26, I think I need to take more risks

[jim12]

I want to be successful in so many different ways but sometimes I just dont know how. The more I think and seem to learn as I get older the more time i have realized I have lost.

Anyway I think now is the time for me to take on a little more risk. I want to try my had in trying to get into real estate. I think that this is something that could help me make some good money in the long term. Do you guys agree? I want to learn more about this. I realize that its not a get rich quick kind of thing and I know that but I am trying to prep myself for taking some risks into something soon. I just feel like I would do best if I had someone to kind of talk me through some of these things. Do any of you invest in real estate? Not talk stocks and mutual funds I already do that myself. But talking about flipping homes, rental properties, that sort of thing. How did you learn about that. I want to start small here hopefully within a year or two but want to prep myself financially to take on those risks as best I can.

Where do you think should look for some of this knowledge? Would like to learn from someone.

thx

 

[ericraven2003]

I want to be successful in so many different ways but sometimes I just dont know how. The more I think and seem to learn as I get older the more time i have realized I have lost.

Anyway I think now is the time for me to take on a little more risk. I want to try my had in trying to get into real estate. I think that this is something that could help me make some good money in the long term. Do you guys agree? I want to learn more about this. I realize that its not a get rich quick kind of thing and I know that but I am trying to prep myself for taking some risks into something soon. I just feel like I would do best if I had someone to kind of talk me through some of these things. Do any of you invest in real estate? Not talk stocks and mutual funds I already do that myself. But talking about flipping homes, rental properties, that sort of thing. How did you learn about that. I want to start small here hopefully within a year or two but want to prep myself financially to take on those risks as best I can.

Where do you think should look for some of this knowledge? Would like to learn from someone.

thx

I have been in real estate for 9 years. This is the absolute worst time for getting in the real estate business. The failure rate would be absurbly high. Don't want to bust your bubble, just being realistic. Flipping houses was hard during the good times, now you are asking for trouble if you try it. Now, if you have a lot of free cash then you can get some good deals, but financing investment properties requires 20-30% down due to changes in mortgages. Still very risky either way.

 

[scrapper13]

i just read somewhere that in new york state alone they were expecting up to 1 million additional foreclosures just this year...i would stay away from the housing market it is going to get worse before it gets better. if you are talking about buying for yourself as an investment that is another story, there are a lot of good deals out there. just make sure u are financially stable enough to undertake something like this. ask yourself if for some reason you lost your job are you in a field where you would be able to get another and continue to pay your mortgage? you dont want to end up being one of those million foreclosures lol. anyways good luck bro i wish you success

 

[Nssca]

I want to be successful in so many different ways but sometimes I just dont know how. The more I think and seem to learn as I get older the more time i have realized I have lost.

Anyway I think now is the time for me to take on a little more risk. I want to try my had in trying to get into real estate. I think that this is something that could help me make some good money in the long term. Do you guys agree? I want to learn more about this. I realize that its not a get rich quick kind of thing and I know that but I am trying to prep myself for taking some risks into something soon. I just feel like I would do best if I had someone to kind of talk me through some of these things. Do any of you invest in real estate? Not talk stocks and mutual funds I already do that myself. But talking about flipping homes, rental properties, that sort of thing. How did you learn about that. I want to start small here hopefully within a year or two but want to prep myself financially to take on those risks as best I can.

Where do you think should look for some of this knowledge? Would like to learn from someone.

thx

Get a college education and let someone else take the risks.

 

[mrbuff1]

right on bro

Get a college education and let someone else take the risks.

well said

 

[c_froggie]

I know a good books I would recommend if your interested and there not too long. They also make audio tapes. It's called Rich Dad Poor Dad. Check it out on amazon.

 

[triathloncoach]

Read the "Millionaire next store"

It's about long term wealth building. Not get rich quick - hit and run schemes that only benefit the scam artist who created them.

Real Estate is a disaster right now. And it MAY actually get worse. No one really knows. You might as well go to Vegas. The girls are certainly prettier than your average Realtor.

 

[jim12]

Hey guys I probably didnt make myself very clear when I first wrote this. I agree with you all that the get rich quick crap doesnt work. Those are not the risks that I am talking about. I do believe in gradual consistant long term wealth building.

