I there everyone, ive been reading these forums for a few weeks now and deciede to start posting. I also listened in on last weeks call and enjoyed it! I am 19 years old and live in waukesha, wi. I work for a large corp. that contracts out to communites to do thier assessment work, and before that i worked for a highend broker/investor, so i know some what about the real estate markets where i live. I also have my sales license in WI and plan on getting my real estate brokers license soon to help me with buying and selling for my investing future/career. I went to school for real estate for a year and a half at the local tech college also.
I have a bunch of questions, but i will start from what comes off the top of my head.
I am interested in both rehabing owning properties for rent. My big question is where do i get the money to buy my first house? I make about 32k a year gross currently with basicly no bills (still live at home). I have little, but good credit and I have only been at my job for a few months now, so a conventional loan is most likely out of the question.
I have been working on houses with my father and grandfather for about 8 years now, doing remodels and matenince work, so i have some knoledge on what to do in a rehab situation. ex: electirical work, plumbing, just put a new roof on my parents home, build a gazebo, redid 2 bathrooms.
I feel that I have the energy, drive and some of the knolege needed to reach my goals, and with this forum and the people i work with i gain more and more knolege every day, but where do i get the money and the property to put everything to work???
Thanks, Ryan
PS: this month I am also starting to go to the local real estate investment club meetings.
Sounds like you are off to a good start. Can you work with your father to get your first deal off the ground? If not maybe check out some local banks to see if you can get started working with one of them maybe find one that you could live in while you fix it up and get out on your own. Graciez
Wow! That is all I can say 19 and wanting to build already. Reminds me of myself. I started at 20 and am now 31 with 5 kids and have done some REI. O.k. more then some I started out with nothing and I mean nothing (homeless as a matter in fact) went from living nowhere to owning 5 houses in 45 days. From there I got so totally HUNGRY for REI that by the time I was 30 I had over 70 rentals. Sold them with 20% owner finance created a nice income for myself and moved to a small mountain town in Colorado and semi-retired to enjoy my kids. Let me tell ya something it all can be done the key to Real Estate is simple out shine and out market everyone involved and I mean everyone. This is by far the place to be. Enjoy your youth as you will find there are so many that start at a much later age and try to catch up. For some it works and for others it is just a far cry for what could have been. Start by boosting your credit. If your folks have credit cards with a high limit and low balance have them add you as a card holder 45 days later it will show on your credit. Use HML’s Hard Money Lenders if you have to. There are ways to get involved in this industry. No matter what your credit looks like.
Best of luck to you,
Robb O.
Hey RVincent,
Are you still on good terms with your investor friend? If you are, I would highly suggest asking him to partner with you. You can find the deal and give the sweat equity, and he could provide the cash/know-how. Partnering is the easiest, and often the smartest, way to grab your first deal…or so I’m told.
I am new to rei, and a young guy myself, so my experience is limited. I have an investor that I will parter with for my first couple of deals. I met him through a local investor meeting that he runs, and came to trust him (very important) by parking my re license in his office (among other things he runs a brokerage). I’ve already brought a few deals to the table, but they didn’t hold together because of various, unforseen reasons. Oh well, I guess we all need to earn our chops.
So, to answer your question, PARTNER UP.
Hope this helps.
Thanks for the reply,
I left him on good terms, but i havent talked to him for a while (atleast 6 months). I was going to attend the local REI club meeting a week ago, but some things came up. I am planning on goin to the next Milwaukee REI meeting in august. Hopefully there will be some people there that could be interested in such a partnership. One thing I have learned from this business is that it is hard to find people to truely trust. The invester/realtor I used to work with got screwed a few times by people he thought he could trust.
Ryan