All Forum Posts by: Owen Thornton

Hey everyone. I have been apart of bigger pockets since I was 15 - wow. As I learned to run my first marathon, I listened to Brandon Turners books, and since, I have been hooked.

I am 18 now... wow... and trying to secure my first deal here in the next month or so... (multifamily 4-12 units, Cleveland/Columbus OH, if you're in the area, feel free to connect, would love to talk). I got the whole FHA process going on (for my first years of college, to get in and out of a few FHA deals!), getting those tax returns to actually qualify, and also partnering up. Etc. (for the present).

Though this (sadly) isn't as much about real estate, as it is about decision making!

I know what you're thinking... or maybe not... but; why would I be asking a REAL ESTATE forum... about... college and career? Well, because I think this bunch is a logical, inspiring group!

So, here we are...

I am a runner, an ultra runner, with a (hopefully) promising future in the sport. I love it. I also play the cello, love that too. I also love real estate and business (been running an eBay store for a few years now, getting into REI now)... and I got a scholarship to Case Western, in Cleveland. The cost should be low enough to attend, so great... I decided this, over some D1 XC schools, because, well, I value a higher academic level, than sports, but now here comes the fun part - well, what direction should I go in...

Logically, business and finance (I love this stuff... financial modeling, analysis, etc) is the way to go.

Though an issue, (well, more a caveat); I have always dreamed of going the pre-med route... Why is this a big deal? Well, as I said, I love to use numbers, value time, well, I really, really value time... and I also value the investment of every dollar. With my mom, a type one diabetic, I have gone through so much with... from youth to now, from emergencies to doctor's visits, to help her cope with her own "personal life and relations." I, since I was young, had this bug and desire that I could not erase to study medicine.

The analytical side of me says the opportunity cost monetarily, mentally, and physically to go through pre-med, med school, residency - it is ridiculous. Though, same with ultra marathons and the 100-mile races I adore, yet, like running - I am just drawn to it. Every time I try to focus on setting a path towards the study of business... I see some doctor or have a visit, and just feel torn, and this excitement, despite the hardships.

I have a love of real estate, and I would love to pursue it... (of course no matter the route, I will), though juggling all my interests with the intense study of medicine, well, to be frank, it scares me.

Would I have time to go elite, running? Would I have the time to play the cello, while actively running a business and studying, and working? What about the love for travel? For, for for?... (more excuses, than anything).

In the end, I probably would make it work; I think I am just that type of person - someone who loves to work, work, work.

So, my question to you all...

(So sorry for a long forum, I think it is a fun topic though!)...

How would you approach this decision?

I was thinking to go your typical finance/big-business "guy" route... (switching to real estate full time, or starting in RE in some capacity as an analyst, etc... as I said... love REI)... but I can't help but want to at least try for medicine, as something seems to be missing in this route...

As investors yourself, is it worth the upfront cost, the investment of time and money?

Financially, even if you are well off in your later years, you are put into a situation of high debt, loss of time, and frankly, you could have been more successful, financially, going another route... (think, 10,15+ years that could have been spent building up your assets, businesses, etc),

Though in fulfillment, maybe it is worth that expense... as medicine wouldn't be for the money, as the sacrifices probably are not worth just the dollar signs...

I am sure there are a million strategies you can go to be financially free, while in school - actually, there are many websites related to the topic - and a good thing to keep in mind is - (from my reading...) is that most doctors are not always the "best at personal finance." (Lifestyle creep, etc). Would love to hear thoughts on this - how to build wealth when you are incurring multiple years of major debts?

The only thing that has worried me about going the pre-med route is... "what if I fail..." (Silly excuse, but legitimate). If I spent my time in college and came out failing to get into med-school for multiple years... this would set the whole process back further. The cost of this is insane, and yet, I am still considering it.

In the end, I probably would simply prepare myself and go in without even considering failing as an option, but in deciding, I feel taking all this into consideration is well worth the time...

I think what I was considering is, on the bottom line ("of life"), medicine is not quite as pretty... (although after working for many years, and experience rises, practices open, etc... that bottom line may look nice if managed well), though for the experience and joys of life, I think I would gain this satisfaction, and fulfillment I am looking for.

Another important fact I did not mention was the near-guaranteed stability post-graduate, as opposed to the joys of running your own business, from the start.

Thank you all for reading, for commenting, for being great!

Sorry, it's a long one, but it's a fun one (I think).

I guess I can combine the two in the end! But I am just really thinking about that time... is it worth that time and initial investment... After typing my lives story, I am starting to think so! Ha!

What would you guys say? Think? Do?

Thank you all so much,

Best,

Owen R T.

Hey everyone. I have been apart of bigger pockets since I was 15 - wow. As I learned to run my first marathon, I listened to Brandon Turners books, and since, I have been hooked.

I am 18 now... wow... and trying to secure my first deal here in the next month or so... (multifamily 4-12 units, Cleveland/Columbus OH, if you're in the area, feel free to connect, would love to talk). I got the whole FHA process going on (for my first years of college, to get in and out of a few FHA deals!), getting those tax returns to actually qualify, and also partnering up. Etc. (for the present).

Though this (sadly) isn't as much about real estate, as it is about decision making!

I know what you're thinking... or maybe not... but; why would I be asking a REAL ESTATE forum... about... college and career? Well, because I think this bunch is a logical, inspiring group!

So, here we are...

I am a runner, an ultra runner, with a (hopefully) promising future in the sport. I love it. I also play the cello, love that too. I also love real estate and business (been running an eBay store for a few years now, getting into REI now)... and I got a scholarship to Case Western, in Cleveland. The cost should be low enough to attend, so great... I decided this, over some D1 XC schools, because, well, I value a higher academic level, than sports, but now here comes the fun part - well, what direction should I go in...

