Posted by Joe Kaiser on April 12, 2006 at 18:41:56:
I’m sure Bill will be glad to hear that!
Joe
In School, No Income, Educ. Debt - Posted by Dave
Posted by Dave on April 11, 2006 at 17:00:07:
Hello all,
Currently in law school, no income, and lots of educational debt…any ideas on how to get started in real estate?
Maybe I should go work at a title company this summer or serve as an assistant to a real estate agent? What kind of experience is best? Maybe working with a rehabbing crew would be a good idea?
One long term goal is to become a lawyer for those that are investing in real estate and the best way to do that is to be lawyer with actual real estate investing experience. The other long term goal is to develop large passive income flows (giving myself 20 years from when I start working to accomplish this).
Apologies for how long this post is…some of the ideas posted here were excellent, hoping that maybe others would be willing to share some insights into how they would proceed if they were in my shoes.
Cheers,
Dave
Advice to a future Lawyer??? - Posted by Innovator
Posted by Innovator on April 17, 2006 at 24:10:16:
I must be nuts trying to give advice to a future lawyer! If it was me I’d try to find a CRE investor who is “doing it” and partner up with him. What has he got to lose to mentor you, it’s just extra money to him? You do the leg work, and stuff he’s tired of doing (calls to ads, searching the various lists, follow up with his real estate agent who gives him access to the MLS, etc.), find deals for him (for instance, drive neighborhoods and call on FSBOs, find subject to’s where motivated sellers are willing to stay on their loans for higher offers, etc.) work out a split with the investor and make some good money while getting well rounded, real experience on all the phases of creative real estate deal making. You’ll get a much better education and make more money than working for a title company or as a real estate assistant (flunky). You’ll learn and probably be able to do a couple of your own deals before you graduate. You may never practice law!
Buy a home. - Posted by Mike
Posted by Mike on April 12, 2006 at 12:00:22:
I regret renting an apartment for three years when I was in school instead of buying a house near campus. The rent money was flushed down the toilet, but a house would have given me equity appreciation. Everybody needs a place to live, so make your home an investment rather than an expense.
I bought a property while still in college to use as a rental, while I lived with my parents. The seller carried a note for most of the price with an installment sales agreement, so he had nothing to lose. I borrowed some other cash to make up the difference and made a good return. (Yes, since I did this, I should have known better than to rent the apartment mentioned above.)
My best advice - Don’t blow the money you borrow with student loans. We all know you can borrow more than you need, but it all has to be paid back. Buy “guns” instead of “butter” with borrowed money.
Re: In School, No Income, Educ. Debt - Posted by Dons
Posted by Dons on April 11, 2006 at 19:29:33:
Hi Dave,
My wife took the Bar 30 years ago and has been an RE attorney ever since. She got into it by doing just what you suggested…working for a title company. She became a title examiner while still in law school.
We are investors and, of course, her law knowledge and experience has been a key part of our success over the years.
Start reading any and every book on RE investing you can get your hands on. Yes, I know you have lots of spare time to read. 
(We got married and went on our honeymoon half way through her first year in law school. She packed an entire suitcase full of law books to study for first semester exams. Then she forgot to bring them with her on the honeymoon. Wooo Hooo!)
At any rate William Bronchick ESQ. appears to have written several good books about REI. Also pick up a copy of Gary Keller’s book “The Millionaire Real Estate Investor” at you favorite bookstore. It’s a winner and will help you formulate your approach to REI.
Then go get that job at a title company.
Don
Re: In School, No Income, Educ. Debt - Posted by Rachael PA
Posted by Rachael PA on April 12, 2006 at 12:29:11:
Small side note, about books, read all you can and buy them through overstock.com
Almost any title you want and very low prices…That is where I bought Bronchick’s “Flipping Properties”