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All Forum Posts by: Noah Norton

Noah Norton has started 5 posts and replied 15 times.

Post: Finished High School, What Next?

Noah NortonPosted
  • Posts 15
  • Votes 1

Hello, kid looking to get into real estate here. My long term goal is to be a full time real estate investor and have a consistent flow of deals coming in so that I can pick and choose deals to buy and hold, flip, or wholesale. I am trying to figure out the best way for me to work towards this goal.

I have considered starting out by wholesaling (bad idea) and considered working as a real estate agent. But both of these strategies are risky (tons of pressure) and require some money. Realistically, I think my best and safest bet is to find a "regular" or w-2 type job in the real estate field, and after I have earned money and experience, dip my toe into buy and hold real estate. I'm tired of the "hype" and just want to find a legitimate and safe career option.

Anyone have a recommendation for what my next step should be? What sort of jobs should I look into? What jobs in the real estate field will I be able to make a living with right off the bat? Will I need a college degree for these jobs? I appreciate all opinions and input!

Post: College Education and Early Career

Noah NortonPosted
  • Posts 15
  • Votes 1
Originally posted by @Ross Kalmbach:

Hey Norton,


Here are my opinions: 

Would it be possible to not attend college, but to instead find the same textbooks that would be used in a specific college class, and study them, hence learning everything I would learn if I was in that class, without actually taking the class?

A) Yes, but it's not the same as actually having a degree from a college and would not satisfy the requirement for jobs that require a four year degree.  Since you want to go into real estate as a agent/broker - this might not be an issue.  However, I would strongly recommend getting a degree from an accredited university.  There are plenty of online cheap options that won't put you into debt and you can take your time.

This would save me loads of time, which would allow me to work more hours, and save up more money for future real estate investments. I don't want to drop the college education altogether, because having a solid understanding of things such as micro and macro economics in business would help me have a better understanding of the real estate market as a whole, and understand what influences the market, and etc.

B) If you decide to go the non-accredited route there are a lot of books that explain business in a simple and easy to understand ways; this might be better than the college textbooks.  Unless you really want to do complex models or really want to learn about M1 and M2 money supplies you can probably get away with some really good books by experts in the field (non-academia).

One more question unrelated to college: My ultimate goal is to make passive income off buy and hold real estate investments, but that isn't a day job I can start out with. My plan is to get a part time job unrelated to real estate when I am 17, then get my real estate license as soon as I turn 18, and work as a real estate agent. As a real estate agent, I would prefer to eventually work with investors and/or commercial property, instead of selling to regular home buyers(how would I go about doing this?). After I am making decent income as an agent, I would quit my original part time job and live off the income I made from real estate. After I have relationships with lots of investors and an understanding of the real estate market, I will move to wholesaling/flipping/buy and hold.

C) Good plan - I'm working on my license now and plan to do commercial real estate as well (also studying for the LSAT but need a backup).

My question; is this all a realistic idea? Is getting a real estate license and becoming an agent the best way to "break in" to the real estate field? Would there be too much competition as a real estate agent to make decent money? This ties into the college questions, because if becoming a real estate agent is not possible, my next best choice is to get a degree and work a regular job, until I have the money to start investing in real estate.

D) I can tell you out of the real estate agents I've dealt with very few are worth a damn.  If you work your *** off you will have no problem with a job or $$$.  You could also do the degree route and make 60+/year and do real estate on the side (weekends or house hacks).  It's up to you and only you can decide.

Sorry for so many questions,

E) Good luck!

 Okay, thanks for the input Ross!

Post: College Education and Early Career

Noah NortonPosted
  • Posts 15
  • Votes 1

Hello. To put my question in simplest terms, would it be possible to not attend college, but to instead find the same textbooks that would be used in a specific college class, and study them, hence learning everything I would learn if I was in that class, without actually taking the class?

This would save me loads of time, which would allow me to work more hours, and save up more money for future real estate investments. I don't want to drop the college education altogether, because having a solid understanding of things such as micro and macro economics in business would help me have a better understanding of the real estate market as a whole, and understand what influences the market, and etc.

One more question unrelated to college: My ultimate goal is to make passive income off buy and hold real estate investments, but that isn't a day job I can start out with. My plan is to get a part time job unrelated to real estate when I am 17, then get my real estate license as soon as I turn 18, and work as a real estate agent. As a real estate agent, I would prefer to eventually work with investors and/or commercial property, instead of selling to regular home buyers(how would I go about doing this?). After I am making decent income as an agent, I would quit my original part time job and live off the income I made from real estate. After I have relationships with lots of investors and an understanding of the real estate market, I will move to wholesaling/flipping/buy and hold.

My question; is this all a realistic idea? Is getting a real estate license and becoming an agent the best way to "break in" to the real estate field? Would there be too much competition as a real estate agent to make decent money? This ties into the college questions, because if becoming a real estate agent is not possible, my next best choice is to get a degree and work a regular job, until I have the money to start investing in real estate.

Sorry for so many questions,

-Noah Norton

Originally posted by @Andrew DeWeerd:

@Noah Norton there's quite a few duplexes near the campus off 34th St, and easy across US41. Neither is a great neighborhood, 34th street area is much better than Oneco. Hard to get good deals out here right right now. The same duplex I bought for 200k a year ago would easily be $250k now. Just learn the area, there's some good duplexes in some mixed SFR and multi family zones locations that'll be better than all multi family neighborhoods. Holiday heights is a mixed bag (N or 53rd/SR70 and just west of 14th/US41. I lived in a condo directly south from SCF for 2 years so I know the area very well and really you want to be west of 26th street IMO.

