14 year old looking to build capital
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
14 year old looking to build capital
Most Popular Reply
Specialist · Charlotte, NC · Member since 2013 · 260 posts · 245 votes
8y@Account Closed - Love your ambition, Michael. At 14, you are thinking the right way. Your age shouldn't stop you from going after what you want.
1. First, consume as much information on real estate as you can. Podcasts, forums, books, etc. At your age, people will question your ability to know anything. Be as educated as you can.
2. Network. Uber to a real estate events if you have to. Surround yourself with bosses who get things done. This will help elevate your game and get you into deals.
3. Volunteer your time to a realtor or flipper or someone with lots of deal flow. Real experience is the best reference to have. Reading can only get you so far. Work for free if you have to. It will pay off in the long run.
Do these things and your world will open up. You will find yourself in opportunities and ways to make money. Over time, someone will take a chance on you. Chase your dreams buddy. I'm rooting for you.
274 Replies
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yOk, but am I actually allowed to take money out of there? I will start to talk to some attorneys and cpas near me.
- Rental Property Investor · Hong Kong, Hong Kong Island · Member since 2014 · 188 posts · 114 votes8y
If you were 70 years older, I would also advise that you talk to a CPA and an attorney immediately. At 14, you will hit people's prejudice when you make any offer, and there is so much you can to learn to be better socially calibrated, understand what makes people tick.
If you have that energy at 14, I strongly encourage you to start investing in yourself first. At this age there are huge dividends in perfecting the development of your brain and body over the next 7 years. I don't mean pay $40k to a guru or run a $90k college debt without any job prospect, there great references on the web for anything you want to learn, you also need to calibrate your social interaction as it will help you to find the right partner for life and business.
You can learn all there is to know about real estate investing, but starting now has low benefit to you compared to learning and developing in a diversified manner.
Opportunities will come to people who see them and adapt.
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8ySebastien Hitier so what are you saying? Just learn some stuff first and talk to people, then when I'm old enough to invest invest then? Are you saying I should talk to some cpas and attorneys? Also what do you mean by being socially calibrated?
- 8yShiloh LundahlPro MemberRental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
@Account Closedhad some good ideas of ways to start earning money. I would add to that learning to code or build websites, buying things wholesale and selling them for more, or anything really. All you need to do is find a need and meet that need and charge for your services.
Right now you are in the decade of preparation. In your twenties you will be in the decade of decisions. Prepare yourself now, get experience, find mentors, avoid stupid people who will waste your time and lower your intellect, and learn to work hard in what you do. Then, when the time is right, you will be in a position to capitalize on your preparation. A favorite saying is “when preparation meets opportunity, magic happens.”
Good luck.
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yShiloh Lundahl that's great advice and motivation. I will definitely take this advice and try and build capital this way. I will also ignore the haters and the people they don't know what they are talking about.
- RE Investor · Newnan, GA · Member since 2015 · 309 posts · 132 votes8y@Michael Kantar visit yard sales. Purchase some items that you know are valuable and then sell them online via eBay or Craigslist. You will be able to make money and you will develop an eye for items that just need a good clean or minor repair to resale. This process has helped me tremendously in my REI career, property just has a lot more zeros at the end of the price tag.
- Colorado Springs, CO · Member since 2016 · 84 posts · 48 votes8yMichael Kantar I’m in the army kid, let me save you the time and effort. Join the Air Force. That way if you decide that you wanna do college then you’ll be able to go free of charge. On another note, if you wanna make Bookoo bucks as a kid I suggest starting up some for of a landscaping business and going at it hard! Stick to it and grow, grow, grow (or some other form of business that pretty much anyone can do) then as you turn 18 sell the company and voila! Now you’ll have all your savings from starting and running a successful company, experience managing workers, and you’ll be able to “sell your customers” to another company and make a decent amount from selling the business. But currently make sure to focus on school. A lot of people talk about how what they learned in school doesn’t translate to the “real world”. Well those people are the ones making min. Wage. If you’re not too such how to start on working into getting a business rolling feel free to send me a Colleague request and I’ll give you some tips and pointers. Albeit they may not be what you’ll want to hear about getting the ball rolling but it’s what works when starting a business. (I started a small scale landscaping business mowing when I was 7 for the neighbors [just mowing]). By the time I was 13 I had 15-20 yards I was taking care of each month(sometimes twice a month). That adds up for a kid 🤑 -Matt Moore
- 8yTom GimerBusiness MemberDMV · Member since 2017 · 3k+ posts · 3k+ votes
This is at least the third "14 year old" thread. Isn't there an age limit for this site?
If OP would put the keyboard down and go get his hands dirty for a few years... problem solved.
I think enough guidance has been provided for the whole middle school.
Gimer Law516 Reviews - Specialist · Charlotte, NC · Member since 2013 · 260 posts · 245 votes8y
@Account Closed - I didn't use a contract. I trusted someone whom I built a relationship with the prior year. I called him up and we used all his contracts and legal dollars.
