18y/o starting out. How would I start off as an investor?

Question

Let me introduce myself, My name is Tyler, and I am a senior in high school. I would like to get into the real estate game, but I don't really have any connections, nor do I have much money. I was thinking about going to a local property management company and asking to work for free like an internship for experience, but I'm not sure thats the best place to start. Or I could try for a real estate license, and work for a firm. I doubt anyone would want to hire an 18 Y/o for money, that's why I would be asking to work for free. Any advise out there? I'm open to all suggestions. Thanks!

James B. · Answer

@Tyler C.

Join the military to get some life experience while you travel and save up some money. And a VA loan.

Nathan Gesner · Answer

Welcome to the BiggerPockets forums!

Start by reading "Set For Life" by Scott Trench and "The House Hacking Strategy" by Craig Curelop. Here's some other basic beginner advice:

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

Dan Sheeks · Answer

Hey @Tyler C.! As an 18-year-old, your first step is to read this book from Bigger Pockets. www.biggerpockets.com/teen

It is specifically for teens who are exactly where you are right now - the beginning. This book is your launching point.

I am the author and have been a high school business teacher for 20 years. Let me know if you have any questions. Always happy to talk to beginners who are young like you!

Dan

Scott Mac · Answer

This illustrates what I am talking about:

and no school loans needed.

Here is a "Good" link that can give you a glimpse of the business to help you figure out if it's for you, or not.

How to Wire a Hot Tub: https://www.youtube.com/watch?v=fSLQYf7eU1M

Good Luck!

Scott Mac · Answer

Don't work for free--that's contrary to what you need (Money), and this old guy named Abraham Lincoln freed the slaves.

Would you go pick cotton for free to learn to wear a shirt?

Starting someplace big like Greystar might teach you management basics, but not real estate investing strategies....

A plus to this is you could learn to turn units, interview guests and close contracts for rent, etc...

Without a degree you might not be able to be a "Property Manager" but you could possibly be a leasing agent driving the golf carts around with possible renters, and etc..

Now this is not not a high paying job, and what you need is CASH Money.

So if you have an opportunity to get into a high paying trade, such as an electricians helper working your way to master electrician, your wallet will be much more full over time.

Read Rich Dad Poor Dad<--(that).

Good Luck!

https://jobs.greystar.com/search-jobs?acm=8173792,8173744,8173808,8173664,8173872,8173680,8232656,8183696,8321264&alrpm=ALL&ascf=[%7B%22key%22:%22ALL%22,%22value%22:%22%22%7D]

Bolanle Ogunmakin · Answer

Hi @Tyler C.,

Impressed you're ready to get started so early! Nathan has provided a lot of information already. In addition, I'd advise going to the local real-estate meetups in your area. There's so much wealth of experience and information from seasoned investors at those meeting. Start networking at those meetings and offer your time to assist some investors if they need it so you can learn more hands on. Meetup.com should have a list of REI meetings in your area. You might also be able to find the local meetup groups here on the forums. All the best!

Tyler C. · Answer

Thank you Nathan! I appreciate your reply. Yes, I love reading books on financial literacy, and I will definitely look into those books.

18y/o starting out. How would I start off as an investor?

18y/o starting out. How would I start off as an investor?

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