I Am Fifteen, What Can I Do Now?

Leander, TX · Member since 2016 · 3 posts · 2 votes

Hello everyone,

Today I signed up for BiggerPockets. I am a fifteen year old boy living in Texas, and my name is Adrian. I don't know if I'm posting this in the right thread, so please tell me if I'm not.

I have this constant fear of not knowing what to do when I graduate. I have had this issue since (haha) sixth grade, and I am a sophomore this upcoming school year. Architecture and homes in general have always caught my attention, as well as the tiny house movement.

Bottom line is, I wanted to know if anyone had ideas of what I could do now to prepare. I've been debating on joining the Air Force when I graduate, but I feel being controlled and moved around a lot with a very small pay wouldn't be a good idea.

A few questions-

1. Should I go to college for investing, or any type of finance degree? Would it help me?

2. Is there anything I can do now, at fifteen, turning sixteen in December? Keep in mind, I only have 900 dollars that I'm saving for a car. I can't get a job until I get a car.

3. Are there any books or media that I should take a look at?

Gosh, I'm just really worried. I've always been that way- very organized and always have a plan. My ultimate goal is to be able to live without the fear of finances weighing on my back. I'm going to be reading BiggerPocket's Ultimate Guide to Real Estate Investing, but I would very much appreciate any help anyone could give me on where to start. Thank you.

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Leland Barrow

Investor · San Marcos, TX · Member since 2015 · 272 posts · 360 votes

10y

First of all you have your whole life ahead of you. You are not a typical fifteen year old and that alone will put you a big advantage compared to your peers. I have three daughters so I will give you the advice I would give a son in law. Life is a journey and the journey in itself is the most important part of life. A little worry is good but too much worry can be bad. The military is not what it used to be. As a veteran I would not whole heartedly suggest that anyone join. If you are going to join then I would suggest joining only as an officer (air force) or as a warrant officer (army). I would only suggest joining if it is a passion of yours to serve. Being intelligent and enlisted can be a very frustrating experience. A four year college degree is the equivalent of a high school diploma pre-1990. A Masters degree is the equivalent of a four year degree pre-1990. If you want a career that is rewarding financially then choose an engineering type of field and prepare for 6-8 years of schooling. You do not need a degree to be successful but you do need knowledge. There are two types of people in this world. Those that get paid for what they do and those that get paid for what they know. You should strive to be the second type of person. If that is your goal then look at life's journey as a lifelong education. Always learn and develop a hunger for knowledge. Financially there is only three powerful things to understand. Compound interest The true value of owning assets The power of passive income The American dream is a fraud. The idea of living to own a home that you cannot afford and saving for retirement is the best way to make sure life's journey is boring and hard. Wealthy people have two things that separate them from everyone else. Options Time The more options you have in life directly correlates to true wealth. For example if you cannot quit a job then you are poor and another man's slave. The more options you have the faster that you will accumulate wealth. Always look to expand your options. Time is the only way that wealth is enjoyed. The more time you have to do what you want the wealthier you are. Time + Options = Wealth Read Rich Dad Poor Dad.

