Hi everyone. I’ve been reading these forums and many investment & business books for a while now, and am now committed to getting into real estate as soon as possible. The only problem is, I am 19 and am without cash or a steady job atm, although I should have an ok one soon in real estate.
I was wondering if any of the more experienced investors could give any advice on strategies to get started ASAP. My overall plan is to own businesses, real estate and use stocks to retire @ 25.
I’m currently in the process of surrounding myself with sucessful mentors, and people who are in the same sorta boat as me, and I know my goal is definately achieveable.
The strategy i’ve thought of so far is to get a decent sales job, use the money to buy real estate and set up businesses surrounding the real estate so there’s a lot of synergy and I know what I’m doing. However, that requires me to wait a bit before I can really get started – anyone got any other ideas? I’d love to hear even the most far-fetched ones [suave2]
Thanks all
Hey Secretgnome,
Forgive my cynicism, but retire by the time you’re 25; are you serious???? You are 19 now, no money, no job, and you plan to make enough through sales, businesses and RE in 6 years; what you’re part magician???!!!! [blink][blink]
As for your mentors (those in the same boat) man, you guys/girls must be on some awesomely heavy shit!!!
But seriously, all jokes aside, if you do manage to make it; write a book about your journey to the top; I’d love to read all about it!!!!
Jo
Bit HARSH Monopoly
Reality comes from dreams, and age has nothing to do with it.
Secretgnome, you’re on the right track, you have a plan (though basic) The pieces will fall together, but you have continue to put yourself at risk by asking the questions. We learn from our mistakes. You at least have the insight to learn from others’ too.
I’m in RE and and have a few businesses (not all successful) I also had a dream similar to yours.Stay focussed and understand that sales can provide huge reward.
The challenge you’ll have as I’ve always had is the lenders don’t like commission only salespeople and they don’t like self employed people either, until you have a track record.
Stay focussed and reach for the stars, if you land on the moon instead that’s OK. You’re a step closer and you’ll have the courage to continue.
Keep asking the questions, there’s no other way to finds the answers.
Chad
Hey Blitzem,
I was 18 (just shy of it actually) when I started; and no one “sugar coated” it for me!!!
I admire what secretgnome hopes to achieve, and I don’t doubt that people CAN, DO and HAVE made it in 6 years, some even in less. However, thinking that today’s market (especially RE) is going to be enough to see you into an early retirement within 6 years, when you have NOTHING to start with, is a tad unrealistic, wouldn’t you agree???
But I’m not going to passify the kid, like a mother does by shoving a dummy in a crying baby’s mouth…..!!!!
I am blunt at times, maybe too much so; but I didn’t get to where I am by daydreaming; I got off my arse, worked 2-3 jobs if necessary. That is how I retired at 39, and can NOW sit on my arse and daydream!!!
Just because someone works in RE, talks to a few REAs and knows the jargon, doesn’t mean crap!!!!
Secretgnome, I do hope you make it; but you need to find a STEADY job (so at least you will get a loan) and work with both feet planted on the ground; that way if you do happen to fall; you won’t fall too far and risk hurting yourself!!!!
Jo
I have to agree with monopoly… I encourage secretgnome to get out and have a crack, but it’s good to rip the sugar off the coating and be given a dose of reality at times from people who have been around for a while.
cheers
rThanks for the constructive criticism people – it’s well met [biggrin]. Has anyone else got their opinion or ideas to add. I’d appreciate all the input I can get. Thanks yall
Oh and by the way Monopoly – my mentors arn’t in the same boat – most of them are very rich. I was saying I have few friends who have similar goals as well, who i’ll probably work with to go where I want to go.
I would suggest to get a job FT for at least 6 months and save like hell. It will be hard to get your first property, but once you do it will be easier to get your next.
Also register an ABN now as this may help qualify for good low doc loans 2 years down the track.
And just keep studying, reading anything you can. Don’t bother paying for ‘courses’.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
hi secretgnome,
i’m in much the same boat as you (19 and already work in RE) there’s a plethora of mentors and inpirational people on this forum just hunt around some of the posts and write to the members that you realte to.
i personally wrote to monopoly and she was more than helpful (and encouraging). surrounding yourself with people who have already ‘made it’ is the best way to learn, someone once told me ‘the most expensive advice you can get is from someone poor’…
enjoy your day
e xHey emc,
Thanks for the kind words; you’re a sweetie!!!
Secretgnome,
Look I am not going to apologise if what I said came across abrupt, mainly because I believe that although “sugar coating” is nice, it won’t help you get where you want to be. And I DO want you to get to your destination; so I’m not going to patronise you with kind words for the sake of appearing nice or warm-and-fuzzy!!!
Emcdonald is like you, she is young and works in RE, but she works long hours, and comes across as more (mature) “realistic” in her efforts to achieve her goals.
Saying that you hope to retire in 6 years is fine, provided you have a steady job to at least qualify you for a loan for starters!!! Unless you win tatts; I can’t see it happening in today’s market!!! I mean really, given the background info you posted, I couldn’t help but laugh. How do you expect to get ahead without a stable work history and/or funds to back up your plans???
Nonetheless, I believe you can make it, as I was 18 when I started out too. You at least have youth on your side and that in itself is a big PLUS!!! But you HAVE to have a full time job, at least for 6 months as TerryW pointed out, otherwise you will be doing nothing more, than chasing pipe-dreams!!!
As for your mentors, yes, by all means keep in touch, pick their brains, talk to them often and learn as much as you can.
I do wish you well; and please do stick around here, and other investment sites, which have much to offer for those willing to learn.
All the best,
Jo
Hey mate, congrats n goodluck. IM 19 and brought my 1st place early this year and had no garantors, or nuffin. I too work in real estate n im about 2 purchase my 2nd 1 later this year.
You can do anything you want to.Cheers Nath
A lot of people on this site talk about thinking outside the square and thats what you have got to do on this one. You don’t HAVE to have a job to own property. I’m studying FT at uni and don’t have a job but just went halves in my first IP (granted, I was lucky that my parents would guarantee the loan). However think about getting a partner (someone who is employed), see if any of your family members will assist you. There is more than one or two ways to structure a deal and I guarantee there will be more than one or two ways that you can get yourself in the property market. You just have to think laterally and most importantly stay positive.
Good luck to ya I hope you can do it too, J-Rock.
I also tend to agree with Monoploy but anything is possible…just work your brains out.
Originally posted by Terryw:I would suggest to get a job FT for at least 6 months and save like hell. It will be hard to get your first property, but once you do it will be easier to get your next.
Absolutely right – it is very hard for instiutions to lend you without showing a track record of work for almost 2 years. Howvere it is possible – How do I know – cause after much of weaving around, I managed to do it. In the end I just got letters from my employer (I was friends with management) stating how many hours I do there per week and how much I earn.
And just keep studying, reading anything you can. Don’t bother paying for ‘courses’.This is also correct – just read books, associate yourself with like-minded people and grill them with questions and attend FREE seminars until your financially ok to pay for one.
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
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