14 year old looking to build capital

Yonkers, NY · Member since 2017 · 506 posts · 95 votes

Hi everyone, my name is Michael I'm 14 years old and I live in westchester county in New York. I want to start some sort of llc or other corporations so I can sign contracts and invest in real estate before I'm 18, what do you guys think about this? Also, I need to get capital to be able to do this so I was thinking of some things to do, here are some of them: Buy and sell things online for profit Maybe get a brokerage to invest in forex for me(some other type of investing like that) Do bird dogging (don't have money to market though) What do you guys think of these strategies? Also, do you guys have anything else I can possible do to raise funds? I am very motivated and trying to get started in real estate investing! Thanks!

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Ian Tudor

Specialist · Charlotte, NC · Member since 2013 · 260 posts · 245 votes

@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.

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Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Shiloh Lundahl so what do you think I should do instead of that?
0 Reply
Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Carl Pickens true to a certain extent. I wouldn't want to go somewhere alone with some random I guy I only met online. But once I build trust with them and with my parents as well I don't see a problem.
0 Reply
Adam Rego
Akron, OH · Member since 2016 · 24 posts · 12 votes
8y
@Account Closed
FYI, Not all military occupation go into combat. That is a misunderstanding civilians have about the military. Just to give you my personal testimony i did 8 years in the Marine Corps . I did not go out and party, eat out or waste my money on things that did not matter. I saved all my money and ate at the chow hall/cafeteria which is free for single military personel .I also lived in the barracks which i did not have to pay rent. Also i saved my money from my two deployments to Afghanistan.I was able to save a lot more money then my peers because i discipline myself to save.I got married my sixth year in the military paying all cash for my wedding and honeymoon to Hawaii. Also i was able to pay all cash for my first house. Stay away from Alcohol, smoking and drugs and focus on improving yourself personally and financially.God Bless you and i pray that you will make the best decisions for your future.
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Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Adam Rego so what do you do so that you wouldn't get put into combat? Also, would there even be time to research about all these businesses and make money in the meantime? How does all of that work? I'm not familiar with how everything works with the armed forces because I never thought of it because I am so afraid to get put in war, I'm not that type of person to go to war. 😂😂
0 Reply
Kyle Eckert
Realtor · Saint Louis, MO · Member since 2017 · 228 posts · 174 votes
8y
Michael Kantar My 2 cents: -Sweat equity to build your capital. Your expenses as a teen are negligible, so save everything. Get all the jobs you can, maybe be of value to a property manager or something to gain that experience. -Learn. Make sure you aren't just parroting someone else's opinions as your own. It's a hard skill to master, but it is critical. -Go to College. Take your saved high school money and house hack while there. It will help you pay for school. Major in entrepreneurship or marketing at a good school for that and it won't be a waste of money. -Find what niche you want and be the master of it. Rei is a huge topic, so research everything. -FYI, I have lost about $4k as learning costs while trying to get ahead in the stock market. It is much better to take your time and build than rush into it
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Chinmay J.
Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
8y
Originally posted by @Account Closed:

Hi everyone, my name is Michael I'm 14 years old and I live in westchester county in New York. I want to start some sort of llc or other corporations so I can sign contracts and invest in real estate before I'm 18, what do you guys think about this? Also, I need to get capital to be able to do this so I was thinking of some things to do, here are some of them:
Buy and sell things online for profit
Maybe get a brokerage to invest in forex for me(some other type of investing like that)
Do bird dogging (don't have money to market though)
What do you guys think of these strategies? Also, do you guys have anything else I can possible do to raise funds? I am very motivated and trying to get started in real estate investing! Thanks!
I hope this is not a troll post.. You have to be some kind of a genius to even know about these things at 14. LLC. Forex... Really? Dude.. Go to malls.. Make friends.. Play ball.. Have a girlfriend. Have fun.. Do some dumb sh1t... You will never get your teenage back.. You can do all this investing stuff in your 20s and 30s..
2 Reply
Aaron Mazzrillo
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
8y

@Account Closed I buy lots of houses in situations where I never once meet with the sellers. That's what good old fashioned letters and phones are for.
2 Reply
Chinmay J.
Investor · Northern, VA · Member since 2016 · 1k+ posts · 904 votes
8y
Originally posted by @Account Closed:

