All Forum Posts by: Jacob Rzewnicki

@Joe Prillaman I couldn’t agree more. Set for life helped me get on track. I’m 19 as well, I was working 3 jobs and in the past 6 months went from $400 in savings to almost $15000, I’m now moving full time in a solar sales job to develop high income skills such as sales, as well as build more capital with a scalable performance based job. I would highly suggest creating a budget for yourself. Live below your means and get your money up, it ads up fast...one quote I really like is ‘live like no one else now so you can live like no one else later’

Now I’m gearing up to move to Chicago with the solar company I’m working for and I plan to use the opportunity to build capital and purchase my first investment property before I’m 20. You just need to later focus on the goal and only do things that align with that goal. You can make it happen if you REALLY want it

@Nathan G. I couldn’t agree more. I’m 19 getting ready to start my investing career, and you’ve pretty much touched on everything I’ve been working on in the past 6 months. I’ve listened to over 100 bigger pockets podcasts (turn your car into your university) read the book on Rental prop investing and set for life, etc. I’m gearing up to buy my first property by the time I’m 20. Like you said you’ll never know everything, there are people who have been in the game for years and years and (the good investors) still learn something new every day. Dig your foundation deep and build your empire tall. Become obsessed with it and keep in mind what you’re trying to accomplish by investing in RE. One other thing I would add on to this however would be invest in yourself as well (personal development). On this journey you’ll meet a lot of adversity and if you don’t get your mindset where it needs to be all of the negativity may get to you.

@Nathan Killebrew

‘You can have more than you got, because you can be more than you are’ -Jim Rohn

I love this quote because it speaks to a growth mindset, continue to better yourself and your life will act accordingly. 6 months ago I dropped out of college with no motivation until I began developing myself to the point where I plan to have my first property by the time I’m 20, I’m moving to Chicago with sales job, I have a better relationship with my family, and somehow..I’m making more money than I ever have.

@Alexander Vasquez hey Alexander, I’m 19 and personally I think being as young as we are is the biggest bonus there is. As long as you do your homework and present yourself in a way that’s professional people will take you seriously. If you seem childlike people will treat you childlike. I think more people want to work with young excited energetic investors more than they’d want to work with someone older from my limited experience. Just keep bettering yourself and do your best to come off as a professional in your field and you’ll be treated as such

@Jian Lin I just finished think and grow rich which is a mind blowing book. Some of the concepts are a little out there but the ideas are completely revolutionary. Another book that I just started, but is great so far is ‘the miracle morning’

Some books that have been suggested to me are books like ‘the tipping point’ and ‘traction’

What’s crazy is that throughout my high school years I fell out of love with reading. It’s when I stopped going to school and started reading self development books that I fell in love with it again.

Do you use audible? If not shoot me a PM if someone sends you a book you can accept the first one for free.

@Janet Torres Personally I would go with the more experienced agent. I think it would be a good way to expand your network. You would be providing them a service by giving them the full commission by not bringing in another agent, which means she would probably be willing to take you through the process and make sure the purchase isn’t a nightmare. On top of that, someone with 27 years experience always has something worth hearing that they’re willing to talk about. Experienced people always come with stories from which you could learn. On the other side of the same coin, if they suck and don’t take care of business, you could always revert back to your friend. Never turn down a chance to expand your network.

First of all thank you for your service its pretty cool to see that no matter where you are or what you're doing you can find a way to invest. I'm 19, I'm also trying to build capital to purchase rentals or BRRRR's, I also invest all of my spare time studying and reading, learning, so I can definitely identify with you. We're both young so I wouldn't be too worried about analysis paralysis yet. I remember hearing on the BP podcast that if you want to build a house you just need a 6 inch slab, but if you want to build the Empire State building you need to dig a deep foundation. I would say keep taking actionable steps, but keep digging your foundation and when the pieces come together it'll be almost easy. You and I are on a great path being as young as we are and taking our steps toward real estate.

Best of luck and hopefully I'll see you at the top!

So I have no deals done. I'm a brand new investor and I don't have any experience. What I do have is a deal that fell into my lap (some of you may have seen me post questions about it before) that is a hugeee undertaking. It makes me a little wary and I feel like that is deterring me from getting started. I've come across a few creative ways to handle this and monetize it some how. the first option that immediately popped into my head was wholesaling. The only problem is that its off market and the lady is a family friend who would only really be willing to sell to me. The next best thing I could think of would be to bring in a more experienced investor to manage the flip. My question is, what are some of the best ways to structure a deal with a partner as a new investor. I want to work alongside them to not only make money for the both of us but gain knowledge on how they manage the deal so next time I don't have this doubt. Any advice on this type of partnership or any other creative way to handle the property is gladly accepted!

Hey liz! welcome to BP, interacting on here just by asking a few questions I've gained so much knowledge, I hope this broke down the post barrier for you and you can start posting all your questions. I'm in a very similar position right now, no deals done with a thousand ideas going through my mind every day and not 100% confident in the financing piece. What I've gathered from on here and the BP podcast is that you need to just pick a direction no matter what direction it is and learn everything about it. You have to avoid the "I want to flip houses but I want a few rentals, and maybe ill learn how to become a full time wholesaler..." This is what paralyzes people into never getting started. Pick one thing, do one thing, succeed in one thing, then do another thing. The first deal is the most important, and you get that first deal by knowing what you want.

Best of luck, happy investing :)

So Im looking to purchase a rehab property using a 203k loan. The rehab is pretty serious and its going to be a pretty sizable loan (around 185000) I heard someone mention something about draws from the loan to pay contractors. Something along the lines of once the first part of the job is done, you make a draw and pay the contractors then. Then after the next part is finished you make another draw. What is the process like paying contractors from a rehab included loan such as a 203k ?