All Forum Posts by: Cody Scherle

Hello everybody! I am completely new to Real Estate, and I am looking for the best advice to get started on the journey. I am 20 years old and a sophomore in college. My father owns 9 properties and within the last few weeks, I have sat down with him and started talking about how I would like to follow on his path. Understanding the benefits of Real Estate and more importantly, understanding the deficits that can come with it. My father bought his first property in 2016 and does it part-time. What would be the best thing I can do to ensure I am successful and follow my father's path?

Is your time in college worthwhile or holding you back? How much debt are you taking on and will you use your degree?

To most people these days, the indoctrination of most colleges does nothing to advance their goals.

I won't go into much detail, but I do have a decent athletic scholarship that saves a healthy chunk of money for myself. Therefore, my student loans are not as big as most people at my college. I understand and currently experiencing the lack of financial teaching at my school. I decided that it is time to become financially literate and understand the concepts myself.

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Quote from @Crystal Smith:

Quote from @Cody Scherle:

It seems to me like you may already have a guide for the path you must follow, your father. I can tell you what we are doing for one of our daughters to show them the path. We made sure she finished college. Then started helping her set up lines of credit & getting pre-approved for a mortgage. The goal we've established together is to partner with her on her first deal. My recommendation is to have a discussion with your father about setting up a plan. He may or may not decide to partner with you but I think you have your mentor in-house.

Absolutely. I have talked to my dad almost every day within the last few weeks talking over what I want to do and what I should do for my future. He is my mentor and teaches me new things every day!

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Quote from @Evan Gen:

Hi Cody, welcome! I'm completely new to real estate as well. What I have picked up so far however is that there are TONS of ways to make money in real estate. I think a good place to start would be to find your investor identity - Who do you want to be? What are you looking for? For me, it's all about cash flow, so I am mainly interested in land lording, mortgage notes, or lending money to others. I want to generate a consistent stream of cash flow and make it as passive as possible to do so. Other strategies such as fix and flip or house hacking don't really appeal to me as constantly seeking out opportunities in hopes of generating large amounts of cash is not a part of my nature.

Also, your local REIA will be an awesome resource for you. It's a great place to network and connect with others in person. Hope this helps!!

Thank you for your reply. I am definitely more attracted to the passive income route over a more active style investing. I have done some brief outlooks with my investor identity, but I should 100% write it down and make small and large goals for myself.

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Quote from @Mackaylee Beach:

Consider your long-term goals and define what you want to achieve. House hacking is a beneficial way to begin. This method not only allows you to enter the real estate market with reduced financial burden but also opens up opportunities for generating passive income. Best of luck to you as you embark on this new journey!

Thank you! I will definitely be looking at good options and seeing if I can do this. This seems to be the most popular answer. Thank you for the suggestion!

1 Vote

All Forum Posts by: Cody Scherle

Cody Scherle has started 1 posts and replied 5 times.

Post: I am BRAND NEW to Real Estate and looking for the best advice on how to get started.

Post: I am BRAND NEW to Real Estate and looking for the best advice on how to get started.

Post: I am BRAND NEW to Real Estate and looking for the best advice on how to get started.

Post: I am BRAND NEW to Real Estate and looking for the best advice on how to get started.

Post: I am BRAND NEW to Real Estate and looking for the best advice on how to get started.