Advice for a teen who is interested in working in Real Estate

[Rashmi Chanduraj]

Hello Bigger Pockets community!! My son who is 17 is looking to work and learn about real estate investing. Ideally he is looking for a part time job that allows him to learn more about Real Estate. If not he wants to shadow a Real Estate Agent and or Broker. I would love to understand what advice you would have for him to start out. 

Thank you in advance!

[John Clevenger]

@Rashmi Chanduraj

Love to hear your son has discovered real estate at such a young age! It could be truly life changing the sooner he starts.

Personally I was in a similar boat and after talking with many people and investors in the industry, found that working in property management would be the best first step. If provides insight into almost every facet of real estate investing and gets him into the nitty gritty. I know personally just within months I learned a tremendous amount about how real estate investing works, what most people overlook, and the challenges that come with the space.

I would call around to local property management companies and try to find one that is locally owned and looking to grow. From my experience, hands-on property management owners are always looking for reliable help and are almost always willing to share their knowledge.

Not sure what market you are in but if you’re in Indy feel free to message me privately and we can chat about how I can help!

Good luck!

[Eliott Elias]

Have him door knock and cold call. 

[Nathan Gesner]

Quote from @Rashmi Chanduraj:

He needs to get on this website himself and ask the questions himself. I know you are trying to help, but he will never be successful until he puts in the hard work himself. Your advice should be: "I found this great website with a lot of helpful people, books, blogs, podcasts, and more. You should check it out!" Then let him go. If he's serious, he'll figure it out. My son is 20 and occasionally expresses interest in real estate, so I give him the same advice. If he asks a question, I point him to the resources and encourage him to follow through (he hasn't yet).

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.

[Rashmi Chanduraj]

Thank you @John Clevenger @Eliott Elias @Nathan Gesner for your inputs.

[Kenny Smith]

@Rashmi Chanduraj

Have him start getting active on BiggerPockets for sure!  I think starting off he can get way more value here in a much shorter time span.

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in his area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If he is consistent with learning real estate over the next 4-6 months, he'll be ready to purchase his first (or next) property in NO TIME!

Good Luck,

[Katie Miller]

Get your son this book! https://store.biggerpockets.co... :) 

[Dan Sheeks]

I agree with @Katie Miller!

@Rashmi Chanduraj

In First to a Million, I write about your exact topic/question in Chapter 16. Look for the subtitle, "Next-Level Jobs".

[Chris Davidson]

@Rashmi Chanduraj like others have said get him on here, and at that age it may be hard to  pin point what part he will enjoy the best, but it is a really welcoming community. Find out who the PM's, Agents, Lenders, Escrow/ Title Officer are in your area that he can shadow for a few weeks and see what he likes more. If he does this he will have a mountain of knowledge to start a career with and then all he has to do is put in the work.

Best of luck!

[Drew Sygit]

Post your request on Facebook and I'm sure someone in your neetwork knows an agent that would be willing to do this in the short-term.

[John Mathew]

Here are a few pieces of advice to help him get started:

1. Learn as much as he can about the industry. This can be done by reading books, articles, and blogs about real estate, as well as by talking to people who work in the field.
2. Get a part-time or summer job in a related field, such as property management or real estate sales, to gain hands-on experience and a better understanding of how the industry works.
3. Consider taking a college course or vocational training program in real estate to learn the technical aspects of the field and to gain the qualifications required to become a licensed real estate agent.
4. Network with professionals in the field. Attend industry events, such as real estate conferences or networking events, to meet people who can give him advice and may be able to help him find a job.
5. Be prepared to work hard and be persistent. Real estate can be a competitive field, and it may take time to find a job or to build a successful career. But with dedication and hard work, he can achieve your goals.
6. It may be a good idea to get a mentor, someone who has been in the industry for a while and has experience to guide him and give him advice.
7. Lastly, get licensed. Once he reach the legal age to get licensed, take the necessary steps to become a licensed real estate agent, as it will open up many more opportunities for hiim.

[Scott Mac]

Quote from @Nathan Gesner:

Quote from @Rashmi Chanduraj:

>>>>>>>He needs to get on this website himself and ask the questions himself. <<<<<<

as above....

If it's for him, he will know it.

[Jonathan R McLaughlin]

To heck with the real estate agents. Have him get on the horn to a commercial real estate firm in the area; investments, construction, bigger prop management. Those guys/gals have lots going on and often welcome young energetic hustling interns kinda thing. And at least here in Boston they are desperate for staff...even an intern level person would get a lot of opportunities @Nathan Gesner is absolutely right...gotta be him driving it.

[Steven Foster Wilson]

Quote from @Rashmi Chanduraj:

Hello Bigger Pockets community!! My son who is 17 is looking to work and learn about real estate investing. Ideally he is looking for a part time job that allows him to learn more about Real Estate. If not he wants to shadow a Real Estate Agent and or Broker. I would love to understand what advice you would have for him to start out. 

Thank you in advance!

 I would call around to local brokerages and see if they are willing to meet with him.  I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."

"You may want to use them too:

1. What is the greatest lesson you have learned? By asking this question I seek their wisdom.
2. What are you learning now? This question allows me to benefit from their passion.
3. How has failure shaped your life? This question gives insight into their attitude.
4. Who do you know whom I should know? This allows me to engage with their network.
5. What have you read that I should read? This question directs my personal growth.
6. What have you done that I should do? This helps me seek new experiences.
7. How can I add value to you? This shows my gratitude and desire to add value to them."

These can be a great starting point for him. Even if he reads the book that could a great step. In real estate it is good to be able to ask questions and be able to keep the conversation rolling. One of my best friends started when he was 18 years old and he is crushing it! He was driven, passionate, and persistent. If your son has those then he will do great.