All Forum Posts by: Karan Singh

Quote from @Jeff S.:

That is awesome @Karan Singh for sure stay with your loving family. In my REI the majority of the millionaires were in some kind of construction or brokerage. They saw ahead that these jobs take a toll on you so bought RE and now live off RE in one form or another.

 Yep, I already knew that I won’t retire by my job ages before I started working, this job is just the pathway for me to open my own business.

Quote from @Jonathan Greene:

Your attitude is great. You know your goal isn't to leave the 9-to-5, you have a great job with good scale and security. All younger people should be considering trades right now as that industry will be paying more and more over time. You also know you can't buy tomorrow. You are way ahead of your peers who think they can scale and quit at 20 so great job.

Go to real estate investing meetups, as many as you can, and meet other investors and ask good questions. You have a mechanical skillset you are perfecting so you will always have your trade to barter for access.

All correct statements, I won’t leave my job even if I surpass my income from investments. My goal is to own a 100 man+ electrical company as my main business, which I will make sure to do.

 
Thank you for the advice.

Quote from @Drago Stanimirovic:

Hi Karan,

You're off to a fantastic start at 18, saving aggressively and educating yourself on finance. My advice: keep saving diligently and look to house hacking as your first real estate investment once you build enough capital. House hacking (buying a multi-family property and renting out units while living in one) allows you to cover or reduce your living expenses while building equity. FHA loans with low down payments are ideal for this.

In the meantime, focus on improving your credit score and maintaining a solid financial foundation. Keep diversifying your income with side hustles, and continue learning through books like "The Millionaire Real Estate Investor" by Gary Keller and "Rich Dad Poor Dad" by Robert Kiyosaki.

By the time you're earning more, you'll be ready to dive into real estate, leveraging your higher income and knowledge to scale quickly.

Let me know if you need advice on financing when you're ready!

Best,
Drago

Thank you for the informative reply. I have researched house hacking but honestly, I don't want to move out. It's a lot easier living with my loving family and when my lunch and dinner are already cooked lol. I am working on improving my credit score and making sure to never miss a payment so automatic payments are turned on. Garry's book is on my list, I already read rich dad poor dad a few years ago although I might reread it once I have a empty list.

I aim to invest in my first property within the next 2 years, and I keep my savings high while keeping a balance of fun and saving. I don't want to be frugal as to not enjoy life, but also not enjoy too much where I have nothing to show for the future.

Quote from @John Mason:

Karan Welcome to Bigger Pockets and I wish you all the best in your investing journey!!

For books I would recommend these

See if you can get a copy of The Millionnaire Real Estate Investor by Keller.
The Slight Edge and Atomic Habits too.

Thank you and I will add those to my list, atomic habits is coming up soon after a few others in line.

Hello everyone,

I’m a 18 year old electrical apprentice and I’m looking to do a full dive into real estate investing.

I am in the union and earning base wage, parking, vacation pay, pension and full benefits are covered.

I am saving about 400/w in a high interest savings account right now which is 60% of my pay, I am going to get guaranteed $5/h raises every year for the next 5 years. I will be increasing my savings amount to reflect as well. I will be making $55-$60/h by the time I’m certified at 21/22.

I am also looking into side hustles to increase my income such as flipping cars, reselling etc.

As of right now I have around 8k saved, and 5k invested in stocks.

Obviously I cannot buy a property with just a few grand right now, but basically I just want to ask for any advice or tips you would give to me or your younger self when you started.

I usually listen to audio books on personal finance and business while working instead of music to further my knowledge.

Any sort of advice is welcome, books, podcasts, methods to learn about. I want to make the most of this time while I’m saving to keep learning and maximize my returns when I’m able to enter the market.

Hello everyone,

I recently joined this forum and after reading a couple of posts I think this is the right place to ask my questions. I am wanting to get started in wholesaling and dip my feet into real estate to make some extra cash on the side. However, I have no idea where to start, so if someone could help answer my questions below, it would be greatly appreciated.

- How do I obtain a contract template that would be within legal terms in Ontario, Canada?

- How does the actual process of selling the house to an investor work? How do I take the difference (profit)?

- What happens if I am unable to find a buyer within the agreed amount of time?

- Are there any taxes or anything I as the wholesaler would have to pay?

So far, what I do know is that you find a property, have the seller agree and sign the contract, then you find an investor and sell the property to them. However, the above questions are what I need to be 100% clear on this.

Thanks in advance!