@Andrew DeWeerd Thanks! I will bookmark this and research those areas best I can.

Originally posted by @Joshua Rountree:

Hey @Noah Norton

I agree with @Andrew DeWeerd, These type of properties just do not come up very often. As far as being 1 hour away from Bradenton to expand your area, I believe that is a very possible strategy for you as long as you are comfortable driving that long for your school (however long you plan on attending). Another thing to think about is where do you want to start your portfolio? If you plan on living where you invest this may play a big role in your decision. Do you plan on self managing? Just trying to give you some ideas on the questions you need to have answered before you make your move into REI. Good luck and ofcourse reach out anytime!

I hope to eventually use property management, so I will try to factor that in when I look for a deal. I guess I really need to do more research on the Bradenton market to figure out good locations to invest.

Originally posted by @Andrew DeWeerd:

@Noah Norton hey Noah, that would be an awesome first step to take at 18 if they’ll qualify you for the loan! Additionally the home path offerings are very few, and I’ve NEVER seen one on an investment property either. I’ve lived in Bradenton for 4 years and just moved to Sarasota, and I’ll say 4-plexus do not come on the market often and you’ll likely have to get into St Pete or Tampa if you’re set on doing that in a quad. However Duplexes are a dime a dozen here, but prices now are up north of $250k for them even just 1/1 or 2/1 a side, which won’t hit the 1% rule. But if your house hacking it, it pays your mortgage still so still worth doing! My wife and I are doing it now actually.

You might also look at a possible large duplexes where you even rent out the other rooms in your unit- that would definitely be what I’d do if I were you moving as a young single guy for college. Are you going to Lecom, SCF, New College, USF, or Ringling?

 Thanks Andrew! I will be attending SCF. I really like that strategy of buying a duplex near the campus and renting the extra unit plus extra rooms. But do you think I would be able to find a good enough deal on a duplex close to the college campus?

Hey, I have a few questions. Long story short, I am moving to Bradenton (FL) in one year, for college. My plan, when I turn 18, is to use a 203k fha loan and buy a 4-plex, live in one unit, rent the others out, etc. Before I move, I am trying to learn as much as possible about real estate, and one important thing is knowing your market.

The Fannie Mae Homepath "First Look Program" seems like one of the best ways to get my first rental with a 203k loan, but this leaves me with a problem. The first look program is unlikely to have a huge selection of good properties, especially in Bradenton.

So should I still focus on learning the Bradenton market, if I might end up having to buy a property 1+ hours away from Bradenton because it is the only good deal in the first look homepath program?

Thanks, sorry if this question is confusing, I had a lot of words and didn't want to make this post long.

Originally posted by @Oleg Shalumov:

@Noah Norton not often one would see a person thinking ahead at the age of fifteen. i am applauding to you! 

I would recommend you focus on Buy&Hold as that is the best way to invest for long term. But I seen a lot of people doing flips to pay off the rental properties faster. 

That probably sounds very exiting for you, but you should be spending a lot hours educating yourself before you take any steps. 

Good luck to you!

 Thank you! The way I see it, I need $10k-20k to begin with Buy & Hold, and that will only get me a cash flow of $200 per month (with the right property)

I've also seen lots of advice saying that beginning with wholesaling is extremely difficult and beginning with flipping is even more difficult. Both take a lot of experience to do well in.

I'm having trouble seeing what the right move is. I have the next three years to study all aspects of real estate, but once I turn 18, what is my best move?

What would you have done personally if you had started at 18?

Originally posted by @Matthew Porcaro:
Originally posted by @Noah Norton:
Originally posted by @Matthew Porcaro:

Buy and hold! 

Flipping and wholesaling is not the same as investing. It is a service, a job. 

That isn't to say that you shouldn't be utilizing these strategies to build cash reserves, but once you have the cash your goal should be putting that cash in cash flowing rental properties!

 Thanks! That's what I had figured, buy and hold is the way to get to "financial freedom."

One more question though, do you suggest finding a mentor and beginning to wholesale straight out of college? Or should I find a more "predictable" job while I learn about wholesaling. (By learn about wholesaling, I mean on the field experience, not the kind of learning one would get from a book)

 I'm going to be blunt. I personally thing wholesaling is a waste of time. 

For the amount of time and money you spend finding deals, you can put that effort into saving a down payment for a distressed property that you can rehab, and turn into a cash flowing rental property. 

Go to your local real estate investing association meetings, and look for any full-time investors that would be looking for an intern. Just help them out in exchange for their knowledge about finding good deals and building equity and cash flow. 

Also, you don't need as much for a down payment as you think. FHA loans only require 3.5% down, which is small enough money for someone at any income level to afford. You can buy a distressed property, rehab it, and rent it out, giving you a huge jumpstart in your real estate investing career.

 Thanks, this is exactly what I was looking for. 

Originally posted by @Matthew Porcaro:

Buy and hold! 

Flipping and wholesaling is not the same as investing. It is a service, a job. 

That isn't to say that you shouldn't be utilizing these strategies to build cash reserves, but once you have the cash your goal should be putting that cash in cash flowing rental properties!

 Thanks! That's what I had figured, buy and hold is the way to get to "financial freedom."

One more question though, do you suggest finding a mentor and beginning to wholesale straight out of college? Or should I find a more "predictable" job while I learn about wholesaling. (By learn about wholesaling, I mean on the field experience, not the kind of learning one would get from a book)