All Forum Posts by: Nickolas Rossol

I have almost the same exact story as you I dropped out after 2 years of college for real estate. I got my license and went right to work trying to sell houses but I realized that it wasnt exactly what I thought it would be like. I had previous sales experience and was one of the top sellers at my previous company. I was promised a mentor&amazing training with the team real estate I chose to work with and was given nothing close to what I needed. It was almost impossible for me to find help some days and there was a negative attitude around my company I didnt like so after about 6 months I'm back to working a 9 to 5 currently. Keep in mind I'm more interested in the investing side tho I'm currently saving $ to get my first multifamily when 2020 comes around.Hope you have better luck with starting as a new agent than I did !

@Joe Silva Awesome thanks for the help

@Tyler Bushey Sounds good thanks!!

Originally posted by @Neil Schoepp:

WOW! @Nickolas Rossol what a great mindset!

First that's a great strategy. Work your tail off save as much as possible and use it to start the wealth creation machine. What you are planning is house hacking and a great way to start. One caveat I will list is for some it's a challenge to be both the owner and a fellow "resident". Some people cannot stomach living alongside their tenants. Just give it some thought.

Not sure on your finances but I would go larger than smaller, so say a quad instead of a duplex if that is possible for you.

I would keep your credit as clean as possible. No new cards. Pay your debt down so your debt to income ratio is good. Start building relationships with local community banks so when financing time comes they know who you are. 

You have an entire year to build your foundation (education) start with, among other things some books:

Wheelbarrow of profits by Gino Bararbra

How to create lifetime cash flow through multifamily properties by Rod Kleif

Investing in duplexes triplexes and quads by Larry Loftis

What every real estate investor needs to know about cash flow by Frank Gallinelli

 Thanks. Feels good to get some confirmation in my plan from someone with experience! I don't think I will have any problems with tenants I'm pretty good at dealing with all different types of people. That is good point though. And yes the goal would be to hopefully get a quad or tri over a duplex. I guess the only concern of mine right now is the type of loan I get. Would I have any issues buying a multifamily with an FHA loan? I know that conventional would be preferred so I will try to go with that.

Originally posted by @Tyler Bushey:

My advice would be run the numbers for when you occupy and when you eventually move out to make sure the property is going to allow you to live for free(or very little) and actually cash flows when you move out!  I would recommend having 3 or 4 units, a duplex would be tough to achieve this. 

 Makes sense. Thanks for the help! 

Thanks. Feels good to get some confirmation in my plan from someone with experience! I don't think I will have any problems with tenants I'm pretty good at dealing with all different types of people. That is good point though. And yes the goal would be to hopefully get a quad or tri over a duplex. I guess the only concern of mine right now is the type of loan I get. Would I have any issues buying a multifamily with an FHA loan? I know that conventional would be preferred so I will try to go with that.

Thanks for the book recommendations I will check those out!

Currently 21 years old and saving $ to move out of my parents house soon. My plan is to save up a decent amount of money here throughout 2019 and purchase a multi family instead of an apartment or single family property when 2020 comes around. I would live in one of the units and rent out the remaining units. I'm wondering if what things I should be aware of when I'm ready to make my first deal as I want to make sure that if I go through with it that things will go as smoothly as possible and I can hopefully avoid some dumb newbie mistakes. Any advice is greatly appreciated! Thanks.

Yes I know I have to pass the exam haha my goal is to have my license by 2018

I'm currently in my junior year at college 20 years old and am taking my real estate classes online. I want to get started in real estate as soon as possible with all the free time I have at college. The thing is I live in an apartment by my school which is 3 hours away from my hometown which is where I live in the summer. I guess I'm wondering if it would even be possible for me to get started as an agent now Or if I should wait it out until I'm done with school. Thanks!

Wow thanks for all the responses everyone! I didn't think I would have big time pros commenting on this at all, that's awesome! @Joel Owens @Jay Hinrichs @Chris Martin