All Forum Posts by: Ronnie Terry

@Ronnie Terry At one point in my journey I drove for Uber and Lyft. It helped me in a couple ways. First, it helped me really get to know my city very well. I ended up asking nearly all my riders something along the lines of "how do you like living/this area?" Second, I purchased a Bluetooth set of headphones so if I got someone who wasn't talkative I just started listening to podcasts and audiobooks. I grossed about $22 per hour doing it.

I was also into wholesaling while I was driving so it also gave me the opportunity to drive for dollars!

Good luck!

@Ronnie Terry no problem man, that's what we're all here form.

I use the BP calculators.  The $39/month I pay to be a pro member is worth it to me.  If you don't want to pay that then the next best thing is to study the BP calculator and build your own in Excel.  I tried doing this and decided it was worth paying the $39/month for how much I use it.  As is preached on BP, you need to analyze deals and a LOT of them.  This way you will know a deal when it comes along.

Hey @Ronnie Terry, its cool to hear that you're wanting to start investing so young.  That's amazing because the impact that will have on your future is exponential compared to starting at 35.

All of this advice has been amazing and I think to summarize you need to do the following in this order.

1. Stabilize income/decrease expenses so you can increase your savings rate

2. Look for ways to generate additional income through a "side hustle" or by killing it at your job

3. Fix your credit score.  There is a LOT of amazing info out there to help you do this with small credit lines and credit cards.  Paying down debt isn't the only way to increase your credit score.  Download Credit Karma on your phone and keep an eye on it.  It will also give you suggestions to improve your score.

4. Educate, educate, educate. You have to begin educating yourself on the topic and really understand how real estate investing (REI) works. If you don't know what's available or possible you won't know what to do, what to focus on, or where to go with your investment strategy. Hang out on the BP forms, listen to the podcast, ready books. Great books to start with: Rich Dad Poor Dad-Robert Kiyosaki, How To Invest In Real Estate-Brandon Turner Josh Dorkin. If you need more resources just read all of BP's books, they're all amazing.

5. Practice analyzing deals.  This is key, but you need to educate yourself on how to do this first.  Once you know how and what to look for just start analyzing a little bit every day.  This will ensure that when the time comes to buy your first property you will know a good deal when you see it.

6. Build your network. This is probably the biggest thing of everything and should start today. Get together with other investors via REI meetups. You can find these on BP or on meetup.com. Ask the BP forms about investor friendly realtors in your area and take them to lunch.

7.  House Hack: this is in my opinion the most powerful way to start your investment career, especially if your young.

Hope all of this helps!

@Ronnie Terry

It may be smart to take so time and fix your credit. Also if you can get a w2 job to have some income as well. With an increase in credit and a w2 income, its possible you may be able to house hack with a FHA loan.

yes you'll need some kind of income. If you have savings start with wholesaling or be an agent, for active income. You dont have to wait until after college. But if you dont have funds, then you need to be a deal finder. You can wholesale or bring in partners or private lenders but it all starts with the deal. W2 job can be very helpful for working with banks so definitely worth consideration.

By far the two best things to do that are a steady w2 job and little other debt and good credit score.  I bought my first property a year out of school.  Very doable