18 Years old with 10 to $15,000 to invest
Bird In Hand, PA · Member since 2015 · 1 post · 2 votes
Hey guys as I said in the subject I have about 10-15 Grand that I would like to invest I have a good job but I want to find a way to make my money work for me rather than me work for my money. What is the best kind of investment to buld a good foundation. I would like to have a few houses to rent out. What are some good books that you guys read that would help me out?
Hey guys as I said in the subject I have about 10-15 Grand that I would like to invest I have a good job but I want to find a way to make my money work for me rather than me work for my money. What is the best kind of investment to buld a good foundation. I would like to have a few houses to rent out. What are some good books that you guys read that would help me out?
Nathan, I want to reiterate what the others are saying about you. Just the fact that you are interested in investing of any kind puts you so ahead of the curve. Most people do not really think about investments, nest eggs, and real estate till their early 30's. (Yes I'm aware that many here on this site don't fit that statistic, but they are on this site... Nuff said)
I would recommend that you don't limit yourself to the capital you have to invest With initially. Yeah it's great that you have some capital to work with, but you want to spend the capital you have in brainpower first.
Become an expert on creative problem solving first, then the money becomes an additional tool in your toolkit rather than the only tool in your your toolkit.
I started with absolutely nothing to start out with, no job, no cash, bad credit. but had I not started with that trial by fire I may not have become as rounded out (not a fat joke) an investor as I am today. (That and Surrounding myself with others in the biz that are way smarter than me!!!!)
As to books and programs, believe it or not, the first course I started with, I still consider one of the best.
Carlton Sheets had one of the most comprehensive courses out there. And you can get it for free now!!
Go to his site Carlton sheets dot com (no I'm not affiliated in any way with him) they will ask for your email address (I gave them my spam email) and they give you his old courses online for free. This is a loss leader to try and get you into their coaching program, but I don't recommend that. Instead find a mentor from your local market area.
The biggest thing I learned from his course was the there at least 10 ways to buy any home and not to be a one trick pony.
Hope this helps
How long have you been working and what is your salary? How much do you make? You might be able to partner up with someone and purchase your first multifamily property.
Good Luck man!
Hello @Nathan Glick,
You are off to a great start in your Real Estate Investing path by entering at such a young age! Your post reminded me of the BiggerPockets Podcast show 124 where they interviewed Jared Sturm who bought his first property at age 18. He fixed and rented around 6 properties while doing contracting work for clients to help with costs.
Another great source is the Ultimate Beginners Guide to Real Estate Investing e-book.
I wish I was interested in real estate at 18... I also like your patience and focus. There are many good books mentioned on bigger pockets. I have a blog post on "classics of landlord literature" , and you should be able to find all the books free at the library ( any editions will do for learning, and you can keep the capital for investing!) ...some of your reasoning on the first investment may entail whether you need housing, too, making a 2 to 4 unit property of interest..of course, you may need a couple of years earning history for conventional financing, so lots of time to learn and save (much more on small multifamily investing and on lending norms and options on bigger pockets, too). Best of luck!
Hi Nathan
I would recommend checking your own FICO score and see if there is anything that you can do to max it out. The Experian app has a lot of hypothetical results (raising or lowering your score) based on actions that you could take. So I went through all of the potential actions, got my report and then quit my membership. This cost me $1. My reasoning was that it would take a while for anything that I did to change my score, so I can check again on another one of the three agencies reports to get my score free and see around what it is. Or I can return to the Experian trial week for $1.
This way if you need time to do research, you will know where you stand when it comes time to apply for a loan. I hope that helps.
Best regards,
TK
Hey guys as I said in the subject I have about 10-15 Grand that I would like to invest I have a good job but I want to find a way to make my money work for me rather than me work for my money. What is the best kind of investment to buld a good foundation. I would like to have a few houses to rent out. What are some good books that you guys read that would help me out?
Nathan, I want to reiterate what the others are saying about you. Just the fact that you are interested in investing of any kind puts you so ahead of the curve. Most people do not really think about investments, nest eggs, and real estate till their early 30's. (Yes I'm aware that many here on this site don't fit that statistic, but they are on this site... Nuff said)
I would recommend that you don't limit yourself to the capital you have to invest With initially. Yeah it's great that you have some capital to work with, but you want to spend the capital you have in brainpower first.
Become an expert on creative problem solving first, then the money becomes an additional tool in your toolkit rather than the only tool in your your toolkit.
I started with absolutely nothing to start out with, no job, no cash, bad credit. but had I not started with that trial by fire I may not have become as rounded out (not a fat joke) an investor as I am today. (That and Surrounding myself with others in the biz that are way smarter than me!!!!)
As to books and programs, believe it or not, the first course I started with, I still consider one of the best.
Carlton Sheets had one of the most comprehensive courses out there. And you can get it for free now!!
Go to his site Carlton sheets dot com (no I'm not affiliated in any way with him) they will ask for your email address (I gave them my spam email) and they give you his old courses online for free. This is a loss leader to try and get you into their coaching program, but I don't recommend that. Instead find a mentor from your local market area.
The biggest thing I learned from his course was the there at least 10 ways to buy any home and not to be a one trick pony.
Hope this helps
Hey guys as I said in the subject I have about 10-15 Grand that I would like to invest I have a good job but I want to find a way to make my money work for me rather than me work for my money. What is the best kind of investment to buld a good foundation. I would like to have a few houses to rent out. What are some good books that you guys read that would help me out?
Carlton Sheets had one of the most comprehensive courses out there. And you can get it for free now!!
Go to his site Carlton sheets dot com (no I'm not affiliated in any way with him) they will ask for your email address (I gave them my spam email) and they give you his old courses online for free. This is a loss leader to try and get you into their coaching program, but I don't recommend that. Instead find a mentor from your local market area.
The biggest thing I learned from his course was the there at least 10 ways to buy any home and not to be a one trick pony.
Hope this helps
That was one of the best resources I've found on here. Thanks for sharing that, I just signed up.
I agree with all of the other postings, and do not have anything more to add here.
One of all time favorite books is "Think and Grow Rich" by Napoleon Hill. I think that success in real estate is no different than success in living; surrounding oneself with good advisors, looking into one's heart, cultivating a belief system, developing your talents, and choosing close friends very wisely.
I would also ask to shadow the person who you most admire in real estate in your local area for two or three days. If they won't allow you to shadow them, then I would ask them to have an informational interview.
Good luck, and don't forget all that you have learned from living thus far.
I wanted to add one more thing to what @Jolie Winkler said. Yes get your own place!! That will show stability to your potential lenders and biz associates.
If you want to take out two birds with one stone my first question is, "why you gotta kill em?" But I digress. You could buy a 2-4 unit home and live in one side while you rent out the others, thus eliminating your living expenses, freeing you up to save more.
Hope this helps
Hey man just wanted to reach out to you. I was 19 when I got my first property (thanks to grandpa mainly) I went ahead and got my real estate license at 19 as well which helped me learn the market and meet a lot of clients and investors that knew a ton about the business. My biggest problem was people not taking me seriously at first because they thought I was "too young". However, I'm 20 now and have earned the respect of most agents in my town and any client or investor I meet. As for investing I only have two rental properties and have done one rehab, but my grandpa has been doing it for a while so he has been by my side helping along the way which has helped a lot. Just work hard and keep your head up, there will be great days and not so great days. Best of luck!