Would appreciate any advice for starting out at 16.
Hey, I am Elijah and have been interested in learning about real-estate since I was 13. Ever since then I have been trying to learn as much as possible to the point where I listen to bigger pockets podcast during workouts and runs that I do in the evening. I picked up a job as a apprentice at a local credit union to learn more about money and how loans in specific work. Now that I am 16 I would love to start out in real-estate possibly with a mentor or someone in my family as my parents invest as well. I would truly appreciate any advice, tips, or general knowledge you can give me as I start finally applying what I have been learning. Thank you so much!
Dude I LOVE the credit union job that is awesome. What i would suggest is parlay that into the next opportunity or develop a side hustle that is real estate related. There’s so many ways to make money without spending it in this industry. For example you can be an acquisitions person for a wholesaler. You could become an ISA person on a sales team at a brokerage. You could help a flipper with a paint job. Anything that grows your cash and gets you around more property, people, and transactions. After you’ve seen 10-20 closings this all becomes a matter of pattern recognition.
Best wishes dude! Way to start so early in life I wish I did!
Quote from @Elijah Quinones:
You need credit and steady income to qualify for a loan. Talk to some lenders today to get instructions on how to build credit fast and when you would be able to qualify for your first loan (in a perfect world).
Because it's hard to get started that young, you should look for partners that can finance the deal. Family members, business relationships, etc. I also recommend you find a local investors group and start rubbing elbows with like-minded people, particularly those that are successful. Many successful people clawed their way to the top and they love to help young people with fire in their belly.
Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.
In the meantime, read books, interact on the forum, hustle, save, build financial discipline, and you'll be ready to start your investment journey with a strong foundation.
Quote from @Nate Sanow:
Thank you so much for your advice! Surrounding my self with those who are successful or eager to be in real-estate is definitely something that I need to do more. Although I help my family out with simple flipping jobs like landscaping and going to open houses I feel like I should engage myself more. Thank you agian!
Also I definitely need to do more research on other unconventional ways to invest in realestate. Creating a side hussle around realestate sounds like a amazing opportunity.
Thank you for your help! Credit is definitely important in any loan and is a crucial factor to get a bank to trust you and that you are reliable. I have spoken to some of my coworkers about credit and also my parents who have a background in banking. Also, under the right circumstances and deal I might be able to get a couple of lenders to help me qualify to buy the property. The idea of surrounding myself with people in my area in the position I want to be in is very helpful and one that I need to apply. Thank you for your advice and instructions on how to find people willing to help in my area. Have a great day!