All Forum Posts by: Jacob Merritt

Hello BiggerPockets!

My story starts late last year when I decided I wanted to break away from the traditional college route and pursue financial freedom through real estate. After my first semester, I made the decision to drop out and get my real estate license with the intention to save up enough commision to get my first investment property and scale from there. Shortly after passing my exam and hanging my license with a brokerage, the world was impacted by COVID-19. During this time I've saved what I can and will have about 10 thousand to invest by the end of July. As well as savings, I've built my credit score to about 710. On top of that, I've also been doing lots of research into the types of investments as I presumed it would take me atleast a year as a new agent to accumulate this amount of savings. From what I've gathered so far my options are to partner up with another investor(s), try to get a hard money lender to finance a sfh BRRRR, or lend the 10k myself for a portion of interest to other investors. Note I didn't mention any sort of FHA multi-family as I don't believe I can qualify with limited to no income or tax return on record as much as I like the sound of "living for free." My biggest hitch at the moment is trying to figure out where to set my sites going forward. I'm open to all suggestions as this forum is what helped me start my real estate career in the first place! Should I take a step back and put the money I've saved back into my career as an agent or is investing into something viable at this point? I'm very motivated and can put in the work needed to make things happen, any suggestions are very appreciated! Thank you and I hope everyone's still staying safe!

Hello again, while I never expected the amount of support from biggerpockets on this post, I greatly appreciated every reply! I'm providing my as promised update which is I decided to fully pursue my real estate license and as of 02/13/20 I am a licensed salesperson in Michigan! I'm still researching the broker I'd like to work under and will give another update when I hang my license!

Anyone curious for an update: I made the decision to drop out and I’m currently taking a real estate course for my salespersons license. I’m a 1/3 of the way completed and will give more updates as I progress! Thanks again to everyone who’s provided feedback, I appreciate it!

@Dwight Simpson Thanks for the advice! There’s only one way to know if real estate is right for me and that’s giving it a shot! Wish you the best, thanks again!

@Tristana Fiscella Thanks a lot that’s exactly my plan! I have high goals for myself and I don’t see any reason to start going after them now! Wish you the best!

@Russell Cazeault Thanks Russell, that’s how I feel too. I have nothing to lose and everything to gain! Hoping for the best and I’m determined to succeed. Thanks again, wish you the best.

@Nick Rutkowski Thanks for the input! I’m planning on being an agent full time currently and seeing how it goes for a few years. Wish you the best, thanks again.

@Judy P. Thanks for the tip! Right now I’m determined to be a successful salesperson with my license. After 5-10 years I then want to get into the investing side of real estate. Wish you the best, thanks again!

@Aaron Clements Thanks for the advice Aaron! You mentioned some of my personal favorite books right now with rich dad poor dad and millionaire real estate agent. Right now I really want to try out being an agent and build enough savings to get into investing. I think both of these will go hand in hand and can lead to being potentially very successful. I have started considering going to school for a business degree as I feel that education will provide an actual benefit to my career path. I’ll try to give you an update after I get my license in a few weeks! Thanks again for the advice I appreciate it!

@Omar Diaz Thanks I believe that too! I’m very determined and am hungry to be successful! Wish you the best.