How did you start?

REIReady · #1 04-12-2008, 10:17 AM

I was wondering how everyone started their career into the real estate world. How old were you, what was your first deal, and what brought you into Real Estate. I think it would be intereseting to see where everybody got their start.

JaredfromIndiana · #2 04-12-2008, 01:45 PM

I started by working maintenance for my step dad at his apartment complexes. I learned the basics, painting, a little plumbing, electrical, all that jazz. After a few years he started buying houses for me to fix and we split the profit. My first deal was a 108 year old yellow house that was a piece of crap. I fixed it up to be a little less crappier, and sold it and made about $5,000 I think, can't remember exactly.

JaredfromIndiana · #3 06-12-2008, 07:06 AM

Anybody care to add to this one?

southern sicilian · #4 06-12-2008, 07:49 AM

worked in construction all my life - dad, uncles, grandfathers all in trade businesses
i'm jack of all trades, master of none
never gave much thought to it until just recently
brother-in-law filled my head with crazy ideas
here i'm am

Ilikerentals · #5 06-12-2008, 08:20 AM

I havent yet! I am starting by reading this forum I guess.

JerryJenners · #6 06-12-2008, 12:53 PM

I started as a property manager. Learned a ton, bought a few and was off and running.

REI · #7 06-13-2008, 08:16 AM

Quote:

Originally Posted by REIReady

I was wondering how everyone started their career into the real estate world. How old were you, what was your first deal, and what brought you into Real Estate.

I was 23 living in the Bay Area of N. CA. I was a software engineer fresh out of university. I figured I could buy a house and rent two bedrooms for about what it cost me to rent a bedroom in a house.

I read Nothing Down by Robert Allen and then took a 2 day class. The class was over a weekend. I bought a home on the Monday following. I used some money from a relative and a credit card to fund the 5% down payment and the bank provided the 95% loan at 10.75% interest which floated monthly.

I asked the relative for the gift after agreeing the deal.

A nothing down deal that economically was no more expensive monthly than renting. It did make my commute a lot longer and the area was not as nice. No bad. Just not as nice. I figured I needed to start somewhere.

I found 2 roommates by putting an ad in the newspaper.

Note that we all have to start from where we are. It does not matter exactly what others have done. It just matters that you figure out where you are and then get started. Slow or fast does not matter as much as moving forward.

moneydaddy · #8 06-14-2008, 12:00 PM

It sounds like most of the folks that are successful found a mentor family, other investors etc...
thats how I got my start as well. DONT DO IT ON YOUR OWN!

REI · #9 06-15-2008, 10:21 AM

Adam,

I would say just the opposite. A person can definitely start on their own. They might leverage the knowledge of others by networking and reading books but they do not need to get a mentor.

Some do very well with a paid advisor or mentor. It is just not required. Many who spend money on formal courses or mentoring just fail with a higher cost.

Aaron85 · #10 06-16-2008, 07:18 AM

I started out by well jumping in and buying a rental house then another.

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