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Linda Chmar
Flipper · Atlanta, GA · Member since 2016 · 11 posts · 11 votes
10y
HI Adrian,
Congrats on being interested in real estate investing at a young age! Start listening to ALL the Bigger Pockets podcasts! My favorite for you: about two brothers who got starting in real estate while in high school -owned their first home at age 18 and rented rooms out-first doing handy man work and then as general contractors! Jered Sturm,#124-this podcast is filled with tips for someone your age...save money, even no money down deals require some money. My best degree suggestion for you: business major, communication minor.
Does Uber exist in your town? if so, no need to have a car before getting job...recently broke my leg and could not drive, took Uber back and forth to work-much cheaper than my car.
Love the tiny house idea..zoning may be an issue, however. Become an expert on this.
Best of luck, Linda
2 Reply
Leland Barrow
Investor · San Marcos, TX · Member since 2015 · 272 posts · 360 votes
10y
First of all you have your whole life ahead of you. You are not a typical fifteen year old and that alone will put you a big advantage compared to your peers. I have three daughters so I will give you the advice I would give a son in law. Life is a journey and the journey in itself is the most important part of life. A little worry is good but too much worry can be bad. The military is not what it used to be. As a veteran I would not whole heartedly suggest that anyone join. If you are going to join then I would suggest joining only as an officer (air force) or as a warrant officer (army). I would only suggest joining if it is a passion of yours to serve. Being intelligent and enlisted can be a very frustrating experience. A four year college degree is the equivalent of a high school diploma pre-1990. A Masters degree is the equivalent of a four year degree pre-1990. If you want a career that is rewarding financially then choose an engineering type of field and prepare for 6-8 years of schooling. You do not need a degree to be successful but you do need knowledge. There are two types of people in this world. Those that get paid for what they do and those that get paid for what they know. You should strive to be the second type of person. If that is your goal then look at life's journey as a lifelong education. Always learn and develop a hunger for knowledge. Financially there is only three powerful things to understand. Compound interest The true value of owning assets The power of passive income The American dream is a fraud. The idea of living to own a home that you cannot afford and saving for retirement is the best way to make sure life's journey is boring and hard. Wealthy people have two things that separate them from everyone else. Options Time The more options you have in life directly correlates to true wealth. For example if you cannot quit a job then you are poor and another man's slave. The more options you have the faster that you will accumulate wealth. Always look to expand your options. Time is the only way that wealth is enjoyed. The more time you have to do what you want the wealthier you are. Time + Options = Wealth Read Rich Dad Poor Dad.
10 Reply
Paul AmegatcherPro Member
Rental Property Investor · Brookville, OH · Member since 2016 · 488 posts · 363 votes
10y
@Adrian Grauer
Since you cannot legally get into a binding contract, I would suggest you start bird dogging or partner with an adult over 18 so you can wholesale. The idea of a bird dog is to find the property and tell the investor about it. If they buy the property based on your recommendation then they will pay you a finders fee ranging anywhere from $500 to $2K.
Wholesaling requires you to get the property under contract for "X" dollars and then turn around and sell the contract for a profit. In order to do this it would require an adult over 18 years old since you cannot legally get into a binding contract. Research both options for more info.
Congrats on taking the first step into real estate. I did not even know what my future held at 15 years old. I would suggest going into a business or finance major in college so it helps you to look at numbers from the business side.
Paul Amegatcher
Okinbia Investment Properties, LLC
@Adrian Grauer
1 Reply
Brennan Duncan
Real Estate Agent · Southwick, MA · Member since 2016 · 2 posts · 3 votes
10y
Adrian, I love to see other young people that are interested in real estate. The biggest thing for you in my eyes, is not going out and getting your first deal. In MY PERSONAL OPINION, the thing you have an advantage on, other than all these other people is time. YOU have time on your side my friend. The best thing for you to do is EDUCATE your self, read as much as you can, learn the market. Here are my suggestions for you
Any book by Gary Keller, "Shift", "Millionaire Real Estate Investor"
Nick Ruiz "Flip" - Probably the most simple Real Estate investing book available.
Another important thing for you to understand is credit. CREDIT is the MOST important thing in life, the earlier you can start it the better you are.
My point is to teach yourself all the essentials that they are not going to teach you in Gen ed or College.