Originally posted by @Chinmay J.:
Originally posted by @Account Closed:

Hi everyone, my name is Michael I'm 14 years old and I live in westchester county in New York. I want to start some sort of llc or other corporations so I can sign contracts and invest in real estate before I'm 18, what do you guys think about this? Also, I need to get capital to be able to do this so I was thinking of some things to do, here are some of them:
Buy and sell things online for profit
Maybe get a brokerage to invest in forex for me(some other type of investing like that)
Do bird dogging (don't have money to market though)
What do you guys think of these strategies? Also, do you guys have anything else I can possible do to raise funds? I am very motivated and trying to get started in real estate investing! Thanks!
I hope this is not a troll post.. You have to be some kind of a genius to even know about these things at 14. LLC. Forex... Really? Dude.. Go to malls.. Make friends.. Play ball.. Have a girlfriend. Have fun.. Do some dumb sh1t... You will never get your teenage back.. You can do all this investing stuff in your 20s and 30s..
They give you holidays from BP for saying things like this.
Go ahead.. Make my day..
0 Reply
Stephanie MedellinBusiness Member
Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
8y
@Account Closed A great summer job if you're interested in investing would be to work for a construction company. You'll learn a lot of useful, hands on skills that will benefit you later.
[email protected]
Stephanie Medellin, Loan Factory58 Reviews
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Aaron Mazzrillo
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
8y
Originally posted by @Account Closed:

Originally posted by @Aaron Mazzrillo:

@Account Closed I buy lots of houses in situations where I never once meet with the sellers. That's what good old fashioned letters and phones are for.
Theres more than 1 here recommending go knocking on doors - meet people they say. A 14 year old boy is no match for an Anthony W or Jeff D type. ILL say it again this is child abuse.
Anyone who request PM with this kid should be investigated . Adult men who want to PM with a 14 old boy only have dubious intentions. I cant be too intense as .....you know..............................lol.
I told him to contact me. You think I need to be investigated? He did contact me and we've exchanged messages!!! Better call the FBI!!!
I've always taken the stance that the people who take a vocal stance against something are typically the ones most guilty of participating in such actions. Priests come to mind. State Rep Wes Goodman is another good recent example.
So, what's in your freezer?
1 Reply
Shiloh LundahlPro Member
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
8y
@Account Closed rather than putting your money into a retirement account to invest in stocks or mutual funds that you will be penalized for taking out before age 65, keep your money liquid so that you can move it in and out of investments easily. With the amount that you will put in there at a young age, it probably isn’t worth any tax benefits you will get from it right now in your life.
If you want to trade stocks or mutual funds then you can ask your parents to open up an account with your money and you can manage the trades (I don’t encourage this however since novice investors usually lose money in the market unless they just park it and hope things go up over time). Also keep in mind that there are maintenance fees associated with trading and having a company manage your stocks and mutual funds.
Rather, save for the moment when opportunity presents itself. In my early twenties I worked for a credit union and I saved 10% of everything I made and put it into an account that I called my Arkad fund (reference to the book The Richest Man in Babylon). The money was just sitting there as I kept my eyes open for an opportunity. Then one day one of the tellers dropped a quarter on the floor and noticed that it sounded different than how it would normally sound (she apparently knew what quarters sounded like when they fell onto the floor). She looked at it and noticed that it was a silver quarter. Apparently someone had made a deposit of several rolled coins a few days prior and they were all silver quarters, half dollars, and dimes. I withdrew $40 from my Arkad fund and bought 4 rolls of quarters for $40. Then I sold them on eBay the following week for $160. Another example was right after my second child was born a credit union was offering youth CDs at 10% interest until the child was18 years old. I put $1000 (which was the highest allowable amount) into a CD for each of them. By the time my oldest is 18 that CD will have about $5000 and when my son is 18 his will be about $6000. I couldn’t have taken advantage of any of these opportunities unless I was prepared by having the money available from being disciplined in saving.
Giving your money to someone else to invest your money for you is the lazy investors way of investing. With good education you can do much better then the stock market.
480-206-1209 Podcast Guest on Show #287
1 Reply
Shiloh LundahlPro Member
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
8y
Hey everyone, would you mind laying off trying to scare Michael by suggesting he is going to be molested or that a serial killer is going to get him or by telling him what he should be doing with his time instead of thinking about investing. He had a question that he posted about raising money to invest and how to invest at his age. Let’s just answer that question rather than discouraging him or scaring him.
480-206-1209 Podcast Guest on Show #287
2 Reply
Dan Wickland
Rental Property Investor · wyoming · Member since 2017 · 76 posts · 73 votes
8y
@Account Closed FBA = Fulfilled By Amazon. WATCH this! > https://www.youtube.com/watch?v=V-Nkw4fWy9g

