All Forum Posts by: Quentin Thiery

Hi BP,

I know this may not be exactly on the topic of RE but it is important to me and I value the opinion of people on here. Here's the dilemma. I am currently a student at McGill University in Montreal, which is a pretty good school, but I am learning about international development, which has nothing to do with RE, RE development, business, etc..., it pretty much just teaches me about why development theories are/aren't working in poorer countries. I am have the opportunity to transfer to Brooklyn College, and although not as reputable as McGill, I got accepted into their business and real estate school, where I would be learning a lot about things that actually interest me. Many people are telling me to stay at McGill b/c it looks better on a resume, but I believe considering I already have lots of work experience and that I believe I can work harder and smarter than many people, that learning about something that I love and then putting in my all afterwards is what is going to get me far in life. I believe in myself and that no matter where I go to school, I can thrive in the real world because of my attributes. My question is; what do you guys think? Is it better to stick out at a school i don't like because it looks good or go to another school even though its not ranked as high. I want to work in real estate and start businesses and invest in real estate and I feel like i need a little guidance on the best way to do that.

Thank you for reading all of this, and I appreciate any advice you can give. I think the world is much different than the one my mom grew up in and that is why she wants me to stay at a school that looks good on paper, and while I understand where she is coming from, I don't know if its the best decision. I look forward to your responses!

Thank you!!

@Darius Ogloza

Thanks Darius! That makes sense. I guess part of me wants a mentor or someone so that if I come across a deal that would be beneficial, having some experienced to give me pointers could help. Anyways, I appreciate the advice!

To some of the more experienced investors out there- what do you consider the best way to begin? Obviously each "path" has its strengths and weaknesses, but as someone who is starting out, I am not sure exactly how to begin. Do I find a mentor first and work under them? Do I begin my own company and get leads to wholesale, flip, BRRRR/rentals, etc? I am continuously building my funds as much as 19 year old can do, building my credit and absorbing every piece of information that can help, but what and where to go with all of this is a big fork-in-the-road that I would love some advice on from some of the experienced Investors here.

Thank you for your time!!

@Lydia R. That would be awesome! Feel free to PM me. You read my mind, I was just thinking of where I could find some good RE attorneys.

Thank you so much!

@Lydia R. That makes a lot of sense! I guess I overlooked the fact that interest and fees would rack up and cost a lot. I am looking into developing a marketing presence to target pre foreclosed properties and wholesale them, so I guess a long foreclosure process in NY can be a benefit to me since there is a larger window of opportunity. Thanks for explaining it really clearly to me!

@Brett Goldsmith Thank you so much for the response! That makes a lot of sense. Appreciate the help.

Hi all! I am a young aspiring real estate investor who is working on educating themselves about lots of different aspects of REI. I am currently reading this one book "The Real Estate Wholesaling Bible" by Than Merrill. I am interested in getting into real estate through wholesaling. I know it requires a lot of effort, but I am willing to put it in the work. I have a question about the following line in the book:

"Also realize that when you start prospecting for pre-foreclosure properties the majority of homeowners you speak to will owe more than the property is actually worth"... and continues to say a short sale will need to be negotiated 

My question: How is that possible to owe more than the property is worth? Say you have a 100K property and put 10K down and a 90K loan and monthly payments are 1K (simple numbers) and you miss 3 months of mortgage payments. How exactly does this homeowner owe more than what the property is worth considering the property is worth 100K and the loan is 90. This may be a very obvious answer and I apologize if it is as I am really new to this and I'm trying to learn more and more everyday. I hope I can get some insight from some of the more experienced investors our there and if there are any books you recommend - I am open to suggestions!

Thank you so much and I appreciate your time!

Quentin

@Suzanne Player Hi! Thanks for getting back to me. I live in NY actually but technically I go to school at McGill University in Montreal. However, I will definitely check for that advice. 

Thank you!

@Dan Sheeks Hi Dan! Thank you so much for getting back to me and for sharing your article - it is immensely helpful and definitely good to read since I've been doing most of the things that you recommend. I already have an unsecured credit card - fidelity visa rewards card - and I've been building up my credit the past year or so. I've worked multiple jobs since I was 15 in High School, and I'm currently making 30-40K a year right now in my job - however it isn't a W-2 job. I am currently taxed as an "independent contractor" although I do have W-2 history at my previous job, so that is one aspect I am missing. Your article is really inspiring, because it seems simple to save enough for a down payment, get a mortgage and get a tenant to make some positive passive cashflow. I guess if I do have one thing slowing me down is saving. I am struggling to build the discipline to save my money rather than spend it. However, I do think I can save enough money to get my first deal, and I think while I save, I can simultaneously learn a lot about investing as a whole.

Do you think I should begin by getting some rental properties under my belt, or is wholesaling also a good way to go? I would definitely like to chat sometime and bounce some of the specifics of my situation off you and see what you think about how I can best move forward with real estate investing and building a massive passive income. Let me know what you think!

Thanks again Dan, I really appreciate your help and your time.