Source: Forbes —
Financial literacy is a top priority for students looking to graduate high school prepared for real-world responsibilities. However, according to a CNBC report, there are no federal guidelines for teaching personal finance inside schools. While individual states are attempting to put forth legislation to beef up personal finance requirements in high schools, according to a recent Forbes article, many face a steep climb in getting legislation passed. Concerns over the cost of career training and replacement of other curriculums have a way of stalling final acceptance.
Without proper financial training, the younger generation faces increased challenges post-graduation. A lack of understanding of mortgages, loans, credit acquisition, and investment knowledge places them at a disadvantage in forming a stable financial life. For instance, some headlines suggest that Gen-Z are less interested in home buying, but it’s not because they wish to rent the rest of their lives. Instead, they see home costs rising and feel powerless without the financial know-how to become buyers.
The average home price in the U.S. in the first quarter of 2022 was $428,700, a 30% increase from 2020’s numbers. And commercial properties are even more expensive. The trillion-dollar industry is an investment area that real estate professionals are interested in the younger generation becoming involved. Although it might appear to be a market filled with buyers laying down large sums of cash, some individuals have learned techniques and strategies without reserve capital and wish to teach what they know.
One such person is real estate investor Reno Davis. At just 22 years old, he has proven that there’s a way into real estate for younger investors without massive cash reserves. He hopes others can learn from his journey to gain flourishing financial lives. “I was elated to find a path into real estate that didn’t require much capital,” says Davis. “I needed a way out of my circumstances, and real estate wholesaling was my escape. Today I own my own real estate company and am very successful at what I do, but it requires hard work.”
Davis went from a job in landscaping to becoming a successful real estate entrepreneur with over 4.5 million Instagram followers. I recently spoke with him about his current role in real estate, the knowledge picked up on his new career journey, and how others can follow his path.
Rod Berger: Alright, when we spoke earlier, you mentioned real estate as your escape. What exactly did you mean by that? What were you doing before you entered the property industry, and how did you get in?
Reno Davis: I’m from Miami, and we all know how vast and competitive the real estate market is there. Early on, I worked as a landscaper, but it started to wear on me in the crazy Florida sun. I was at a point in my life where I knew there was a better way to make money. I didn’t want to spend my time working hours of backbreaking manual labor. So I decided to explore my options, but I needed something that allowed me to be my own boss.
Real estate was the only self-employment opportunity that caught my eye because I saw the potential in the market, especially in Miami, where it skyrocketed with home sales. Once I realized that real estate was what I wanted, I had to figure out what type of real estate I wanted to take on.
I started looking into options and came across wholesaling real estate. I’d never heard of it before, and that intrigued me. So I spent weeks scouring the internet, reading everything I could find on it. I consumed all the content I could find on Google, YouTube, and social media platforms.
Once I had a firm grasp of what it was about, I decided to invest in myself by buying courses from people who were already successful in that niche. Then, armed with my knowledge from the course and reading the entire internet, I moved into the execution phase.
It took me about a month to get my first wholesale deal, which was the moment that let me know I could do this. After that, I think I closed another deal two weeks later, and it’s been uphill ever since.