We all wish we knew then what we know now, right? Well, I'd be very grateful if you could tell me what you know now so I can get a smart start to my life! Thanks a lot!
I would read Rich Dad Poor Dad and The Millionaire Next Door. Soak up all the knowledge you can. Pick something you love to do and go for it. Start a business while you are young. The older you get the harder it will be.
The startup will be rough until you get through the growing pains.
Good Luck.
will i'm fiftyish and if i were 25 again i'd......well thats another story but i would maybe go to tech school or just get a good job. a 3/12er if i could. then devote the rise of my time to rei. i mean dig, dig, dig.......kenmax
> what's a "3/12er?"
Its primarily a manufacturing worker's schedule where you work 3 days, but for 12 hours a day. It is mainly utilized at 24/7 operations.
I'm only 25 so I probably shouldn't answer your origional questions. However, I think that investing for the future should be a high priority. There are multiple ways to accomplish this, REI being one of them. I think it really lets you see the light at the end of the tunnel, since I figure I can retire in about 10 years
Well i'm doing what kenmax said. I work a compressed workweek for a major semi-conductor company. Work 12 hour days 3 days one week and 4 days the next. Just started an LLC and am getting my real estatebroker liscense and am hoping for the best. I'm 24...almost 25.
hey, all you guys have got the "world by the tail" don't let go and don't waste a moment. set a goal and don't let anything stop you. remember " if god is for you who can be against you.".....ggod luck........kenmax
I'd say there are numerous ways to start with - plenty of examples heard every day.
Just yesterday I read a report about a 32-year old investor who bought his first hotel at the age or 25 and graduately became a multi-millionaire. Now he (or his company) owns and manages 7 hotels, and he mentioned the reason he started with hotels was that he loves both hotel management and real estate.
It's up to you to find out a great combination for yourself somehow, and the nicest thing is that you start early and be persistant. Best luck!
As the posted mentioned, reading up and knowing what you are dealing is crucial to any investment. Just don't end up being one of those people who end up with a tremendous amount of book knowledge and no practical experience.
I would suggest Millionaire Next Door too but am not a fan of Rich Dad Poor Dad.
-clegg
Quote:
On 2004-08-09 17:42, johnbriscoe wrote:
I would read Rich Dad Poor Dad and The Millionaire Next Door. Soak up all the knowledge you can. Pick something you love to do and go for it. Start a business while you are young. The older you get the harder it will be.
The startup will be rough until you get through the growing pains.
Good Luck.
If I were 25 and starting out again, I think that I would run away, and become a circus clown for a couple years. Then, perhaps I'd be a beach bum down in the Keys. Hang out all day, and drink rum, sleep on the beach at night. Then, perhaps after a few years of that, and before skin cancer sets in, I would then perhaps get into something that would support me in my old age...
Im 22 and just bought my first rehab/rental about a month ago. Just out of curiousity, how far along are the young guys who want to retire in ten years? This is my goal as well and would like to hear from people who have been in the bus. for 1 or 2 years.
in the financial area.
1. Make sure i kept my credit clean
2. Stay away from credit cards
3. Remember the in the old days people paid cash, there was no high interest to add to the cost of the item i was buying. people did not have to have it right now. Most people charge up, (in cost),a house full of stuff they really do not use. what a waste of resources.
4. Remeber you have to produce more than you consume
I've read a lot of literature on REI, and heard a lot of people talk. The one thing i find the most productive, is find someone who is willing to work with you, providing you help them find deals.
Its one thing to read and learn, and listen and learn. Maybe its just me, but when I first started, I read alot, but my mentor walked me through all the steps, and I watched him work with home owners. i was impressed and learned a lot.
Kim in Austin:
This is what I would do:
-Get your real-estate license. This is a free education! You will learn how to run comps, network with other agents and be able to take advantage of being able to make a commission from family and friends. I would not put my emphasis on being a real-estate agent, only the commissions that all in your lap. Also, the MLS is a powerful tool you could use by taking advantage as such features such as: days back feature, revision to list price feature, being able to see what agents control the REO inventory, being able to view expired listings, runnning comps, etc....
-Purchase John "Cash" Locke's course so you will learn how to negotiate and also take over financing subject to.
-Purchase Ron Legrands course Wholesale/Retail course on this site.
-Join an REI Club in your area. You will be able to network with other invesors tha you can wholesale to and learn from.
After you have done all of these things you can get into REI and start by wholesaling houses to other investors, then start retailing as you get to learn the business better. You can also earn a commission from family and friends who want to purchase a house or list their house...
There's some really good advice in here. I'm 50ish and starting up my REI for the second time. A very special lady diverted me for a few years, happily so! I guess my best advise to you is whatever you choose, DO IT!!! Don't be afraid to fail. We learn some of our best lesson's through failure. I started with some rental properties. Just a couple, but they turned out to be quite profitable. I'm involved in flips, more rentals, commercial and soon some mortgages. The more you try, the more you learn. Books are great and would never discourage training, but doing is best! Even if on a very small scale, no substitue for experience. Good luck and keep trying!
I would read Rich Dad Poor Dad and The Millionaire Next Door. Soak up all the knowledge you can. Pick something you love to do and go for it. Start a business while you are young. The older you get the harder it will be.
