Antonio through Lifestyles Unlimited. He's also been a great knowledge resource for me, he owns 1400 units now, and I've even attended one of the LU class/seminar/whatever in Austin with Bruce Peterson (I'm not sure how to tag people but I've seen him on here. He has a touching story and is clearly very knowledgeable.) I'll probably consider LU when I get further into the industry, it seems like a great resource.
My current end-game goal is to quit my "day job" in 10 years and be able to bring in $100k+/year with the least work possible (passive income). Please feel free to provide feedback if that is unrealistic, I am not sensitive. I'm here to learn.
My plan is to acquire a duplex via a 203k and rehab it, then a four-plex when I've built up enough equity in that property, and then eventually some 50+ unit complexes. If you have any suggestions for my roadmap, again your feedback is appreciated.
Sorry about my profile photo, I don't get a lot of headshots in my industry.
