Getting Started in Real Estate as a Young Aspiring Investor

Real Estate Consultant · Fort Worth, TX · Member since 2021 · 5 posts · 1 vote

What advice would some of you give to someone like me just getting started, 18 years of age, and wanting to get involved with real estate? I have a passion for real estate because of the results I have seen it work in lives. I want to accomplish the same for myself. In doing so, I am also young and learning about myself and how the industry works in a whole. If you are someone who has taken that step, How did it go? How did you feel? Any suggestions for me as a beginner? Thanks!

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Jonathan GreeneBusiness Member

Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes

When you say "I have a passion for real estate because of the results I have seen it work in lives" does that mean you see passive investors just living the life or something else? You can't have a passion for just the results because that's not what gets you results. It's education, hard work, data analysis, and above all, relationships. Have you thought about getting your real estate license now to learn about real estate and have the potential for side income with the right training? Do you go to local meetups in person or online to see what people are doing? Listen to the BP podcasts that are titled with investors close to your age, listen to what they did, and take it all with a grain of sale. But from what you wrote, I don't think your why to get into real estate is clear enough yet.

[email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro

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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
4y
When you say "I have a passion for real estate because of the results I have seen it work in lives" does that mean you see passive investors just living the life or something else? You can't have a passion for just the results because that's not what gets you results. It's education, hard work, data analysis, and above all, relationships. Have you thought about getting your real estate license now to learn about real estate and have the potential for side income with the right training? Do you go to local meetups in person or online to see what people are doing? Listen to the BP podcasts that are titled with investors close to your age, listen to what they did, and take it all with a grain of sale. But from what you wrote, I don't think your why to get into real estate is clear enough yet.
[email protected]Podcast Guest on Show BiggerPockets Daily 667: 5 Amazing Benefits Multifamily Investments Offer (That Single Family Homes Don’t) by Gino Barbaro
Zen and the Art of Real Estate Investing59 Reviews
Website View Page
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Dan SheeksPro Member
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
4y
@Caleb Kacal Read Bigger Pockets' most recent book: First to a Million: A Teenager's Guide to Achieving Early Financial Independence!
[email protected]Podcast Guest on Show #179
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Caleb Kacal
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Real Estate Consultant · Fort Worth, TX · Member since 2021 · 5 posts · 1 vote
4y
@Jonathan Greene When I said "I have a passion for real estate because of the results I have seen" I should have specified what exactly I meant. The results I have seen could be described as my different role models and what they have accomplished, and how I would like to achieve what they have through the same endeavor. I would like to specify a bit more of why I find real estate to be a passion of mine. I find that above all, real estate makes since. My family is mainly involved in medical practice, however this was not something that I wanted to pursue. I wanted to be different. Finding a place and career for myself was and is extremely difficult. I have always had high aspirations, and seeing what real estate could help me achieve, helped me also get drawn into a bit of the process. I know that there will always be a need for a home, an office building, storage units, etc. I also feel that the game of real estate in my eyes is a bit of a puzzle, you have to analyze properties, speak with people, and really just navigate the in's and out's of a community. I find this to be intriguing, risky, and humbling, while also serving as one of the best oppurtunities to help me achieve financial independence and more. To answer your last couple of questions, I am currently working on my real estate license course, as well as continously reading to expand my real estate knowledge. In regards to different meetups or webinars, that does interest me and I will look further into that. Thank you for your response!
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Caleb Kacal
OP
Real Estate Consultant · Fort Worth, TX · Member since 2021 · 5 posts · 1 vote
4y
@Dan Sheeks I appreciate the response! I will definitely look into that. So far I have read "Rental Property Investing" as well as "How to Invest in Real Estate" from the bigger pockets team. Both of these are great reads and I will definitely check that out!
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Rolly Weaver
Helen, GA · Member since 2015 · 96 posts · 68 votes
4y
I'd start as un agent, and learn as much as you can.
When I started, I was intimidated by being a youngster in real estate, going against older, experienced investor. But you can you that to your advantage. Experienced investors are much more likely to help you if your young, and just ask.
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Caleb Kacal
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Real Estate Consultant · Fort Worth, TX · Member since 2021 · 5 posts · 1 vote
4y
@Rolly Weaver It is great to hear that from someone elses POV as well as being able to look at it as an oppurtunity rather than a setback! Thank you.
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Allen Wu
Rental Property Investor · Member since 2021 · 335 posts · 193 votes
4y
@Caleb Kacal
1) Get a college degree in business or practical stem degree
2) Get into a hot and high paying industry like tech, investment banking or consulting
3) Work your tail off in that 9-5 and job hop upwards for more money
4) In the process, keep buying properties, heck, live with your parents for first 5 years if have to
5) Get 10 units by 33.
I would have done this in hindsight…. Instead started at age 31 after accidentally converting my first two properties into investment.
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Danielle Jackson
Phoenix, AZ · Member since 2021 · 504 posts · 282 votes
4y
If you passion truly is RE, then perhaps consider getting your degree and interning or even going to work for an RE investment firm? You can learn the ropes of how to analyze deals, assess markets, understand nuances between different strategies, tax benefits, etc.
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Trey Fankhouser
Lender · Guymon, OK · Member since 2018 · 9 posts · 8 votes
4y
One of my biggest pieces of advice I would give you is to start building your credit as early as possible. If you are responsible enough to do so, it can really benefit you in the long run whenever you want to get your first loan, especially on something as big as a mortgage. Open a secured credit card, then move to a credit card that will give you cash back or points for all your purchases that you were already going to purchase anyway. If you use it without compiling debt and pay it off, in the long run this can help you a ton with your credit score and improve your ability to get a loan. I graduated college with no credit score because I used a debit card for everything and this definitely set me back whenever I first started in the investing game.
The first deal you are probably never going to really know what you are getting into. There is always going to be something that you never thought of, and there will be some tenant that always needs something repaired or replaced. Stuff happens. I would say just do as much research as you can on the type of property you want to invest in, and never stop learning.
Feel free to connect with me and I would be happy to go into more detail on my favorite books and advice I could offer!

Good luck!
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