Again, there is a lot to learn. Provide huge amount of value to local investors in your area. The money will come. But first you have to understand how the real estate process work. If you had a deal right now, how would you close it? What would you do? If you don't know the steps, you have to learn this. I understand your eagerness to get paid. I get it. But you must build the relationships, find the deals, understand the process before any of that happens. You have to do the work before the money comes.
Take the small steps you need to get paid. Real estate isn't a get rich quick track. I think online selling will get you paid quicker if that is what you're chasing. It takes time but it is lucrative if you do the work.
- Pittsburgh, PA · Member since 2016 · 140 posts · 119 votes8yI love your ambition. I wish I was that driven and smart at your age. I agree with what everyone is saying about school, you don’t need an expensive, fancy degree, but in the world we live in, unfortunately a degree (or some other kind of formal education such as a trade school) is a must, even for entrepreneurs. Haven’t read all of these, some people may have already made these suggestions: 1. I agree with the military if you’re looking for cheap/free school. There are a lot of options besides “joining the army and going to war” that still cover the cost of school and will open many doors for you once you’ve earned the title of “Veteran”. If you’re interested in more info on that, message me. 2. Does your high school offer AP courses? If so, take every AP course you can and pass the tests. You can graduate high school with a semester or 2 of college already complete if you play your cards right. Also, check with your local community college and see if they allow non-graduates to take credit awarding courses. Another way to rack up college credit cheaply and early on in life before you have “real” responsibilities. 3. As far as earning capital, like everyone on here has said, due to child labor laws there really aren’t many options for someone your age other than mowing lawns, walking dogs, etc. it’s slow money, but at 14 you shouldn’t have any other expenses so you can save every penny. There’s tons of apps you can download now or websites you can sign up for that you can do side work on your own schedule (check the age requirements before signing up for anything). Wag, Task Rabbit, Upwork, etc 4. I don’t agree with the people saying not to invest. At your age, you have nothing but time and you’re in a better position than probably anyone on this website to invest. The only caveat being that you can’t open a brokerage account by yourself, you’ll need someone to be on the account with you. Ask a parent to open a cheap brokerage account with you (some of the cheapest out there right now are vanguard and Charles Schwab) and put your money in a low-cost index fund such as VTSAX which just tracks the stock market. Requires minimal knowledge and research and provides a high return 5. In the meantime, like everyone on here is saying, learn everything you can about real estate so when you do have the money and are of legal age, you can jump in and get started!
- 8yGarry HoffmannPro MemberReal Estate Agent · Logan, UT · Member since 2017 · 24 posts · 5 votes
Michael,
I also have a 14 year old daughter here in Vermont struggling with the same thing. DON'T GIVE UP!!!!!!!! There will be things that will come up. Use the internet to search and advertise.
- Investor · Delray Beach, FL · Member since 2017 · 48 posts · 41 votes8y
@Account Closed. Ian's advice was perfect for your situation.
You're too young to begin trading in a market or doing deals because of age restrictions. Furthermore you have a commodity in more abundance than 99.9% of this community (time). You should use the next 4 years of your life to look at knowledge as compound interest and consume education at a faster pace than your competition. Read, listen to audiobooks, and learn from others' mistakes. There is no fast track to wealth, it is grind.
You can also do plenty of networking. Find a successful local real estate brokerage or investor and offer to help for free in any way you can. The experience and knowledge you'll gain from being in that ecosystem will pay more dividends than wages will. If you do these things as recommended, you'll be ahead of the game and on a track to accumulating wealth.
- minneapolis, MN · Member since 2017 · 79 posts · 92 votes8yNobody is going to take a 14 year old seriously in almost any business. Nobody (except family) is going to give any amount of capital to a 14 year old to invest. A 14 year old should not be knocking on doors or looking for leads. I'm really sorry to say these things, but there are FAR too many people that have given unrealistic advice to this kid. This is like the 4th or 5th thread. @Michael Kantar If you want to make some cash, you can probably get a job at a lawn & landscape company or mcdonalds or something of that nature. Even that will be tough at 14. See if your parents have any connections. I know for sure this isn't what you wanted to hear. I have a mind like yours and I get obsessed with things too. For now just keep learning for a couple years. I only speak the truth.
- 8yTim BergstromPro MemberInvestor · Nashville, TN · Member since 2016 · 127 posts · 71 votesI love and agree with a lot of what Ian Tudor has said. I love the ambition. I know you may feel like you need to make big things happen NOW, but be patient. Look up Gary Vaynerchuk on YouTube and watch everything he puts out. He has incredible advice for young entrepreneurs. A metric he talks about a lot to give perspective is this: you’re 14, if you double your age you’ll be 28. That is younger than most people are when they START investing in real estate or learning anything about it. You have SO much time. The fact that you’re already seeing what is possible with real estate is so far ahead of the game it’s insane. If you spend the next 4 years just learning everything you can and work for an investor for free who does a lot of deals, once you’re 18 you can start rocking and rolling on your own and just grind for the next 10 years and you could have an empire by the time 28 rolls around. Spend the next 4 years working for an investor and figuring out what you ACTUALLY want. Take this time to learn WHO you are. Self awareness is incredibly important. Learn who you are, WHY you want what you want, and make sure you have proper perspective on your expectations. Once you know these things and know what you want, focus. Stay on course until you hit your target. To answer your specific question, starting an Ecomerce store/dropping shipping business and/or affiliate marketing could be a great way to build up capital while you’re also learning real estate. You don’t need to be older than 18 to do that. Keep us posted!
