All Forum Posts by: Timothy Metra

@Jeff F.

Hi, Jeff. Thanks for the response. I know house hacking makes a lot of sense and that I could get something pretty nice using a FHA loan and having $10k to work with... But my only concern is being a landlord. I have such a hectic schedule for the time being. What happens when it's Friday night and my tenant's plumbing messes up and I have work Saturday morning? Do I just need to hire out those kind of things and get the tenant to send me the bill?

Also with buying a multifamily, I'd like to put in a little work first. Just enough that it's rent ready and everything is working fine. But this would require some time, depending on the condition. My father was a superintendent for general contractors for many years and knows how to do almost everything with homes. I also did construction for almost 5 years before landing my job now, so I know me and him could do a lot of the work ourselves. My only problem is my conflicting schedule.

I wake up at 3am for work. Get home around 4:30. Then I have to eat, make lunch for the next day, do a quick workout, and an hour of my real estate courses. Which puts me right about at 7 o'clock. And that's usually when I go to sleep, so I can get a full 8 hours. That's Mon - Thurs.

Fri - Sat, I wake up at 3am. Go to work overtime for 6 hours. So I'm home by noon. I got some time and a half, and I make it back before lunch. I do this 9/10 Fridays, 8/10 Saturdays, and I would say about half of my Sundays.

I'm also not coming up with excuses at all. Just giving an explanation of my schedule. I don't want it to seem like I'm listing reasons why I can't. I'd actually like to own a multi-family at some point.

What would you suggest?

BP, what's up? The title is pretty straightforward to my situation. I have $10,000. How can I turn this into $1M overnight? Thanks!

Okay, I'm only joking. If you're still reading, I'm assuming you're patient enough to help someone who's a complete noob to the real estate world, but lucky for you, I'm decently knowledgable. I've researched a good bit on REI for almost 2 years now, but I'm finally ready to make the plunge into some actual investments.

Now, before I start, I'd like to take a moment to say this isn't a "What would you do if you had $10,000 as a beginner?" question, but more of a "Tim, if I were you, I would do _________."

I'm assuming that since I'm asking for you guys to help guide me specifically, it would be nice to know a little about me.

Well, I'm 23 years old. I didn't go to college (it's more of a business than anything, don't even get me started on that topic), but I have a really good job, at least for my location. I'm currently a contractor for an aviation company and make $25/hr. I also get per diem, meaning I'm only taxed on minimum wage for the first year of working since I live over 50 miles from the job site. So for the next year, with overtime included, I'll average anywhere from $1,200 - $1,500 per week.

With that being said, I don't like my job at all. The pay is good, but... *in my most non-cliché voice* the corporate world is not for me. At all. I work around 12 - 18 hours overtime weekly. I don't have much time to myself at all. On top of my 60+ hour work weeks (if you include transit), I'm taking online courses to become a licensed real estate agent.

I have no bills to my name. Well, not the kind of bills that make people live in the rat race forever. I have rent, a prepaid phone bill, Netflix... things to that nature. Things to where if I were to lose my job tomorrow, I could get out of if absolutely necessary.

I currently have $10,000 to my name. Cash. In the bank. I need more reliable work car, but I'm not financing anything. I currently drive one of my parent's vehicles and help with the insurance. I plan to just buy a little $3,000 - $5,000 Honda, but there's no rush on that.

My ultimate goal is to own a real estate investment company. I want to do a little bit of everything. Wholesaling some deals I don't feel like rehabbing, rehabbing others, rent to own single-family, multi-family, you name it. I'd start on a project to project basis and kind of gradually get to the point I'm taking on multiple at a time.

I'd like to start out as a real estate agent, but it's obviously going to be quite the challenge with my current schedule. This is where you guys come in! I'm thinking of working for the next year like a dog. Overtime like crazy, saving up all my money, getting my real estate license on the side... And then getting super serious with REI once that per diem tax break runs out, which will be November of 2017.

So, what would you do in my situation? Any suggestions are appreciated!

And one last note... I would rather make $30,000 a year owning my own business than $65,000 at my current job.

Opinions? LAY IT ON ME!