However I do know that since I am you I have more time to make up for adventures that dont turn out well. Now is my time to take on a little risk. When you have nothing you can lose nothing. That is kind of the point that I am talking about. I have the opportunity right now to take more risks than someone who is 10-15 years away from retirement.

Hopefully that clarifies what I am talking about. I do believe in education but I do know one of the highest paid professions is in sales. I cant quite think of a college course that specifically spoke of salesmanship. (not bashing education because I do think it is important but its not everything) I believe most successful people that have gone and recieved their degrees know how to use the knowledge they have. There are many on the other end of the spectrum as well who do have and education but have no idea how to apply thier knowledge.

I am looking for opportunity right now and I really do want to read the Rich Dad Poor Dad. Its one of the top on my list to read. I feel that there are so many strategies that the wealthy use that the common guy doesnt understand. Most people like the security of mundane. Its predictable, but usually unsuccessful. (IMO. My definition is a little different than some) One perfect example of what I am talking about is how the wealthy never pay off their mortgage. To the avg person it sounds dumb not to pay it off but when you understand the concept it truly is a no brainer. I know there are many more strategies like this, however I am still searching into how to obtain that knowledge. I guess I just have to keep on reading.

FROGGIE do you recommend Rich Dad Poor Dad as a great source of information for outside the box thinking???

 

[elimou]

Rich dad poor dad

Robert Kiyosaki author of RDPD is a known fraud. Just google him. Not saying RDPD doesn't have any valid points but as whole, i think there are better guides out there.

I think the challenges of Real Estate investing are:

1. Having sufficient capital to carrying a property (including down payment, tenantless months, taxes, repairs)

2. Ability to deal with tenants (waking up mid-night to fix a broken focet, potential evictions, etc.)

3. Have enough finance to evaluate the IRR between different properties.

4. Indepth understanding of the local market to judge ability to rent out.

Despite what gurus often like to advocate, no down payment financing days are done. Additionally, the idea that people are able to pick up foreclosed properties for pennies on the dollar is seriously misinformed. Often these properties are in very rural areas where the rental income is simply not there. Vice versa, if a foreclosed property is in a prime location savvy investors will bid it up. Economic principle would dictate that there is no such thing as a free lunch.

 

[ericraven2003]

Robert Kiyosaki author of RDPD is a known fraud. Just google him. Not saying RDPD doesn't have any valid points but as whole, i think there are better guides out there.

I think the challenges of Real Estate investing are:

1. Having sufficient capital to carrying a property (including down payment, tenantless months, taxes, repairs)

2. Ability to deal with tenants (waking up mid-night to fix a broken focet, potential evictions, etc.)

3. Have enough finance to evaluate the IRR between different properties.

4. Indepth understanding of the local market to judge ability to rent out.

Despite what gurus often like to advocate, no down payment financing days are done. Additionally, the idea that people are able to pick up foreclosed properties for pennies on the dollar is seriously misinformed. Often these properties are in very rural areas where the rental income is simply not there. Vice versa, if a foreclosed property is in a prime location savvy investors will bid it up. Economic principle would dictate that there is no such thing as a free lunch.

Exactly. Investor financing is almost non existant these day. Hell, regular financing can be difficut these days. Jim, don't wast your time or money on real estate right now. Its not going to happen. Try something where there is at least a shot to succed.

 

[Prada]

The older one gets the lower the tolerance for risk diminshes. Why? Because usually you have a mortgage, kids, wife (pregnant) and approach retirement so you cant afford your investment to tank 50% two years prior to retirement.

Dont know about the US they do have a fed up banking system but elsewhere real estate is regarded as being a safe investment.

 

[Mack]

I have been in real estate for 9 years. This is the absolute worst time for getting in the real estate business. The failure rate would be absurbly high. Don't want to bust your bubble, just being realistic. Flipping houses was hard during the good times, now you are asking for trouble if you try it. Now, if you have a lot of free cash then you can get some good deals, but financing investment properties requires 20-30% down due to changes in mortgages. Still very risky either way.

true


I sell my services to a realestate company , there turnover rate is very very high.

