Advice for the young

11 Replies

Hello BP forums, my name is Ulysses Arreguin. I am a 17 year old high school student and I was wondering if anyone here on the forums could give me any tips or advice to help get involved in real estate investing or build my financial education. I've read books and listened to a numerous amounts of podcasts (Joshua Dorkin & Brandon Turners) but I can't seem to find any that give the young ambitious minds a good insight on how to start out at such a young age.

Currently the only thing I've been able to start is real estate classes. I recently enrolled in classes to get my real estate agent license in hopes of this being a career that will put my foot in the door into the real estate world. After I graduate I still do plan on going to college for a bachelors in accounting if I don't decide on full time investing before I get done with my GED work at my local JC.

With that being said I do plan on making this my career one day and I'm ready to put all the work in to be at the top level of this profession. If anyone could give me any type of feedback, advice, or even a reference to another forum post on what you would recommend for someone as young as I am to get ahead of the game a bit I would greatly appreciate it.

Hi @Ulysses Arreguin it's great that you are so motivated to start working on what could be a great career and help provide an excellent lifestyle for you at such a young age.  

Have you read "The Ultimate Beginner's Guide to Real Estate Investing" 

  http://www.biggerpockets.com/real-estate-investing or any of Brandon's other books yet?  Those are great places to start.

If I could go back to when I was 17... One word of advice. Stay away from credit cards. Build your credit but don't apply for every card that they send you in the mail. Pass on toys on credit ex. Expensive cars at such a young age. It was nice to have a new sports car when I was just 18 but looking back at how much money it cost me I would NEVER do it again. I could have saved that money and have a nice down payment now on an investment property that would cash flow every month and make me money. Good credit is good. Living on credit is financial suicide.

@Ulysses Arreguin Welcome and nice to see young ambition! Your best bet is to continue learning and find ways to gain experience. Maybe, begin networking in your local REI community and find a mentor, or a few. You'll be able to gain lots of experience that way and will propel you with wisdom to get started on your own!

Good Luck!

Originally posted by @James Stevens :

Hi @Ulysses Arreguin it's great that you are so motivated to start working on what could be a great career and help provide an excellent lifestyle for you at such a young age.  

Have you read "The Ultimate Beginner's Guide to Real Estate Investing" 

  http://www.biggerpockets.com/real-estate-investing or any of Brandon's other books yet?  Those are great places to start.

 Yes this was actually my first book purchased along with Rich dad poor dad 

@Ulysses Arreguin I am new to real estate also but the first step that I am about to take is to connect with people in my area that are also involved in real estate. Networking is an excellent first step for anyone. Gets your name out there and shows that you are willing to learn. 

@Jake Recz I love that. I took out student loans to fund four years of Spring Break trips...Ft Lauderdale, Panama City, DC, Cancun. Good times! Finally paid those off ten years after graduating college.  Oh, to be young and dumb again! :)

@Dawn Brenengen My favorite destination was Europe. It gets expensive very quick! haha It's great to see new places but once you use credit to fund the trips suddenly every trip starts to cost double because of interest. Truth is when you're young... It doesn't matter one bit! 

Originally posted by @Ulysses Arreguin :

Hello BP forums, my name is Ulysses Arreguin. I am a 17 year old high school student and I was wondering if anyone here on the forums could give me any tips or advice to help get involved in real estate investing or build my financial education. I've read books and listened to a numerous amounts of podcasts (Joshua Dorkin & Brandon Turners) but I can't seem to find any that give the young ambitious minds a good insight on how to start out at such a young age.

Currently the only thing I've been able to start is real estate classes. I recently enrolled in classes to get my real estate agent license in hopes of this being a career that will put my foot in the door into the real estate world. After I graduate I still do plan on going to college for a bachelors in accounting if I don't decide on full time investing before I get done with my GED work at my local JC.

With that being said I do plan on making this my career one day and I'm ready to put all the work in to be at the top level of this profession. If anyone could give me any type of feedback, advice, or even a reference to another forum post on what you would recommend for someone as young as I am to get ahead of the game a bit I would greatly appreciate it.

 Congrats!  

Speaking as an agent/investor with 18 years experience, it both humbles me, and amazes me when I hear people like yourself taking advantage of all the benefits real estate has to offer. 

It humbles me, because I have been "in the business" longer than you have been alive, and yet, I feel as though I have accomplished so little. 

It amazes me because I know that people like you exist.  People like you who have such an awesome, inspiring dream.  People like you, and Willow Tufano, (the 14 year old girl who bought her first house) excite me, because I know that you are on such an amazing journey of self discovery.

To answer your question, in retrospect, after all the hundreds of homes I've either bought, sold, or sold for others; of all the people I've known who have "made it big"; the resounding answer to your question is wholesaling.

It Works When You Believe

Believe it or not, you are just a few short months away from being 18.  And when you are, you can legally enter into contracts on your own.  Why not use this time to learn how to wholesale effectively?  

By learning this all important skill, you will learn the following as you go throughout your every workaday world.  

  1. Lead Generation (By Any Means Necessary!)
  2. Lead Followup (Sellers love, Love, LOVE Motivated Buyers!)
  3. Pre-Qualification (Learning how to determine who is realistic or not) 
  4. Presentation (Explaining to the Seller why your offer is a great option!)
  5. Closing Skills (The all important issue of helping a Seller make a great decision)

So in my mind, the better you get at these skills through wholesaling, you will naturally become acclimated to "what's a good deal" in your market, you will establish a reputation, contacts, and most of all confidence to do your own deals if that is what you ultimately choose to do.

When I think of you, I think of my friend Engelo Rumora... he is a guy who bought a house at a very young age as well.  He started out with virtually nothing in his market, and has built a very successful business in Ohio.  He was eating Peanut Butter and drinking Circle K Coffee to survive.  Yet, he overcame tremendous odds to make a business that thrived.

I am also reminded of a interview I had one time with Brenton Haydon (Owner and Founder of Renters Warehouse).  He overcame ENORMOUS obstacles... leaving him penniless, homeless, taking showers at the community park..

Only to as he told me "In a fit of creative consciousness.. I took a yellow notepad, I wrote down all the things I was good at, all the things I wasn't, all the things I wanted to do in my life, and how I wanted it to be.  I wrote 7 pages under the lights of the car that I was sleeping in, and by the time I turned 27, I retired to Florida a MultiMillionaire."

But You Must Never Quit

Our greatest tragedies in life happen only inches from our greatest success.

It's probably the hardest factor to accept in the Real Estate business.  It's the urge to quit.  It's the desire to just throw your hands up and say "No More!"  Although tempting at times, and although you may have your doubters, you must never quit on your dreams.  

You can make it.  Don't listen to the naysayers.  Do whatever it takes.  Achieve your dreams!

That's what I would write to myself if I was to go back through time, and give myself that ONE piece of information that would help.  That one nugget that would keep me going. 

I hope it helps you as it has helped me.

Have a Powerful Sales Day!

Thank you Karl ! This is a very big help and I'm glad there are people like you out there who are willing to give a helping hand to young guys like me. It's greatly appreciated ! 

Hey @Ulysses Arreguin , Welcome to the forums. Congrats on getting started early. I began researching real estate when I was 17 as well. Let me know if I can ever be of help. 

David

By simply reading a book about real estate, you are put so far ahead of most of your competition. That's a good thing.  Build up your real estate knowledge. The more you know, the farther you go. Get a useful degree in financing or accounting. The better you are with numbers, the more success you will find. Next, get a job in telemarketing or customer service and build your skills at talking with people. This is paramount.

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