How Should I Start Out at 16 With No Money

Question

I am 16 years old and started reading financial books (Rich Dad, Poor Dad, Cashflow Quadrant, etc.) at 15. have 2 index funds set up (one for retirement) and am generally pretty far ahead. I came across rental property investing through Robert Kiyosaki's books and I am currently reading The Book On Rental Property Investing by Brandon Turner. My dad brought my attention to BiggerPockets and I am currently working to learn more about real estate investing. My goal is to get out of high school with one or two single family homes and expand from there. I do not have a job or any income (although I have a job with my dad at his business guaranteed my senior year) but I still am committed to make rental property investing work for me and start before I am out of high school. I am interested what any experienced people have to say about how I can achieve my goal or any other comments/advice!

Caleb Brown · Answer

You are 16, focus on getting income and building credit. It's nice to have lofty goals BUT you need consistent income and savings. Start by doing a house hack when you can qualify. It's not bad to take it slow. The properties will come as you do more. Also enjoy high school when you can :)

Ty Coutts · Answer

Hey Rowan,

It's impressive that you're diving into real estate investing at such a young age. To achieve your goal of owning one or two single-family homes before finishing high school, focus on building credit and saving aggressively. Consider partnering with your parents to co-sign a mortgage or exploring creative financing options like FHA loans or private money lenders. Continuously educate yourself through resources like BiggerPockets, and network with local real estate groups to gain insights from experienced investors. Lastly, plan to leverage your future income from working at your dad's business to support your investment goals.

If you want to discuss further, or would like to talk about taking out a loan in order to buy an investment property, or for any other purpose please feel free to DM me.

Gavin Wynn · Answer

I'm 22 with 2 duplexes, started to become fascinated with real estate at 19. You are even more ahead of the game than I was. Save cash and look for a deal the second you turn 18. Also, I know many people swear by single-family homes but I strongly suggest multi-family.

Tim Ryan · Answer

Number one at your age is learning. You might want to look into a coaching program you can do with/alongside your parents (not sure how much real estate investing experience they have). Here's what's next: find a deal. You won't have to have money or credit. You can either wholesale the deal or find partners with the money and credit. Don't be concerned about your equity % in the beginning. Just get a couple of deals. Once you do, you'll see the world will open up to you.

Dan Sheeks · Answer

Bigger Pockets has a book just for you. It's called First to a Million.

https://store.biggerpockets.com/products/first-to-a-million

Check it out!

Jonathan Greene · Answer

You have great advice from @Ty Coutts above. Parents are a great first JV partner. I would keep learning, you are way ahead of the curve. I would go to local real estate meetups, with a parent or friend, to meet some other investors in the area. Your motivation is excellent so now you need to build credit, knowledge, resources, and connections.

Ty Coutts · Answer

Awesome thanks. My contact info is in my profile!

Rowan Klecker · Answer

Thank you so much! This is very helpful, and I am currently making a full plan right now. Once I find a deal, I will keep you in mind for a loan.

How Should I Start Out at 16 With No Money

How Should I Start Out at 16 With No Money

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