Aspirations in Real Estate and future success, advice, tips?

Question

I am kind of in a pivotal moment in my life and I would like some input.

I am 17 years old and I have always wanted to be wealthy. I do not want to work for anyone else to make their dreams come true. I want to be a business owner, investor and real estate guru. I have read many books/audio books, taken business classes, gone to financial seminars (where I was by FAR the youngest attendee) and talked to other gurus and wealthy investors. I have an investment account where I work on trading options and stocks.

I am not very good in school and various subjects. But I spend virtually all my free time educating my self financially and about business and real world subjects. I refuse to go to college. I don't want to follow the traditional... go to college, graduate, get married, get a safe job, save for retirement, live frugally etc. etc. All my friends say that I will never be wealthy if I don't go to college and get a high paying job.

My current written and planned out goal of 2 years now is to become a millionaire by age 25. I am constantly thinking about this, every night before I go to sleep and every morning when I wake up. Do you think the is a realistic goal? I plan to go to real estate school once I graduate from high school with a like-minded friend of mine. We plan to go into business and real estate together.

I'm tired of people telling me that it is risky and that real estate is bad. Half of the people that tell me these types of things have never done it themselves anyway, and they are typically poor.

What advice or tips would be good for someone like me who wants to be successful and wealthy?

Answer 1

I doubt you can become a millionaire by 25, but I suppose anything is possible. The downside is that it will be tough to get some people to take you seriously being so young and having no education. We are talking about serious investments here, the biggest investments most people make, and trusting this to an uneducated young adult is going to be a tough sale.



I know those guys on Bravo TV do it, but they are well connected, come from wealthy family backgrounds and you do not mention any of those things.



I know you are tired of hearing it, but real estate is risky now, times are tough, lending criteria is extremely challenging to work with. Commercial lending is very tight. And if you want to be investor, you are going to need capital. Being a young adult with probably limited credit history, no experience and limited employment history, you are not getting a loan and no investor is going to be willing to front you capital without significant track record of successful investing.



"Refusing" to go to college is a mistake. At least take some business, finance and/or marketing courses. You have to be able to at least speak the language where you want to go. Going to college does not mean you have to follow a traditional path that you describe.



Taking classes in RE and investing are great. Doing it successfully is a whole different thing.



Good luck.

Answer 2

Go for it! To be successful in real estate you do need to become an expert in it. This does not require you to get a 4 year degree, but will require you to go to real estate school. And to be honest, the majority of the classes are a complete bore, but are never the less required to get your license. Once licensed, do your best to find a successful person in the business to work for/with who can teach you how to succeed. When you start out you will likely be making next to nothing but you have to pay your dues. Many of us had plans to be millionaire's by 25, but along the way we realized that unless you win powerball or inherit a lot of money, you are going to have to work hard to reach this goal. And if you have to put it off for a few years, so be it. Planning on it and dreaming about it are nothing but a waste of time unless your bottom line is increasing at the right pace.

Answer 3

The problem with your *aspirations* is all you talk about is being wealthy..or being a millionaire by 25.



You are too focused on the money part.



Get an education. You will find that invaluable.



Do you already have contacts lined up to sell houses to? Do you realize you will be on call 24/7?



Something tells me you are looking at the end result of your dream rather than the ladder you are going to have to climb to get there.

Answer 4

Real estate professional gets paid by commission based on his or time and effort. No commission if the sale didn't go through. How often you work and work and didn't get result? Better equip yourself with college education first.

Answer 5

Check this 2 sites out



http://realcommercialproperty.net

http://realhomesforsale.net