Help Me Get Started
First off.. What a great site to have stumbled upon.. A lot of talent in here..
Here's my quick story..
- 30 day trialed the CS course (have about 10 days left).
- Very very motivated to learn and practice REI
- 29 years old
- Have a good 9-5 job
- Have approx ~$20K to start my investing with.
- My Dad is interested in investing with me and brings about $20K with him also.
I guess the 'seasoned' RE investor uses all these various techniques as a tool in their tool bag.. I don't know where to start. I live in an area where average houses are in the $300K - $500K range. I live 30 miles south of NYC so real estate is expensive. Further south I can find some in the $150K to $250K range.
Any recommendations for someone in my position with about $40K (20K me, 20K my Dad) to start with?
Thanks.
Man, where to start? Start with your goals. All of these ideas floating around in your head are just ideas until you put them on paper, organize them into a plan format, set a time limit to achieve them, and then put your best foot forward. During this process, you have some reading and studying to do. There are a lot of people on this site who will gladly tell you best the way to start, given your stated situation, but I would "start" with knowledge. Create a strong foundation to build your REI career on. I see so many people jump right on in to find the water much to their surprise, very cold. If they would have taken the time to test it first rather than taking the word of the swimmers whose bodies were already adapted to the temperature, they might not have been so shocked. There are a lot of books and courses available through the products/services section on this site I would look into spending a few of those dollars on. I think you'll find that once you increase your own REI knowledge base you'll get a better idea of what area of investing is best for you. From there, it's on!
Good luck,
D.M. Baker
Thank you for you insight.
I will take your advice and spend some money on additional education. I already created my 'first draft' of my goals and need to review them. There's so much to learn in REI it can be somewhat overwhelming. However, this is exactly what attracts me to REI. So many possibilities.
What are some realistic financial goals that a beginner can set and expect to achieve? I hear of all the wealth that can be gained through REI but those stories come from the top performers who are probably not the norm. I realize that there are a lot of factors in my or anyones success. Any ballpark estimates anyone would be willing to share? What profits did you make in your first? second? third? year of REI?
Thank you!
Denis
Well Dennis,
You seem like your on the right track! My name is joe I live on Staten Island and have recently started REI myself after leaving wall street. After about 2 months so far I am starting to see and experience real results that will lead to profits!!!! If you would like to drop me a line in message and I can contact you or vice versa since your in Jersey we can bounce ideas off eachother ! I look forward to hearing from you