What Advice Would You Give To A 16 Y/o Wanting To Invest in Real Estate.
I’m neither going to confirm or deny if I am 16. I believe that may go against the Terms of Service with BiggerPockets. If I was 16 my plan would be to get a couple years of part time employment during school and that saving money. While also building credit as an authorized user. I can’t be authorized user because of my parents credit score. How else could I build credit coming out of high school. Coming out of high school I’d want to have around 10,000 in the bank. With little to zero investments. Turning 18 I would get a good paying factory job and create an llc. I don’t know how you would set this up or structure it. Open it in Wyoming (I’ve heard this is the best state to open in) and put the rentals under the llc? Starting out I would focus on single family homes, short term rentals, and duplexes. I have no idea how the taxes would work. Should I hire an accountant, property managers, or something else I’m forgetting. Or should I not focus on this starting off. The goal is to move into apartment buildings after say… 100 rentals.