Im not saying college is not great for your personal growth, but there are plenty of successful wealthy people in Real Estate that never finished college because what they teach is not necessarily beneficial to your GROWTH.
Lastly im going to close it out on the fact that, no matter how educated you get never get ahead of yourself, never act like you know it all. I once taught a 80 year old man that has invested his entire life how to quick claim a deed and close faster. There is always more to learn in this business so never act like you know it all because that will do nothing but damper your abilities to grow.
Know your comfort zone and know how far you need to reach out of it to get where you want to get
HD Residential Redevelopment LLC.
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James P. HillPro Member
Realtor · Surf City, NC · Member since 2015 · 60 posts · 13 votes
10y
There is a lot of wisdom in the posts above. Here is another perspective.
If I could go back in time and give myself advice, I would most likely have become an electrician and studied general contracting as well. A bachelor degree isn't the guarantee to a successful career it used to be. I am a fan Mike Rowe's Works Foundation. Skilled workers typically get paid as well as or better than those with a bachelor's degree. Skilled workers can see their accomplishments every day. Office workers can see their achievements too, but sending emails, creating power point slides, and drafting document isn't the same as creating physical changes at a job site. Trade schools offer business courses that can be taken at the same time.
Entry level positions are available to highschool students during weekends and summer.
Written from my phone, sorry for the grammar.
JP
2 Reply
Thomas S.
Member since 2016 · 13k+ posts · 12k+ votes
10y
Why not consider college for Architecture. You need a good income stream to invest and if you enjoy Architecture all the better.
There are plenty of ways most kids get jobs without a car. You need to place a priority on earning and saving not spending money on cars.
0 Reply
Kerry BairdPro Member
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
10y
Volunteer at Habitat for Humanity, so you can donate your time while you learn the various systems that go into a house.
9 Reply
Joseph Gozlan
Real Estate Agent · Plano, TX · Member since 2015 · 734 posts · 511 votes
10y
My 2 cents: get a job and start your IRA today. The power of compounded interest starting at the age of 15 will blow your mind (really good book to read by the way: The compound effect).
Other than that, go to engineering school, it's a lot easier to do real estate investing when you have a 6 figures income!
Until then, educate yourself, read, listen to all the podcast, watch all the webinars, etc. When you get to college, get your first property and house-hack it.
1 Reply
Karen O.
NYC, NY · Member since 2016 · 619 posts · 456 votes
10y
Lots of good advice here.
My 2 cents:
If you don't absolutely need a car now, don't buy one. It's a depreciating asset & you'll end up getting a job to pay for it. leaving little to save.
If public transport is available use it.
Try to find someone locally who successfully invests or works in RE. See if you can latch on. Help them while learning the trade.
Plan for college. A degree will give you options and you may make contacts that can help in the future. Try to pay cash and take on as little debt as possible so you're not weighed down by it when you're done.
Consider studying finance, architecture or engineering which will all come in handy.
Good luck.
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Jacob Pereira
Real Estate Agent · Austin, TX · Member since 2014 · 636 posts · 486 votes
10y
I've got to disagree with @Leland Barrow; the military is a great choice right out of high school. I did it that way myself when I joined the Marine Corps. You'll be able to buy a house immediately, and a $35k a year (that's an estimate, base is like 20k, but that doesn't reflect TONs of additional subsidies like housing allowance) job with excellent benefits is way better than anything else you'll find at that age. I know the goal is to be a real estate investor and use other people's money, yada yada yada, but trust me, it's very rare that someone can do that without experience or a small loan of a million dollars. Want to go to college too? Earn credits while you're in, and then when you get out the GI Bill will not only pay for tuition and books, but a stipend as well. Mine was about $1,800 a month back in 2008. If you're motivated, you can be out of the military AND done with college at the same age as the frat boys on the 5-year plan. Plus you get access to the VA loan, which means 0% down on a 1-4 unit. But all that's a couple of years away. For now to help you decide on the military thing, try JROTC; it'll let you know whether that's something you want to try out.