I referred learning to market the products you sell on Amazon.
1 Reply
Dustin Frank
Real Estate Agent · KS · Member since 2017 · 157 posts · 71 votes
8y
I think most people will tell you that you should take things slow and develop skills until you become a legal adult. Everybody has an advantage over the competition in one way or another. Although your age will severely limit your possibilities it can also give you an advantage. I would recommend attending real estate investment clubs and meetings where you can meet other investors. If you were truly interested and have a drive to succeed I believe you will have no problem finding somebody willing to invest in YOU and not your experience....I would
2 Reply
Rocky Griffin
Flipper/Rehabber · Edmond, OK · Member since 2016 · 209 posts · 107 votes
8y
You seem awfully opinionated for someone asking for advice. May I suggest you listen to the advice given and hold your tongue.
0 Reply
Account Closed
Kyparissia, Messinia · Member since 2017 · 94 posts · 43 votes
8y
I don't know if this will help, but there are many free or low cost online courses that could be useful. I would try to learn as much as I can about finance and contracts. These courses offer certificates, that could be used later. I also agree that opening a CD is a good idea... the interest is a bit better than a regular savings or checking account. Also, even though you may not be allowed to attend meetings, you could arrange to chat with someone using Skype or some other platform. My youngest son met someone who was an expert in the stock market and agreed to be his mentor. No cost. Don't under estimate a college education, people will take you more seriously if you have a degree than if you don't. Also, make as many contacts as possible.
1 Reply
Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Rocky Griffin I am listening to the advice given and Im analyzing it for my personal situation, everybody's situation is different. That's why certain things would work for me and certain things wouldn't. That's also why the more opinions that I get from certain people with different situations would be great for me because put of all of the advice from the different people, something is bound to work out for me. And by the way, I'm writing everything down and analyzing it.
1 Reply
Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Estelle Angelinas that's great advice, I will look into it! But is there an age restriction to do those courses?
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Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Dustin Frank that's great advice, I will try my best to get to these method and meet people. The only problem is that most of these are on the weekdays, and my schedule is jammed pack then. But I will try my best to make arrangements!
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Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Dan Wickland I will check that out!
1 Reply
Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Shiloh Lundahl that's great advice! Also, thanks for standing up for me!
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Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Aaron Mazzrillo thanks for standing up for me! Your a great help!
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Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Stephanie Irto I will definitely check out the construction/property management job and see if that work. The only problem would possibly be if there's child labor laws.
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Account Closed
OP
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Kyle Eckert thanks! I am trying to narrow down on what I will do, possibly but and holds to start out, then flips a little later on! Also, thanks for the other great advice!
0 Reply
Scott Krone
Investor · Northbrook, IL · Member since 2017 · 352 posts · 295 votes
8y
https://www.biggerpockets.com/users/MichaelK307. Michael it is great to see enthusiasm for investing and an entrepreneural spirit. That being said a few comments. First, if you truly want to be an entrepreneur - education should be your largest focus. Study in school, study successful people, and study successful systems. Study both success and why people fail. Most successful people have failed. They became successful because they learned from their failures. Second, when you ask for advice, don't turn around and explain why you don't want to listen to the advice. It communicates a lack of willingness to learn.
There have been many great comments for you to apply. Why do people suggest cutting lawns - because it is starting a business. It is being an entrepreneur at it's core. Learn marketing, advertising, sales, customer relations, AR and AP. Another option is Fortune Builders has a great program for teenagers that teaches how to be an entrepreneur in real estate. Go to it, meet successful people. Impress them by being willing to do anything (that is legal of coarse) to learn. The greatest capital you can build right now is relational capital. Don't under estimate that!
My mentor began as a Sunday School teacher, turned that into selling Sunday School material, turned that into motivational speaking, turned that into real estate, turned that into banking, turned that into owning corporate 500 businesses. Start small.
Best of luck.
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