Young, motivated investor.. How to start?

Question

Hello everyone, I have just made a BiggerPockets account and am glad to be here. I am 19 and currently entering the sophomore year of my college career at the University of New Hampshire.. however I am not satisfied. I have flipped cars over the internet for the last few years of my life to make money, which has worked well, but now I want to move into the major leagues: real estate.

I am seeking advice when it comes to acquiring property at my age. My main goals are to find 2-3 rental properties to buy and manage until my graduation from college, when I will sell. My age and budget are not a concern, only the slight preoccupation that college provides. Any advice that can be given to me would be greatly appreciated, thank you!

Axel

Kate Stallmann · Answer

Hi Axel,  welcome to BP!  Sounds like you're getting a great start on investing early.

Cheers,

Kate

Rolanda Eldridge · Answer

Welcome to BP!!

Ann Bellamy · Answer

Axel, there are two property management companies I am aware of that have good reputations in NH.

1.  Elm Grove, contact Michael Roy - I have worked with them but not as a property owner, and a friend has her property with them and is happy

2.  Total Solutions Property Management - Francis Fernando - I have heard only 2nd hand that he is good, no personal experience

I'm sure there are others

As for Larry's suggestion of a REIA, the one in NH is NHREIA.com

Good luck, starting early is a huge bonus

Brett C. · Answer

The only company I know of in my area is Pater.  I only have two properties so I manage my own and I enjoy it, but I've heard from lots of other investors that most in NH stink. All the more reason to get your license bc then you could start your own and kill it.  Also another think I would do if I were you is call every broker/agent on loop net with a property near you and pick their brain and see if you could help them as your going to a hook for your license.  Those agents have legit investment properties, skip the two fams and start rubbing elbows with million dollar properties from day one.   Again, McElroy-esq.

Account Closed · Answer

welcome to bp.  the podcasts on here will help a bunch. im up at plym state!

Larry Turowski · Answer

Axel, you definitely sound motivated!  I wish I had started this decades earlier.

You've got a defined, measurable goal, that is great.  That already puts you ahead of many.

There are too many variables to get specific, so I'd say this.  Find someone who can answer your question.  It should be someone who has done what you want to do and can guide you.  Join a local REIA, call landlords, network, network, network!  Find investors and take them out for coffee or a meal.  That will help you refine your goal and find the right person(s) to mentor you.

Good luck!

Brett C. · Answer

first of all dude, in jealous.  Oh how awesome it would be to have zero family responsibilities and do whatever unwanted in real estate at the age of 19.  Good for you.  If I were in your shoes right now I would:

1.  Study you butt off!  At school and in real estate.  School matters, I don't care what people say, college education makes you a better investor and a stinger business mind.  Plus studying real estate matters.  I studied hard throughout my twenties and when I had the cash to make moves in real estate my knowledge gave me he courage and confidence to take action.

2.  I'd work for a prop management company.  You'll learn a lot about landlordig and your market and you'll be in the mix and around the people who are in the mix. Network with them and work hard.  This approach worked for Ken McElroy, case closed.

3.  Get your license.  Again you will gain knowledge and be in the mix, you can save $ on your own deals and facilitate deals for others while you line your pockets all the while expanding your network.

Yup, that's what I would do.  Good luck.