- 8yTim BergstromPro MemberInvestor · Nashville, TN · Member since 2016 · 127 posts · 71 votesAlso, just had this thought after posting. Download the game Cashflow from the App Store and play it either by yourself or with your parents to help with everyone’s mindset. I’m already in the mindset but I still do this myself!
- Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes8y
When I was 14 I delivered newspapers....
Unfortunately, you are probably not of legal age to enter into a contract. That doesn't mean you can't get one of your parents to help you out. You can certainly bird dog deals all day. It's a great hustle and you can really uncover some gem deals other investors miss. You just need to get out and hit the streets. Talk to people. Look for distress and opportunity. It can come in the form of something as random as an old man trying to drag a couch down his driveway by himself. My buddy saw, pulled over and asked if he needed help, then bought the house off the guy. Tenants had trashed the place and moving that couch by himself was enough to make that old man decide he was over it.
Don't do what I did when I was 14. I definitely like the way you think. Reach out to me if you have any questions and keep at it!
- Investor · Milwaukee, WI · Member since 2013 · 1k+ posts · 1k+ votes8y
You have some serious advantages to your scenario that I would advise to make the most of.
#1 - You likely live with your parents rent and expense free. That means you can save each and every penny you earn or that is given you as a gift. Each and every person on this forum would love to have that going for us.
#2 - You are starting early. Some things in life are a race. Sometimes he who starts earliest out-competes the competitor by virtue of getting started earlier and therefore gaining more knowledge and experience - some things are like that.
Life is short but it is also long my young friend. You probably hear that from many adults and it is wise to understand what that means. Enjoy being a kid because while it may seem it is taking forever to become an adult, you will look back on it and realize it was like a blink of an eye.
You will have to find out what you can and can not do as a minor. Because your parents are legally responsible for you, you will likely have to include them in any significant business venture. They may not share your dreams and optimism but don't let that get you down, most parents are like that - be patient, 18 will come. Listen to your parents because they are wise, but also don't be afraid to shoot higher than they ever did. Learn the difference between being smart and being wise - your parents may be one and not the other or neither or both and each have their place in this world.
I believe 14 is the magic age in most states where you can go to work legally for someone other than your parents or yourself, usually with a work permit signed by your parents. I would advise you do so, though never at the expense of your grades. Your grades are your number one job as a kid - that is one of those things that you really just need to listen to from adults even if you think otherwise - remember the point about being smart and being wise? The other two things you must not do is get arrested or have a baby. If you want to be an adult at 14, there is some adult thinking for you.
Getting a job making the highest dollar is a good strategy. However getting a job where you learn something is also a good strategy. You can work at Mcdonalds and even though the pay is not great, you will learn the basics of simply how to work - which believe it or not some people never learn!!! You could also try to get a job for a realtor cleaning the office to start, but working your way to other things as you prove yourself valuable. If you like working with your hands, try to get a job helping with any level of home construction. You are too young to use power tools, but you are certainly not too young to learn to paint. You are also not too young to be a laborer. Learning how to work hard is a skill in itself and is good for the soul. However, you will find most of the jobs available to a 14 year old will be food service or janitorial - don't be a snob because the only thing that matters is dollars in your bank account. Of course you can be the kid who does the odd jobs for people in the neighborhood, and I would say always jump on any and every opportunity to make some money, however there is also value to a steady job because it is steady. Think about how a REI loses money for a months vacancy.
Back to the basics. Save every penny you can from now until you are 18. You will find that with some hard work and discipline, you will have enough money to get started in real estate by then. Take out a credit card when you turn 18. Maybe try to buy a car on credit. The key is to build your credit rating as fast as possible and have money for a down payment ready. Of course everyone would love to go through life never using credit, but it may be necessary and it is always better to have it at your disposal than not - that's why its called it leverage.
Grades first. Bank account second. 18 will come very fast.
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yRush Wall I will definitely check that out!
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yMatthew Moore I will get in touch with you soon to talk some more! Thanks!
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yIan Tudor that's a very creative strategy, goes to show how much relationships can influence what you can get done! I will also look into gaining knowledge in these areas so I would know exactly what to do in all of these areas in interested in!
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yThanks for the advice I 100% agree with you!
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yGarry Hoffmann what approach is she taking? Did anything work out for her so far?
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yGus Ross I will take that advice, thanks for the help!
- Yonkers, NY · Member since 2017 · 506 posts · 95 votes8yTim Bergstrom I'll keep on touch with all of you and let you know what's happening! I'll check out that guys YouTube channel, I've heard of it before. Thanks!
Join the conversationCreate a free account to reply, vote on answers and follow this thread.