Other than that, the two things I'd say are try to save and build credit. I don't know if you can get a credit card at that age (maybe with parental cosigner?), but if you can, do that, but make sure to pay it off each month. Some people will tell you you have to carry a balance to build credit, but that's a myth. Even better, if your parents have excellent credit, see if you can get added to one of their cards; it's a really dumb FICO loophole that gives you instant credit history. You can shred the card immediately if you want, but as long as the account remains open you've built years of credit in a single swoop.
With your savings, if you're far from job opportunities, definitely go buy that cheap car, then get a job and put your earnings into passive index funds. If you track the appreciation over time, that'll give you a good benchmark with which to compare your real estate returns, and it'll also increase your nest egg for when you're ready to buy real estate.
Additionally, see if you can intern with a real estate agent, investor, lender, developer, or anyone else connected to the RE industry. It'll help start building connections and knowledge now, so you'll be prepared when you have the opportunity to act.
Good luck.
3 Reply
Adrian Grauer
OP
Leander, TX · Member since 2016 · 3 posts · 2 votes
10y
Thank you all for your replies, it has helped significantly and I love reading them. I have a while to decide what in the long run I'm going to do; but for right now I'm going to see if I can use Uber and get a job after the summer. Thank you for your feedback once again, and anything anyone else has to add is definitely welcome! :)
0 Reply
Josh Caldwell
Investor · Dallas TX, United States · Member since 2014 · 1k+ posts · 1k+ votes
10y
good for you. The earlier you start the better off you are. At 15 you can do everything that the rest of us do, however you will need a parent to sign the contract for you until you turn 18. So the big question here is can you sell your parents on the idea of allowing you to invest?
I am willing to bet that you can, but you will need to be able to present a strong case as to why your investment will make money. To do that, you will need to become financially literate and be able to present your numbers in a logical way. BP is a great place to learn how to do that.
What you are doing is fantasitc but not entirely unique. There is a 14 yr old girl a few years ago who had already bought a few houses. Google her.
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Mike CumbieBusiness Member
REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
10y
Hello @Adrian Grauer,
Welcome to Bigger Pockets!
I will slightly disagree with most of the above. In my opinion you should find something to get into buying and selling (Bikes, lawn mowers, 4-wheelers, office furniture, computers, gaming systems). The idea being that you are going to learn value and to identify how markets react. What types of things cost very little to fix to make something worth while and what types of things are pricey and not worth the cost to improve or make market ready.
You will learn how to find people who will pick up the things not worth your time and how to market to the people with the cash to improve something to a retail sale. In the end it is all the same, regardless if it is houses, cars, bikes or playstations. While you find your niche you will notice that people just want to rent or temporarily use what you are selling, find out how you like that part of the business and what it takes to make a profit. You will end up understanding how to run a business and what parts you are good at. Then you can think of moving onto real estate. Losing the cost of a couple bikes or XBox systems is an easier pill to swallow than a house.
Just my thoughts and Good Luck!
1 Reply
Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
10y
Not a big fan of college. For most it can be a waste of time and money unless it is a field that definitely will throw off high six figure salaries per year or more.
I see a bunch of kids go to college because the parents want them to ( do something ) with their lives. The parents are placing an incredible burden and pressure on their kids and force them to rack up tons of student loans that they cannot get out of. Many people do not know these government loans can stay with the students forever and not be discharged through bankruptcy.
If you ask economists what is the biggest real threat they will say outstanding student loans. Kids get out of college to appease their parents and now have 50,000 to 100,000 of debt and are flipping burgers at mickey d's.
College can be a benefit if the right profession is chosen,the kid is passionate about the field,and loan costs are kept to a minimum.
Going to college just to go is a waste of time.
My friends and I went for a few years and would always be playing pool in between classes. We all looked around one day and said "What are we doing here?. They all had businesses already and I was going through the motions. Sometimes people are just self made and do not want to work for someone else as they do not feel a calling for that.
Take your money and start growing it with sound investments. Money in the bank collecting dust and 1% return a year will not even keep up with inflation.
Podcast Guest on Show #47
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1 Reply
David Ribardo
Real Estate Agent · Allentown, PA · Member since 2016 · 197 posts · 181 votes
10y
