Where to get started? Please help... (Career advice)

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  1. #1
    Exotics's Avatar
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    Talking Where to get started? Please help... (Career advice)

    Are Miami and California ideal locations to start real estate investing? If not, where is?
    - I've always had an interest to live in Miami or California
    Last edited by Exotics; 01-07-2014 at 04:01 AM.

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    asd60303 is offline Junior Member
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    I would probably go to uni and study something other than business mgmt if you're getting in to real estate. I'm a business mgmt graduate and the only jobs that I could find for a new grad were in retail sales. I know some uni's have actual real estate bachelor degree programs. Not to mention another option is to study finance/economics/math.

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    If you want to be a real estate investor it takes cash do you have money behind you? The more expensive the market the more money your gonna need.

    As for markets I would steer far away from the 2 mentioned. Have you ever been to Miami besides south beach? When you say California that is a lot less specific than Miami.

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    OP I think you are aiming to high and you are getting your hopes up to high, I see it as "I'm gonna get a degree, get into the real estate field, sell million dollar homes in cali and miami and am gonna be super rich" Sorry but thats not reality, the housing market is bad, lot of people other there who have degrees and experiences what you are going for and are struggling. Personally I would look into something different and do real estate as a side project.
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    Quote Originally Posted by Lamborghini View Post
    To start off, I'm a 18 year old Toronto student still in high school. I plan on attending university in September 2013 studying Business Management. I've had a passion for real estate all my life and am planning to become a real estate investor. I want to move to either Miami or California, maybe even both, after school. I am hoping to start off in residential and work my way up to commercial AND residential. I have the determination and work ethic to start right away, however I do know that 'experienced people,' for lack of a better word, do not take 'kids' seriously in the real world, therefore I have the patience to finish schooling before starting my ventures. I plan on applying for an internship at a real estate firm starting the summer of 2014, just to get experience, start networking, and maybe even "get my feet wet" in some properties. Some questions I have are:

    Am I taking the right path to become a successful real estate investor? What path do you suggest I take? Proven, theory based?

    Are Miami and California ideal locations to start real estate investing? If not, where is?
    - I've always had an interest to live in Miami or California

    What's your advice?

    Please take me seriously on this.
    what you want in life will change over time, one thing will not change is the education you get. I know in my world education trumps age. So get you Bachelors degree, and then go from there.

    you can always get in to real-estate once you have a good paying career, but from real-estate is hard to go to a good paying job if it doesn't work out. So maybe you want to rethink the major of your degree?

    PS: have you been accepted in to University already?

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    Quote Originally Posted by Lamborghini View Post
    To start off, I'm a 18 year old Toronto student still in high school. I plan on attending university in September 2013 studying Business Management. I've had a passion for real estate all my life and am planning to become a real estate investor. I want to move to either Miami or California, maybe even both, after school. I am hoping to start off in residential and work my way up to commercial AND residential. I have the determination and work ethic to start right away, however I do know that 'experienced people,' for lack of a better word, do not take 'kids' seriously in the real world, therefore I have the patience to finish schooling before starting my ventures. I plan on applying for an internship at a real estate firm starting the summer of 2014, just to get experience, start networking, and maybe even "get my feet wet" in some properties. Some questions I have are:

    Am I taking the right path to become a successful real estate investor? What path do you suggest I take? Proven, theory based?

    Are Miami and California ideal locations to start real estate investing? If not, where is?
    - I've always had an interest to live in Miami or California

    What's your advice?

    Please take me seriously on this.
    From my experience no one takes you seriously until you're 30. But aside from that, I would suggest going to school for business, you are going to need to understand and be able to read contracts, you'll need basic understanding of marketing, definitely need math and a good understanding of finance and statistics. These skills will help out big time as you advance in your career. But early on and most basic - you need to understand construction. You need to know your product!! I can't tell you the amount of real estate people I meet that have no idea what they are selling, it's insane. But especially starting out with residential - If you can understand building, and coordinate and manage projects you can save a lot of money when it comes time to build out a property which translates into greater profits in the end. Even if you're not looking to be involved with construction end and just want to be investing you need to know what you're buying and if you're getting it at a fair price. My suggestion - work for a construction company on your summer breaks etc. Learn how to read blueprints, surveys, understand what is possible to build. Lots of things look good on paper but are completely impractical to build in the real world.

    The housing market is coming back now, and it's definitely the time to get in. Money is cheap and inventory is low. But you have to be careful and choose you market accordingly. Florida and California got hit extremely hard in the recession and may be two of the toughest places to a make a profit right now. But other markets are soaring and demand is up.

