T Nation

Chasing Trump


#1

I've made the decision to start up my own business in real estate.

To those who have followed my posts(mostly on the T-Vixen or Sex forum, about dating usually)know that I'm all about chasing your dreams, and accomplishing whatever you feel that is best in your life.

Currently, I'm 21, and I've got a few years to go until I have my masters degree in psychology. Other than that, I have absolutely no business knowledge.

Recently, I met a guy, who's about my age, that currently works at a real estate office and is very interested in starting up a business too.
He has a great mentor at this office, who is very much inclined to help him(us) out with any knowledge we might need.

Besides that, I'm doing all the reading I can handle, and made an appointment with our family's accountant and my bank, to go talk about what I'm planning to do.

To those of you not familiar with how starting up a business in Europe works, you need a starting capital of around 6500 ?, which is about the same in dollars. Besides that, you need a diploma in company management, for which I've sent a letter demanding a speed course(one week versus one year)at the Flemisch Government.

I've heard all the nay-saying already, about how I should stay in school(which I am planning to, however, if the business turns out to be more beneficial, I might change my opinion), get my degree in 2-3 years and live a great life and make lots of money being a psychologist.

This has only made the fire stronger.

Any input/own experience/tips/stories are very welcome.


#2

Hey Man, I have a science degree and I'm in the middle of starting my own development company and contracting to another development company doing land speculation and sales.

It's alot easier in Calgary to start a company I won't lie...but jump through the neccesary hoops and get goin!

What aspect of Real Estate is your company going to deal specifically with?

C


#3

I just thought real estate cuz I heard that's where the big bucks is at :wink:

Actually, my family has been buying old houses for years, and then rebuilding them into appartment buildings.

Although that is indeed a great way to make money, it is also very time and effort consuming, and in my opinion the turnover is not worth it, unless you are a very skilled contractor and have experience in construction(which my family does, however, and so do I as a consequence). But it remains a lot of work.

I was thinking about selling houses and appartments.

Would this be appropriate ?


#4

Appropriate is really what ever you want to do man. I personally prefer dealing in raw land as I'm not enough of a people person to be a Real Estate agent...but there's money to be made everywhere so just find an aspect of the industry that you like and go after it.

C


#5

Great decision...just make sure you know what you are getting in to.

I work in commercial development and it was the best decision I ever made. I was originally planning on continuing my career in financial services, but liked the tangibility of real estate.

Also, in my opinion, 21 is a great time to be taking a big risk.

Best of luck


#6

Good luck. I own my own company and couldn't imagine doing anything else.

It will be a lot of hard work, long nights and fear. Once it's up and running though you cannot beat it for the freedom and rewards.

21 is a little young but it is not impossible. It's also a grat time to take risks. Don't worry about going broke. I've been down to my last dollar more then once and always came back. That's the fear part.

Real Estate is a great way to make money. It's the leverage that borrowed money allows. Real Estate in the US has also been a fairly reliable investment over the last 50 years. I don't see that changing much. Peaks and valleys but generally upward.


#7

1- Money in real estate is made at the purchase. TRUE. Unless you want to speculate on market ups, which I dont recommend. Otherwise you could get stuck with a looooong commitment that doesnt generate the Return On Investment you expected.

3- Fixer-uppers can be good. Just make sure you go for flash-value. Then again, it depends on whom you are eventually selling to. In any case, being cheap (read: wise) will give you a better ROI.


#8

I made a similar decision (dropped out senior year at that) and haven't regretted it for a second. On the other hand, make sure this is something you love too... the bucks will get you out of bed for awhile, but it's not worth it unless it's something you're going to enjoy for the process itself. I used to scoff at that advice, but it's true.


#9

My cousin does Real Estate and I can tell you around here the market is great,so he makes some great cash.I'm gonna start doing it myself.


#10

I've been working in constuction for the last few years to help paymy way through college. Lately, I too have become interested in getting into the real estate and land development business. However a lot of people I look to for advice have been naysayers. They say that it takes to much money and investment to even break into the business and that I should wait a few years to do it, if at all.

For those of you with experience, how much do you need to break into the business and begin making a profit?