I am a twenty one year old soon to be real estate investor. Currently, I am finishing up my last year at DePaul University, majoring in Accounting with a minor in Real Estate. I was introduced to the Real Estate industry after reading Rich Dad Poor Dad when I was 18. At the time I was a freshman in college undecided on what I wanted to do. My father owned a construction company and was very successful with it, so my original plan was to graduate from college and take over his company... but after reading Rich Dad Poor Dad I started to weigh out other options.
I was always very entrepreneurial as a kid, as I always found myself flipping whatever I could...wether it was luxury shoes, clothes, and hype wear. I would buy a beat up product put some elbow grease into it and sell it for a profit. I got pretty good at this and ended up learning about another tactic in the shoe game which was buy and holds. This was what took me to the next level and has made me generate a savings of $150,000. I just recently liquidated my inventory as I was no longer interested in the shoe industry because I mentally grew out of it, with my current amount of money I wanted to invest in RE but I want to do it best way for my current situation. I don't have many expenses other than rent $1,200 and other regular college expenses.
I live very frugal and I'd love to use my family connections to flip some houses, but I also hate the idea of paying a ridiculous amount in taxes when there is plenty of RE tax benefits I could use. Should I focus on flipping or BRRRR method? My long term goal is to own rental properties in order to hit my financial independence goal, so I feel BRRRR might be the best route, but I also see where the argument could be made for using flips until I am ready to understand how to evaluate a BRRRR deal.
If anyone has any ideas of what I should focus on first please feel free to reach out to me! I am motivated to get in the game and I know mistakes are bound to happen but I'd love to hear input from those who know how to limit noob mistakes.