The startup will be rough until you get through the growing pains.
Good Luck.
will i'm fiftyish and if i were 25 again i'd......well thats another story but i would maybe go to tech school or just get a good job. a 3/12er if i could. then devote the rise of my time to rei. i mean dig, dig, dig.......kenmax
thanks, john!
ken, what's a "3/12er?"
what's "rei?" real estate investment?
> what's a "3/12er?"
Its primarily a manufacturing worker's schedule where you work 3 days, but for 12 hours a day. It is mainly utilized at 24/7 operations.
>what's "rei?" real estate investment?
Yes.
I'm only 25 so I probably shouldn't answer your origional questions. However, I think that investing for the future should be a high priority. There are multiple ways to accomplish this, REI being one of them. I think it really lets you see the light at the end of the tunnel, since I figure I can retire in about 10 years
-Chris
[addsig]
Well i'm doing what kenmax said. I work a compressed workweek for a major semi-conductor company. Work 12 hour days 3 days one week and 4 days the next. Just started an LLC and am getting my real estate broker liscense and am hoping for the best. I'm 24...almost 25.
hey, all you guys have got the "world by the tail" don't let go and don't waste a moment. set a goal and don't let anything stop you. remember " if god is for you who can be against you.".....ggod luck........kenmax
I'd say there are numerous ways to start with - plenty of examples heard every day.
Just yesterday I read a report about a 32-year old investor who bought his first hotel at the age or 25 and graduately became a multi-millionaire. Now he (or his company) owns and manages 7 hotels, and he mentioned the reason he started with hotels was that he loves both hotel management and real estate.
It's up to you to find out a great combination for yourself somehow, and the nicest thing is that you start early and be persistant. Best luck!
As the posted mentioned, reading up and knowing what you are dealing is crucial to any investment. Just don't end up being one of those people who end up with a tremendous amount of book knowledge and no practical experience.
I would suggest Millionaire Next Door too but am not a fan of Rich Dad Poor Dad.
-clegg
Quote:
On 2004-08-09 17:42, johnbriscoe wrote:
I would read Rich Dad Poor Dad and The Millionaire Next Door. Soak up all the knowledge you can. Pick something you love to do and go for it. Start a business while you are young. The older you get the harder it will be.
The startup will be rough until you get through the growing pains.
Good Luck.
If I were 25 and starting out again, I think that I would run away, and become a circus clown for a couple years. Then, perhaps I'd be a beach bum down in the Keys. Hang out all day, and drink rum, sleep on the beach at night. Then, perhaps after a few years of that, and before skin cancer sets in, I would then perhaps get into something that would support me in my old age...
Im 22 and just bought my first rehab/rental about a month ago. Just out of curiousity, how far along are the young guys who want to retire in ten years? This is my goal as well and would like to hear from people who have been in the bus. for 1 or 2 years.
thanks
Nick
study and become one of Jehovah's Witnesses
in the financial area.
1. Make sure i kept my credit clean
2. Stay away from credit cards
3. Remember the in the old days people paid cash, there was no high interest to add to the cost of the item i was buying. people did not have to have it right now. Most people charge up, (in cost),a house full of stuff they really do not use. what a waste of resources.
4. Remeber you have to produce more than you consume
I've read a lot of literature on REI, and heard a lot of people talk. The one thing i find the most productive, is find someone who is willing to work with you, providing you help them find deals.
Its one thing to read and learn, and listen and learn. Maybe its just me, but when I first started, I read alot, but my mentor walked me through all the steps, and I watched him work with home owners. i was impressed and learned a lot.
Kim in Austin:
This is what I would do:
-Get your real-estate license. This is a free education! You will learn how to run comps, network with other agents and be able to take advantage of being able to make a commission from family and friends. I would not put my emphasis on being a real-estate agent, only the commissions that all in your lap. Also, the MLS is a powerful tool you could use by taking advantage as such features such as: days back feature, revision to list price feature, being able to see what agents control the REO inventory, being able to view expired listings, runnning comps, etc....
-Purchase John "Cash" Locke's course so you will learn how to negotiate and also take over financing subject to.
-Purchase Ron Legrands course Wholesale/Retail course on this site.
-Join an REI Club in your area. You will be able to network with other invesors tha you can wholesale to and learn from.
After you have done all of these things you can get into REI and start by wholesaling houses to other investors, then start retailing as you get to learn the business better. You can also earn a commission from family and friends who want to purchase a house or list their house...
The key here is education!
Best Riches,
Jeff Adam
[addsig]
Dear Kim,
There's some really good advice in here. I'm 50ish and starting up my REI for the second time. A very special lady diverted me for a few years, happily so! I guess my best advise to you is whatever you choose, DO IT!!! Don't be afraid to fail. We learn some of our best lesson's through failure. I started with some rental properties. Just a couple, but they turned out to be quite profitable. I'm involved in flips, more rentals, commercial and soon some mortgages. The more you try, the more you learn. Books are great and would never discourage training, but doing is best! Even if on a very small scale, no substitue for experience. Good luck and keep trying!
Sincerely
Ben Buono