Wealth Building Tips – Humble Beginnings To Abundance
As a real estate investor, it is interesting to see that many of us had the urge to invest starting at an early age. Here is a great investing competition as well of the back story behind my and my partner’s beginnings.
I woke up as many do each morning, sipping on their cup of coffee and reading the news highlights of their industry. Today was a special day of news. Instead of the same old drudge and mayhem being reported an article jumped out at me that is a true story of education, possibilities and inspiration, I will touch on why this touched me so later but first I want to share this incredible story.
The report showed how multi-millionaire actress, Jennifer Lopez, and a multi-millionaire former athlete, Alex Rodriguez, were taking time from their busy schedules to help support children in their efforts to gain financial literacy and invest in Real Estate.
Their objective is to teach kids how to amass a Real Estate Fortune
Project Destined was a competition that screened kids to participate in and receive the kind of training that would not only benefit most people, but would be welcomed education for many investors and wanna-be- investors.
Lawyers, Bankers, Mortgage Companies and Real Estate Brokers all participated in an intensive education toward the subject of Real Estate investing. This is not just a theoretical instruction but an educational process such as an apprenticeship opportunity to partake in an actual investment.
A Chance to buy a building worth over 1.5 Million
The team that takes their lessons and comes up with the best business plan gets to actually partake in this large stake investment in the Bronx and develop it.
They not only get to develop it, but actually share in the profits.
Why this resonated with me and why it may resonate with you too.
Would you have loved an opportunity like this as a child? To be educated in financial literacy is the paramount to building a sustainable investment portfolio worth owning.
I got to thinking of how my partner Karin Rosarne and I could have used this education early on. We both developed a passion for real estate early in our careers. We both made our first real estate investment at an early age, but we did it out of a perceived passion rather than education and knowledge.
Karin Rosarne is an immigrant who arrived in the United States at age 18, with $200 in her pocket. The Immigrations Office instructed her that she could lawfully babysit and clean houses to make a living. So she did. By the time Karin turned 20 years old she had saved up enough money to buy her first home.
“The United States is the Land of Opportunity, not the Land of Guarantees,” says Karin. “What is so exciting is that anyone can make it in this country, if you are willing to roll up your sleeves and work hard. The way anyone can own and hold title in real estate is also quite unique.”
Karin’s first acquisition sparked her love of real estate investing, and she is still at it today, while also handling other people’s transactions as a successful real estate broker.
Some of you know may story and how, at the age of 15, I used money I made from mowing lawns to buy my first investment property. I invested in one of those lots that I mowed. The local real estate developer had plotted off a new subdivision at the North end of the town I was living in at age 15 (in Waseca, Minnesota) it got me thinking. If I bought one of these lots I could watch houses go up around me and as the properties were being built and the supply of lots would run low.
I could ride that wave of prosperity forward and sell for a profit. In the meantime my monthly payment would serve as a savings account for me. With my father as a co-signer to make things legal (as I was a minor) I purchased the lot for $6,700 dollars. I made my $70 monthly payments which helped me create accountability and then I sold it 3 years later for $10,500 and I put $3,800 (56%) profit in my pocket and bought my first duplex at the age of 18.
Financial Literacy is a Path from humble beginnings to abundance
You can now see why this project called Project destined resonated with us so much. Karin and I both started on our own with humble beginnings and were pulled into real estate at an early age from just the thrill of the deal. We went on to do self-education and became investors and learned to navigate the financials, the pro-forma’s, the deal making and all that is involved in building investment portfolios strictly driven by passion for real estate investing.
Imagine how these young kids with their expert tutorage will be able to thrive. Do you think this will become a passion of theirs? Funny how making money can become a passion.. We are so thrilled to see these opportunities exist and look forward to follow their stories. Anyone can create abundance all you need is a little drive and the willingness to learn.
Filed Under: Getting Started In Real Estate Investing Articles