Hi Bigger Pockets Family!
28 Y/OI am a big listener since 2015 and I am just dying to begin my career to invest in real estate someday. I do not usually ask for help for stuff like life advice but, I believe this is a community that can give me some great feedback since I am serious about working towards being an owner of many properties one day. I don't really have many people to turn to since most of my friends do not work in Estate and aren't extremely wealthy. Infact many of them keep telling me to get a governent job like them or a blue collar job and just put in my "hours" and save!!!! But thats not me! I want to work hard and make stuff happen by investing and waiting for that day when the wait was worth it! Thank you in advance for reading and I would greatly appreciate some feedback from anyone who has been in my shoes at some point.
Background:
- Family owns a 4 unit which I grew up doing basic remodeling with my family. Currently finishing a full remodel of a unit; new everything-kitchen, hardwood floors, the works. 11K investment with hired labor. First complete remodel in the apartment (Ton of sweat equity, 70% labor completed by myself over 5 months, very handy person)
- Started a small lawn-mowing business at 14, ran it until 24 after college, began internships-corporate entry. First experience building a business system, have been trying to do it again since but, needed money plus had a serious loss in the family...
- Age 21 began flipping anything I can. Most successfully, I have been flipping cars/vehicles. Have become very skilled in many ways at this since I am very handy and learned from a mentor from a massive privately owned dealership that a family friend owns..
- Age 22 Father passed away from Cancer, move into apartment with mother. Take over man of the house responsibility.
- Age 26-Present Begin working corporate in the transportation industry. not a good fit but, make 52K a year, Net 38K. Invest much of this into flipping/hustling. Has been successful, hoping to turn this into a 20% down payment on a multifamily. Coupled with flipping, this will take me 4-6 more months for the 20% and to have cash on reserve.
I had the opportunity to work for a Real Estate Title insurance company before I got into corporate after school. I chose to get a job that is a guaranteed pay biweekly, experience, and also insurance. The amount of hours we do are just ridiculous and after 2 years, the industry is just not for me. The amount of profit I make off one vehicle which takes me 2-3 days to get up for sale is the same amount of money I make from work in one month working income net (23 days of work 9 hours VS. 3 days of work = same profit).
Not learning much towards my goals and ambitions at my current job. In-fact it motivates me after hours to work even harder when I leave work. I keep thinking though that I passed up a great opportunity to meet people in my local area who can help me begin to build my dream of owning a portfolio of properties. It is not too late to go back because I have a good relationship with the owner and am a great salesman but, it does not pay as well as my current job from what I gather.
Here is my question - what would be more beneficial to me? - getting the experience of seeing how transactions work in Real Estate and meeting the agents/lawyers/banks to solicit Title Insurance but, not making as much in the short term -OR- Finding a different job that doesn't suck as bad that pays much more and just figure everything out as I go along. In the short term, I will have more money to be able to secure a deal quicker. In either scenarios, I would still be flipping like crazy, in-fact 2018 i'm literally going to snap since I will have a ton of capital to work with and will be spending even less time on units.
The philosophy of my close friends that I have followed was go where the money is and security. Many of them in-fact now have government jobs. However, my closest friend at this point owns a dealership and is a hidden multimillionaire with investments in many things. He is in fact pointing me in a different direction entirely in the car business.
SO yea, I have a lot that I am constantly thinking about. I need a plan and after I do, I am going to crush it but just do not know which route to go... Thank you so much for taking the time to read this and I appreciate any feedback you can offer me.
IN SUMMARY
Should I leave my 52K a year job to do Real Estate Title Insurance and meet people in the industry as I begin my Real Estate Portfolio but make less money OR Should I just find a better paying job and figure it out as I go along once I have money.
Thank You,
Robert