Logically, business and finance (I love this stuff... financial modeling, analysis, etc) is the way to go. 

Though an issue, (well, more a caveat); I have always dreamed of going the pre-med route... Why is this a big deal? Well, as I said, I love to use numbers, value time, well, I really, really value time... and I also value the investment of every dollar. With my mom, a type one diabetic, I have gone through so much with... from youth to now, from emergencies to doctor's visits, to help her cope with her own "personal life and relations." I, since I was young, had this bug and desire that I could not erase to study medicine.

The analytical side of me says the opportunity cost monetarily, mentally, and physically to go through pre-med, med school, residency - it is ridiculous. Though, same with ultra marathons and the 100-mile races I adore, yet, like running - I am just drawn to it. Every time I try to focus on setting a path towards the study of business... I see some doctor or have a visit, and just feel torn, and this excitement, despite the hardships.

I have a love of real estate, and I would love to pursue it... (of course no matter the route, I will), though juggling all my interests with the intense study of medicine, well, to be frank, it scares me.

Would I have time to go elite, running? Would I have the time to play the cello, while actively running a business and studying, and working? What about the love for travel? For, for for?... (more excuses, than anything).
In the end, I probably would make it work; I think I am just that type of person - someone who loves to work, work, work.

So, my question to you all... 

(So sorry for a long forum, I think it is a fun topic though!)...

How would you approach this decision?

I was thinking to go your typical finance/big-business "guy" route... (switching to real estate full time, or starting in RE in some capacity as an analyst, etc... as I said... love REI)... but I can't help but want to at least try for medicine, as something seems to be missing in this route...

As investors yourself, is it worth the upfront cost, the investment of time and money? 

Financially, even if you are well off in your later years, you are put into a situation of high debt, loss of time, and frankly, you could have been more successful, financially, going another route... (think, 10,15+ years that could have been spent building up your assets, businesses, etc), 

Though in fulfillment, maybe it is worth that expense... as medicine wouldn't be for the money, as the sacrifices probably are not worth just the dollar signs... 

I am sure there are a million strategies you can go to be financially free, while in school - actually, there are many websites related to the topic - and a good thing to keep in mind is - (from my reading...) is that most doctors are not always the "best at personal finance." (Lifestyle creep, etc). Would love to hear thoughts on this - how to build wealth when you are incurring multiple years of major debts? 

The only thing that has worried me about going the pre-med route is... "what if I fail..." (Silly excuse, but legitimate). If I spent my time in college and came out failing to get into med-school for multiple years... this would set the whole process back further. The cost of this is insane, and yet, I am still considering it. 

In the end, I probably would simply prepare myself and go in without even considering failing as an option, but in deciding, I feel taking all this into consideration is well worth the time...

I think what I was considering is, on the bottom line ("of life"), medicine is not quite as pretty... (although after working for many years, and experience rises, practices open, etc... that bottom line may look nice if managed well), though for the experience and joys of life, I think I would gain this satisfaction, and fulfillment I am looking for.

Another important fact I did not mention was the near-guaranteed stability post-graduate, as opposed to the joys of running your own business, from the start.

Thank you all for reading, for commenting, for being great!

Sorry, it's a long one, but it's a fun one (I think).

I guess I can combine the two in the end! But I am just really thinking about that time... is it worth that time and initial investment... After typing my lives story, I am starting to think so! Ha!

What would you guys say? Think? Do? 

Thank you all so much,

Best,

Owen R T.

@Gregory Schwartz, good points, the more I talk with other investors, I realize partnering is not all too hard, given you had a good deal.

@Charles Carillo, great thoughts. I love the idea of educating others. Do you by chance know if there are any laws on private lending and if asking many people has any SEC violations? (Not asking legal advice, just generally).

@Spencer Gray I will see, I was looking at some of the laws on that. I need to get a better idea if talking to friends and family counts as "raising." (Though it is, maybe it isn't legally... should do some due diligence there). 

I was curious if you wanted to take on a large amount of debt and get in on a deal for little down, or multiple, could you try to get ahold of say a 500k property, and get a 100k loan, where you then pay the downpayment with the loan?

I know there are some lenders who do not care where the down payment money comes from, rather care for the DSCR.

I was curious where besides your own network you could get a loan like this... could you use P2P lending? Like Lending Tree? Has anybody every tried looking into this?

Would love to hear about raising debt, possibly ... credit line investing / credit cards for downpayments...?

 I enjoy this comment. I was considering bringing on multiple partners for smaller (500k or less) deals. Whether debt or equity partners, I think this strategy is an interesting and fun one.

Do you by chance have any clue about how many JV partners you can have, or the legality on how to "ask, without advertising?" That seems to be a major hurdle without hiring a PPM lawyer...

I would definitely say it is up to the partner. I would consider what their needs are, what your needs are... are you willing to take less - like 30% share... are you dividing the equity up, the cashflow? Would you save the first years cashflow? Would you be able to raise any debt on your end? 

I am in a similar situation and I am personally trying to invest in cheaper markets, join a partner, combine money, and possibly even raise debt, working with seller finance or flexible private lenders.

Best of luck,

Owen. 

 Interesting, I thought so. I am sure it has a million moving parts, though it does open up some doors. I think unsecured lines are annoying for the fact they do so many hard pulls, when searching for a credit line. I think that personal P2P loans probably would be easiest, though perhaps harder to come by.