    Quote Originally Posted by db71 View Post
    If you want to be a real estate investor it takes cash do you have money behind you? The more expensive the market the more money your gonna need.

    As for markets I would steer far away from the 2 mentioned. Have you ever been to Miami besides south beach? When you say California that is a lot less specific than Miami.
    +1
    Quote Originally Posted by MBZGuy View Post
    OP I think you are aiming to high and you are getting your hopes up to high, I see it as "I'm gonna get a degree, get into the real estate field, sell million dollar homes in cali and miami and am gonna be super rich" Sorry but thats not reality, the housing market is bad, lot of people other there who have degrees and experiences what you are going for and are struggling. Personally I would look into something different and do real estate as a side project.
    The housing market is only bad for people who can't afford to get in. Inventory is low, money is cheap. All the major home building companies are making good profits again. People are investing in real estate again, it's one of the safest places to put your money. Foreign money is buying up a lot of real estate now.

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    First and foremost, I appreciate all of the replies!

    asd60303 - I have searched many Universities in the Toronto area, I have not found any direct real estate programs. However, a Vice Principal at my school suggested I go into real estate law at a local college. I wouldn't mind going into finance, as it has been something that has been in the family for a few generations. (Real estate is just to try something new, sort of break away from the family "norm")

    db71 - I don't have a lot of money behind me, but I do plan on starting small. As for markets, do you have any suggestions to get into within the next few years?

    MBZguy - To clarify, I don't just automatically assume I am going to be making lots of money. I know it takes an insane work ethic, an obsessive determination, and a lot of patience to get there, and I am on the path of achieving these skills. I plan on working my way up to the described markets. I also believe the key to happiness in life is making your hobby your job.

    MasterWhite - "what you want in life will change over time, one thing will not change is the education you get." I strongly believe in this as I have changed my desired career many times (However, I have always had a passion for real estate). As for going from a good paying job into real estate, that is the plan. No, I have not been accepted into University yet, I can almost guarantee I will be though (not being cocky, just know the facts and what has happened in the past).

    Justin D -Yeah my plan has always been to go to school for Business as there is many different paths you can go into from there. I have been thinking that maybe architecture is for me, but it is an ongoing thought/decision. I will start applying to a few construction companies ASAP. "The housing market is coming back now, and it's definitely the time to get in. Money is cheap and inventory is low." Excited to hear this. "But you have to be careful and choose you market accordingly. Florida and California got hit extremely hard in the recession and may be two of the toughest places to a make a profit right now. But other markets are soaring and demand is up. " Do you have any suggestions as for markets?

    Once again, thanks everyone for the responses, they are much appreciated and extend my knowledge greatly.

    Thanks.

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    "Do you have any suggestions as for markets?"

    Yeah, Toronto!

    As a fellow Torontonian and a real estate investor this is my advice.. Go to school, get an education and get into real estate selling. Toronto is an expensive real estate market and the standard commission in Toronto for selling a home is anywhere from 2.5-4.5% below $1M to 4.5-6% above $1M. Homes start at about $300K (50-60 years old and 1500sq/f) and go up from there. Depending where you buy (location, location, location) the price can double or tripple for that same home. Toronto is a sellers market with a lot of homes selling for 97-110% asking price.

    For example, my home was on the market for 1 day and had 3 parties bidding for the house and it wasn't upgraded in any way and needed a major renovation. I paid full asking (as I refuse to pay more than asking) with no conditions on the sale. Kind of foolish to go in without at least a home inspection (as per Mike Holmes) but its in a very exclusive pocket on a high demand street, with a huge lot backing on to government protected conservation. Luckily for me the home is a good home, thank God.

    Just yesterday an electrical contractor buddy of mine called me up and asked me if I wanted in to buy a home in Royal York for $1M , tear it down and build a new one for $400K and sell it for $2M. He's in the trade and knows a lot of guys that do this for a living and do two or three a year. That's $600K profit per home and if you have your real estate license you save yourself the commission, which on a home like that could be upwards of $120K! Now, this is not taking into consideration land transfer tax and capital gains you get the idea.

    Again, like DB71 said before, you need money to back you up. Start saving!
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    It's becoming more and more common for high end lux homes to be sold off the MLS in "shadow listings". So it's hard to know for sure the volume of luxury homes being sold.
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    Find a career that you enjoy doing, and if it offers a nice salary you can invest on the side. Even if your job does not pay 6 digits if you are smart with your money you can easily boost your total income. Flip houses with a friend/ stocks / flipping cars, etc..

    you have to put a lot of effort into whatever you want to do, start off small and if you keep working and pushing you will make it big...
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