I'm 17 and I'm eager to begin

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I'm 17 and I'm eager to begin

Dj Samson
Member since 2008 · 19 posts · 1 vote

I'm a 17 year old High School Senior and I live in the suburbs of New York and I'm interested in investing in real estate. I currently have about $6,000 in my savings account and I plan on using these funds to buy my first property.

I've been reading alot of real estate books and although I'm taking in so much info, I still feel a little confused about analyzing profitable deals. I've been told that a good way to get started before I turn 18 next year is by bird dogging. I understand the basic theory of bird dogging but I don't completely understand what type of information I need to supply the investor when passing along a deal. I also am unsure if a home/apartment owner would give me certain information when I'm not actually interested in buying the property.

As far as actually investing, I plan on buying a duplex when I go to college next spring. I'm a little worried that a Banker/Realtor/Lawyer won't take me seriously because of my age, but my parents said they will sign on a loan because I don't have any credit history.

My major goals are to have a stream of income in college and to be financially free when I leave college.

Does anyone have any advice for me? If you recommend any books that could help me get started I would appreciate it.

Thank you for your help.

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  • Jason Hanson
    Real Estate Coach · Oakton, VA · Member since 2008 · 695 posts · 43 votes
    18y

    I love it when I hear about someone your age who is getting started. You are going to be way ahead of the pack and if you work hard, certainly a millionaire by age 30.

    With bird dogging you are gathering property information and passing it onto another investor. You will use some type of form with 20 or so questions that get all of the important information about the house. Once you have a sheet filled out, you pass it onto the investor.

    Since you are young (which means people will love to help you) I would go to your local investment meetings and find an experienced investor who will take you under their wing and you can bird dog for them.

    Read the following books:

    1. The millionaire real estate investor by Gary Keller
    2. Buy and hold: 7 steps to a real estate fortune by David Schumacher
    3. The magic of thinking big by David Schwartz

    Good luck!

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  • Spork Man
    Member since 2008 · 16 posts · 0 votes
    18y
    Originally posted by "djs13":
    I'm a 17 year old High School Senior and I live in the suburbs of New York and I'm interested in investing in real estate. I currently have about $6,000 in my savings account and I plan on using these funds to buy my first property.

    Good luck to you! That's a very good amount to have amassed at such a young age, you are off to a very good start.

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  • Dj Samson
    OP
    Member since 2008 · 19 posts · 1 vote
    18y

    Thanks for the help guys! I'll check out those books Jason. The $6k didn't come easy. I saved most of it overtime and by selling a few expensive items that I owned. I am also graduating early from high school in January and I'm trying to do it without a car which is getting tough.

    Thanks for the advice!

    EDIT: Also, would anyone know where I could find a form like you were talking about with those 20 questions? Thanks again.

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  • Mark N.A
    Real Estate Investor · North Carolina · Member since 2008 · 1k+ posts · 483 votes
    18y

    Here's an idea:

    Start writing down everything you do and experience in your new adventure (all the trials and tribulations and achievements and so forth), as well as how you started, including how you came up with your initial six grand.

    Then, after you acquire some properties and become financially independent -- WRITE A BOOK.

    Man, the media will eat it up. And so will readers of all ages. The key here, of course, is that you succeed while still pretty young. (Of course, if you try and fail, that might make a cool book worth reading, too!)

    Writing a book ain't easy, but you might find publishing adds pleasantly to your income stream.

    Best of luck and keep us posted.

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  • Account Closed
    Minneapolis, MN · Member since 2008 · 691 posts · 12 votes
    18y

    Hey DJ,
    Welcome to BiggerPockets! I think it's a great idea to buy while you are in college rather than rent or be in a dorm. You are ahead of your time, and also lucky that your parents will help with this. Bird dogging is a viable way to get started. As you get more knowledgable you will probably want to try to buy for yourself than just get bird dog fees. So if you get more and more educated this will come in time.

    I attached a simple sheet for you, just disregard the fax number. You can put together your own list based on what an investor might tell you he wants to have in a property. If you find a legitimate buyer (from an REI club or by calling for rent signs) you can ask what his parameters are. Tell him you are new and want to bird dog for him an ask what he would pay for the fee. Then, focus your marketing on those parameters, and feed the deals to your buyer. Repeat that over and over and you will build your buyers list and potential income. Good luck , Mike

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