All Forum Posts by: Account Closed

Hey experienced real estate investors!

I'm caught at a crossroads and looking for some guidance. Scenario A and B are the 2 paths I believe are the best options I have for getting into real estate. Is there another option I'm missing? Your wisdom is much appreciated 🙏🏼

In scenario A, you choose to spend the next year going college to finish your degree and get a good paying job with long hours that allows you to buy a rental property within a year but you have never had a mentor so you're making mistakes along the way.

In scenario B, you leave college with only having 1 year left to start working to save your income. Meanwhile, working under a mentor for free and learning the experience firsthand so in 3 years when you get your first rental property. Because you learned from your mentor for the last 3 years, the experience of being a landlord was an easy transition and hit all your expectations.

Hey Nathan, I'm in the same boat as you so I can understand how difficult it can be to get started. I've read all the books and listened to all the podcasts but those only get you so far. I've come to learn that watching a YouTube video about how to drive a car and actually driving a car are very different. I learn far more from doing than from reading and it takes me less time to learn from doing it. It's really just about a shift in your mindset. Instead of thinking about the negative what-ifs, think about the positive what-ifs. When I start doubting myself, I think "what if I have to work a 9-5 for the next 40 years?" or "what if I don't get to see my family members as often as I want to because I can't afford a plane ticket or can't get time off work?". Those what-ifs I ask myself motivate me to want to do this because the risk I'm taking is worth more than the reward of not trying. Take calculated risks based on your own risk tolerance, don't make decisions on a gamble or without verifying it for yourself, and don't pretend to know what you're doing if you have no idea what you're doing. RE investing is NOT easy but at the same time its only as hard as you want it to be. Remember that everything is hard at first until you start doing it more often until it becomes easy. Hope this helps and best of luck!

Hey Joseph, congrats on taking your first step into RE investing! I've lived in AA county for almost 10 years and one of the major advantages you have is there is a big military base and federal agencies very close to Laurel. The housing allowance for military personnel with no dependents for that area is around $1800 so you could probably ask a little more depending on what part of Laurel your townhouse is in. If I was in your position I would try to rent out the other 2 bedrooms (or even live in the basement and rent out the 3 rooms) before putting more money into the property and turn this into a house hacking situation. I would try to find single military members since they will pay their rent on time and in some cases will know someone else in the military that they'll refer to you. Try looking at FB groups for military members looking for housing. Not sure what your expenses look like but you should be able to live in it for cheap/free, then refinance it later when you're ready to get your next property. Hope this helps and good luck!