Adrian, good on you for making a plan for your future. I started investing when I was just coming out of high school and it definitely was one of the key things that set me up for success. If you are interested in the Air Force, I strongly recommend you keep that as an option. There are not many better deals than an ROTC contract. You will get a free four year college degree, a guaranteed job with benefits, and some pretty cool life experiences. Not to mention, the USAF is consistently rated one of the employers with the highest employee satisfaction. My military career gave me the capital I needed to start investing in real estate, as well as setting me way ahead of my peers in terms of income and responsibility.
If you are currently fifteen, it sounds like you are way ahead of the game. You should definitely focus on finding your first job, and doing the best you can when you get it. Every employer you meet will be a reference for your next position, so do the best you can to maintain a positive relationship with your bosses. Save your money, and once you have a minimal amount saved up, start investing. The compound rate of return over time will be what makes you rich. These forums and the BP podcasts have a great deal of knowledge. Good luck.
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Nik Krohn
Investor · Woodland Hills, UT · Member since 2016 · 84 posts · 31 votes
10y
Hey Adrian! Glad to have you on BP. Not many youngsters on here.
College is a waste of time if you have entrepreneur in you. If you can hustle and work smart, forego the 4-6 year time trap. You will not use it anyway if you have those qualities.
In terms of learning, you need to LEARN HOW TO LEARN. If you can do this, you can do anything.
Since you are young and have time, I would do the following:
1) read, read, read
2) purchase your first property at 18. Don't listen to other nay sayers. you can do this at 18
3) Figure out how to establish credit as a 15 year old (co-sign with someone)
4) Save for your first deal. You could get a minimum wage job Luke everyone (I dislike this), work construction smertime and weekends, or I like what someone mentioned above and try to bird dog deals.
Most importantly, you are different then other kids your age. This is great. Most people don't worry until they are 30 to think about this stuff. PLAN ON BEING DIFFERENT. My dad always said "find out what everyone else is doing, and do the oposite".
Good luck my man!
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Franky Juwana
NY · Member since 2016 · 116 posts · 29 votes
10y
Hi @Adrian Grauer , First of all, the fact that you even thought about your future is automatically made you ahead of your peers where they're not even in that mindset yet. It really shows a good parenting and people you surround with.
If you want to get into Real Estate, this is the perfect spot, great people with great advise.
I never been in the Armed forces but I believe serving our country takes great men/women to do it plus it comes with tons of benefits when you become veterans that most of us could not do it, like getting VA mortgage and other benefits.
So, Listen to the podcast and read the book that can inspire you. You have a bright future if you keep at it my friend.
All the best !
1 Reply
Account Closed
Investor · NOVA, VA · Member since 2014 · 99 posts · 101 votes
10y
Along with everything else you must figure out at 15, you will also have to decide whether you have the heart of an employee or an entrepreneur. Both have benefits and you can be a success at either, but if you get on the wrong track it can be difficult to change course later in life when kids and bills may have a lock on your wallet.
If you don't know then join the military after school. It helped me and many others figure stuff out when we were young.
Good luck to you.
0 Reply
Alexander Lang
Rental Property Investor · Savage, MN · Member since 2016 · 202 posts · 61 votes
10y
Awesome reply @Leland Barrow!
0 Reply
Karen MargraveBusiness Member
Moderator
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
10y
Real estate, construction, finance, design, there are so many facets of the business. It's good that you're interested in learning now, and have such a curiosity. Once you have a car you might try finding a job working for a real estate agent as an assistant, or on a construction job to learn the basics. Maybe work at a material suppliers (lumberyard, etc.)
How old do you have to be to get a real estate license in Texas? You can start studying for that. Take a class in Real Estate Principles, Finance, Business Law, etc., you can never go wrong learning the basics in any of the categories I've mentioned. Try to find ones that are transferrable or would work towards a degree
As for the military, there's a lot of discipline learned in the air force, opportunities for travel and seeing different areas.
There's so many things you can do in life, and it's great that you are smart enough to be thinking about you future, and beginning to plan. Good luck!
Also, do a search of BP, there's other threads with young investors.
0 Reply
Corby GoadeBusiness Member
Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
10y
I really like @Kerry Baird's advice, I never would have thought of that.