 

[Acadian]

Hey guys I probably didnt make myself very clear when I first wrote this. I agree with you all that the get rich quick crap doesnt work. Those are not the risks that I am talking about. I do believe in gradual consistant long term wealth building.

However I do know that since I am you I have more time to make up for adventures that dont turn out well. Now is my time to take on a little risk. When you have nothing you can lose nothing. That is kind of the point that I am talking about. I have the opportunity right now to take more risks than someone who is 10-15 years away from retirement.

Hopefully that clarifies what I am talking about. I do believe in education but I do know one of the highest paid professions is in sales. I cant quite think of a college course that specifically spoke of salesmanship. (not bashing education because I do think it is important but its not everything) I believe most successful people that have gone and recieved their degrees know how to use the knowledge they have. There are many on the other end of the spectrum as well who do have and education but have no idea how to apply thier knowledge.

I am looking for opportunity right now and I really do want to read the Rich Dad Poor Dad. Its one of the top on my list to read. I feel that there are so many strategies that the wealthy use that the common guy doesnt understand. Most people like the security of mundane. Its predictable, but usually unsuccessful. (IMO. My definition is a little different than some) One perfect example of what I am talking about is how the wealthy never pay off their mortgage. To the avg person it sounds dumb not to pay it off but when you understand the concept it truly is a no brainer. I know there are many more strategies like this, however I am still searching into how to obtain that knowledge. I guess I just have to keep on reading.

FROGGIE do you recommend Rich Dad Poor Dad as a great source of information for outside the box thinking???

Jim, what is great is that you have the itch to get into something at age 26 that can set you on a path to wealth. The earlier that you start on that path, the better. What I recommend is that you figure out what your passion is, something that you would never get tired of doing, talking, learning or writing about. Learn as much as you can, and if you are already an expert on the subject, great! Take your knowledge and use it to benefit the world, and the riches take care of itself, it is magical. You can do this by starting a blog, a website, or whatever is applicable. If you love real estate for example, learn all you can about it, then apply your knowledge. If it is not the right time to buy property, you can still use your expertise by starting a blog about real estate, and you can sell advertisements on it to make a little cash in the process. Just some ideas...

 

[pesty4077]

Wow, now I know why some guys only make a certain income. Anyone who is successful has taken risks to get there. Nothing is set in stone. Many have fail on the way to sucess. A college degree is a good thing, but won't make you sucessful, drive and determination do that. I always said, if they were giving out degrees for common sense, I have a master's degree.

I have 2 sucessful businesses, and never went to college. I made a 6 figure income last year working about 30 hours a week. Not bad in a bad economy. But, I didn't sit on my ass, I worked and worked smart. I took risks to start those busineses.

And to the above posters saying that real estate is a bad time to buy, that is ridiculous. You can get houses now cheaper then ever at record low interest rates. You do need 20% down and great credit, but it will be worth it. Houses have gone up 4 times the value, since the depression. They will go back up, it is only a matter of time. Look at it for long term investment, you can't go wrong.

Some people now are making great investments even in a bad economy. They will make their fortunes now, not when the economy is booming. I am building my business up now for the next growth. It is the old saying, you snooze, you lose.

One thing I would suggest, hang around sucessful people and learn everything you need to do, to be sucessful in what ever you do. Good Luck!

 

[ROYD]

Do you love the real estate game? Or do you want to get involved because you think you can make big bucks?
I invest in commercial ppty because i need to do something with the money I make doing what I really like every day.
My point to you is. You need to find out what you would be happy doing every day of your life even if you made no money.
It's suprising how the money comes in doing what you love.
There's a bit more to it than, that but essentially it comes down to enjoying the journey.

 

[Acadian]

Do you love the real estate game? Or do you want to get involved because you think you can make big bucks?
I invest in commercial ppty because i need to do something with the money I make doing what I really like every day.
My point to you is. You need to find out what you would be happy doing every day of your life even if you made no money.
It's suprising how the money comes in doing what you love.
There's a bit more to it than, that but essentially it comes down to enjoying the journey.

Perfectly said. It's magical what happens when you find your passion and never "work" another day in your life. Somehow, the money just follows even though you are not focused on it.