Haven’t been on this forum in quite sometime now. For the past few months ive been doing research on buying a business when i graduate college, yada yada. Anyways, i keep coming back to real estate. Real estate investing seems like the most viable solution to my investment problems. I was hoping some of the pro’s on here could give me some advice and point me in the right direction. Some information on myself, im currently 19 and go to Florida International University. My major is accounting and i have 2-3 more years left till i graduate. My credit score is 700 and i have not a single dollar of debt. When i graduate i wont have any student loans, i plan to work as an accountant for a few years and then open my own accounting firm while investing in real estate on the side. When i graduate college ill have more then enough for a downpayment on a large apartment complex, Id rather not say my net worth over the internet or anything like that. Hope i did not bore you or anything. I would like to find a mentor but i dont want to waste there time right now since im not going to be investing any money for a few years. Hope you can give me some good advice, thanks.
I think you’ve got a good plan! I would suggest joining your local REIA and making friends with as many of the successful investors in your area as possible. These contacts will be very valuable in a few years when you start investing and many may even become your accounting clients. The other suggestion I have is that you start your rental career with a few SFHs instead of a large apartment building or complex. It’s very important that you get some experience on a small scale before moving to the big time.
Sorry about the misunderstanding, i was just saying i can afford a large complex to show you how much i will have to invest not that i want to buy one right off the bat.
My girlfriend of two years has a step mother that is a full time land lord, do you think i should maybe get her to teach me the ropes and help me find my first deal or find someone else?
Ps. Any books you can recommend to me?
What I do is qualify my mentors. I look for someone that has what I want. Does she have the time with her family, the health, wealth, and in general the lifestyle that you want? If so use her. But if she is running around chasing rent payments, and fixing toilets and always running out of money before the months ends so she stays home cooking macaroni and cheese with wieners for dinner a couple of times a month. But you would prefer to get up at noon everyday and spend your time playing golf and eating out every night then find a mentor the does that.
You may not be at that point now but you are setting your life up so that you can end up where you want.
You can find both types at your local real estate investment club. I also have a rule that I don’t ever do business with anybody that I can’t sue. Not saying that I plan to sue anybody, but I may have to and I need to be able to do it. If you sue your girlfriend’s mother that would make your visits home really sticky. I would rather take my advice from somebody at arms length.
Some good advice there, she doesn’t have the lifestyle i want so she probably is not the best person to be my mentor. I was also thinking the same thing about doing business with your family, never a good thing. I guess the next step for me is to join my local real estate club and network as much as possible.
Have you all seen a major decline in attendance at your meetings, only the professionals are left in the game after what has happened? I went to a meeting a year ago and today i was looking at pictures of there meetings now, about half the people are gone.