Alright guys, so I have been active and inactive in this forums for a little while and I think very highly of many of you on here so I would greatly appreciate any positive and negative input on my current goals for this year that are the start of my path to success.
BACKINFO
I am 19 years old and in college majoring in finance with a concentration in real estate. I am really into investing, whatever investment it is, I love the idea of putting in a little more effort now and watching it turn into something bigger than I could have ever imagined. I was suspended my sophomore year of college for drinking but it set me on an even straighter path than before (I was doing pretty good before besides drinking too much on weekends). I currently live at home with my parents and instead of going back to school and paying rent to live with my friends, I have decided to commute from my house which is around 30 minutes away.
CURRENT PLANS
I haven't mapped out everything I am about to discuss, but I figured this would be a great way to start this planning process so I can periodically update you guys about my progress. This is what I will be doing...
To begin, this summer I am going to be lifeguarding 10 hours a day probably around 4-5 days a week pulling in $10 an hour. Along with that, the lifeguard job doesn't require any attention because its an apartment and no one ever comes so I can sit on my laptop. I will be working an online marketing job while I lifeguard at the same time which i'm hoping will pull in an extra $13-$15 an hour so i'll be making around $23-$25 an hour working two jobs at once. I also invest in stocks so i'll be making and losing money doing that as well (hopefully not losing).
After the summer is over and I have saved all of my money from work, I will start commuting to class every day (it's a 30 minute drive to an hour depending on traffic). While I am at school, I will hopefully still be woking some kind of online marketing job to continue bringing in a steady cash flow and putting it away. My financial aid will temporarily be covering my gas and my parents are covering food so I don't really have any personal expenses as of now to worry about. My mom told me that since i'm living at home she will give me the money I would have been paying in rent so that I can pay for food/gas but i'm just going to put all of it into savings. After all is said and done and my plans don't go perfectly but they go well enough for me to have a good chunk of change saved up, I am going to buy a house from a local wholesaler that my grandfather used to be business partners with or another one depending on the deals. I am going to buy an undervalued house with 3 bedrooms (hopefully around 50-70k max that's valued around 100k-120k and needs work) and fix it up for the first month, then move in the 2nd month and get renters in by the 3rd month to cover the mortgage. The floor plans I want to do include installing a second bathroom (my business partner is a plumber so this will be relatively cheaper than normal) so that I will have my own bathroom. After everything is said and done, by the end of next semester I will have began paying off my first house and when I graduate from college two years after I will own my house and have a college degree if nothing else I am currently working on goes to plan.
CURRENT GOALS (dates starting on 4/05/16)
1 month - Have plans for buying house finished and realitized (a word I made up, it means to take an idea or goal and put it into reality by writing it out and creating a map to follow with room for error) with a clear map for following that allows room for error
**This plan includes what kind of house I am going to be purchasing, how I will be purchasing it, what I plan on doing renovation wise in order to turn it into somewhere I can live while renting a portion of it out to cover mortgage and other things, i'll update it as I go.
3 months - Have fully-projected finances mapped out.
**This plan includes how I will be purchasing the house, how much I will need saved up, how I will be getting the money to save up, etc...
6 months - Have meetings either set up or completed with potential investors/wholesalers so I can buy the house from someone instead of a bank in order to skip the mortgage part of buying a house.
12 months - OWN FIRST HOME
**Of course I won't own it in 12 months, it will be when I have fully payed it off.
BACKINFO
I am 19 years old and in college majoring in finance with a concentration in real estate. I am really into investing, whatever investment it is, I love the idea of putting in a little more effort now and watching it turn into something bigger than I could have ever imagined. I was suspended my sophomore year of college for drinking but it set me on an even straighter path than before (I was doing pretty good before besides drinking too much on weekends). I currently live at home with my parents and instead of going back to school and paying rent to live with my friends, I have decided to commute from my house which is around 30 minutes away.
CURRENT PLANS
I haven't mapped out everything I am about to discuss, but I figured this would be a great way to start this planning process so I can periodically update you guys about my progress. This is what I will be doing...
To begin, this summer I am going to be lifeguarding 10 hours a day probably around 4-5 days a week pulling in $10 an hour. Along with that, the lifeguard job doesn't require any attention because its an apartment and no one ever comes so I can sit on my laptop. I will be working an online marketing job while I lifeguard at the same time which i'm hoping will pull in an extra $13-$15 an hour so i'll be making around $23-$25 an hour working two jobs at once. I also invest in stocks so i'll be making and losing money doing that as well (hopefully not losing).
After the summer is over and I have saved all of my money from work, I will start commuting to class every day (it's a 30 minute drive to an hour depending on traffic). While I am at school, I will hopefully still be woking some kind of online marketing job to continue bringing in a steady cash flow and putting it away. My financial aid will temporarily be covering my gas and my parents are covering food so I don't really have any personal expenses as of now to worry about. My mom told me that since i'm living at home she will give me the money I would have been paying in rent so that I can pay for food/gas but i'm just going to put all of it into savings. After all is said and done and my plans don't go perfectly but they go well enough for me to have a good chunk of change saved up, I am going to buy a house from a local wholesaler that my grandfather used to be business partners with or another one depending on the deals. I am going to buy an undervalued house with 3 bedrooms (hopefully around 50-70k max that's valued around 100k-120k and needs work) and fix it up for the first month, then move in the 2nd month and get renters in by the 3rd month to cover the mortgage. The floor plans I want to do include installing a second bathroom (my business partner is a plumber so this will be relatively cheaper than normal) so that I will have my own bathroom. After everything is said and done, by the end of next semester I will have began paying off my first house and when I graduate from college two years after I will own my house and have a college degree if nothing else I am currently working on goes to plan.
CURRENT GOALS (dates starting on 4/05/16)
1 month - Have plans for buying house finished and realitized (a word I made up, it means to take an idea or goal and put it into reality by writing it out and creating a map to follow with room for error) with a clear map for following that allows room for error
**This plan includes what kind of house I am going to be purchasing, how I will be purchasing it, what I plan on doing renovation wise in order to turn it into somewhere I can live while renting a portion of it out to cover mortgage and other things, i'll update it as I go.
3 months - Have fully-projected finances mapped out.
**This plan includes how I will be purchasing the house, how much I will need saved up, how I will be getting the money to save up, etc...
6 months - Have meetings either set up or completed with potential investors/wholesalers so I can buy the house from someone instead of a bank in order to skip the mortgage part of buying a house.
12 months - OWN FIRST HOME
**Of course I won't own it in 12 months, it will be when I have fully payed it off.
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