My two cents: Read everything you can about REI, stay active on BiggerPockets and ask every question you have. Don't worry about sounding or looking "stupid," we are all here to learn from each other. Heck, I have been doing this for 15 years and I am sure I ask questions that the pro's think are ridiculous, but I am still learning.
Definitely go to college, but I'd get a degree in something that is not real estate related. If you are sharp and open minded, you can learn everything you need to know by reading, attending REI meetings and asking questions. Get a formal education in something else to round yourself out- regardless of what you study in college, you can still take core business and finance classes. If, for whatever reason, RE turns out not to be your thing, you'll have an education in another field to fall back on.
Wherever your path takes you, best of luck!
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Joe SplitrockPro Member
Moderator
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
10y
1. You need to go to college. I would recommend finance or accounting to give you a good foundation for understanding numbers. Advising against college is poor advice to give a young person, so I would challenge other posters to rethink that advice. I have hired a number of people and I can always tell those without college degrees. And just because wealthy people like Mark Zuckerberg dropped out of college isn't a case for why you shouldn't go. Remember he was smart enough to get into Harvard, so he was operating at a higher level than most of us to begin with. Steve Jobs dropped out of college, but talked about how he continued to attend classes to learn. As he explained it, he dropped out before he dropped in.
2. I would look for a part time job working for a real estate or property management company. Tell them you want to get into real estate when you are older. Do whatever job is available with them. You could mow lawns, clean out apartments, answer phones, whatever. Just spending time with people in the real estate industry will teach you about the business.
3. There are tons of books at the library and podcasts you can consume for free. At the end of each BP Podcast, the guest offers two suggestions for books. Read ALL the books people suggest.
0 Reply
Dan Waugh
Welder · Aberdeen, MD · Member since 2015 · 51 posts · 11 votes
10y
Go to college. Don't be 33 and finally done, like me. ... You could even go into the military and use it for cash and loan opportunities .. Something I should've done.
"Driving for dollars" would be 2 birds with 1 stone. Get the car and just cruise (going to anyway) and sign sellers.
I know that, in Maryland, a minor can not be responsible for a contract, however, they can start a company ;) The company can be liable for the contract. Might be different for Texas.
0 Reply
Jacob Pereira
Real Estate Agent · Austin, TX · Member since 2014 · 636 posts · 486 votes
10y
looks like a lot of people are already posting what I came back to post. Most likely, college will be a good thing. A lot of BP podcast interviews talk about having multiple exit strategies, and a degree is a great exit strategy in case you get tired of real estate, the bottom drops out of the market, you just find you're not good at it, etc. No, not for everyone, but for most it has a good ROI and pays dividends for life.
0 Reply
Zachary Sit
Sunnyvale, CA · Member since 2016 · 27 posts · 12 votes
10y
Adrian, you are the man! Huge congratulations for taking the first steps to figure it all out. I wish I made this move when I was your age and followed my mother's advice to do real estate with her. I'm 27 now and just getting into the field! Who knows, by the time you're 18 and on your way to 27, you could be a millionaire if you play your cards right. (Gotta have a dream and chase it.) But your biggest take away should be this, you're only 16. The world is changing, the markets are changing, and you yourself are also changing. What you want in the next few years can be totally different from what you want when you're 27. Going straight into a 4 year college might not be the best bet. 1. It's expensive. 2. It's a huge commitment and investment for such an uncertain future. What you want to avoid is picking some social science degree that has no relevance to your career path and find yourself $30K in debt just because college sounded like a "good idea." 3. Your friends and society will tell you to go to college. Don't listen. Look into a trade skill. Someone mentioned it above. 4. It's a great idea. If you really do pursue real estate, know how to build a house (carpentry), wire a house (electrician), or plumb a house (plumber) are all extremely valuable skills and as a trade will pay more money annually. (Versus your average college graduate who has a liberal arts degree and is looking to work at a start up company making $20/hour). A technical skill + real estate stands to be quite advantageous. 5. And if it all doesn't workout, you can go to college for something you do enjoy and learn an applicable skill (like architecture). Hope you find these few tips helpful from someone who graduate post year 2000 and looked back. Best of luck!
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