@Cameron Dye What I wish I had done at 17 was
- Convince my parents / grandma to help put a down payment on a house near campus
- Get a couple guys to live in the house and "house hack" it.
- With any extra income, invest it into additional houses on campus
Really whatever you do, do it with 100% passion. Even if you make a mistake, its okay, being 17 gives you the advantage of time. Im sure you've heard this, start early and you get the snowball effect!
Yeah man. I was planning on starting out with a few units with an FHA loan. Good to see I had the right ideað
I'm not sure if I will say much different than all the messages before me. I will try.
- THINK BIG from the start. There is no reason not to.
- Set up your short and long term goals, place in front of you and write downs the tasks to reach each one of them. Stay on top of it, and follow through with these steps.
- Apartment Hacking is definitely the way to go during college.
- Why not start direct mailing with handwritten letters to Tax Liens and Pre-Foreclosure properties in your area? Some towns you can get a list of these properties through your town hall. Research in your area how to get this. Ask at the meetings.
Once you get it, find the properties that look the best, and send them a simple letter. If you PM me I can send you a sample. Once you get a response, now you have a nice value add to ask a partner to help you with this lead. If you get it, split the deal. Remember 20-30% of something and the education gained along the way is better than 100% of nothing.
Hope this helps.
Looking forward to see you post your accomplishments here 5 years from now!
Absolutely agree with you on thinking big. Already have some 10X long term goals in place that could naturally evolve as I learn and find what I am better at and what I like doing. Great advice on the direct mail letters by the way! I think that’s a really good way to generate leads that I plan on incorporating. Thanks for the response Brunno!
You’re on the right track. Get education. Learn from people that have actually done what you want to do. There is a book if I can do it so can you. It was written by someone who started buying real estate when they were seven.
@Cameron Dye Cameron have you looked into Paul David Thompson he's an operator out of Little Rock area mainly focuses on single-family residential but does have a background and knowledge in a multitude types of real estate. If you're serious before I considered any college or formal education I'd network with someone like him and his fellows. Today you have to spend your time and money where it counts not where parents are societal pressures tell you to and you'll come out fistfuls ahead of the rest. Feel free to hit me back call me whatever works otherwise good luck brother.
@Cameron Dye continue learning, read a lot, stay out of debt, save as much as you can, network, and I would drive for dollars. It’s a cheap way to practice marketing, it will get you engaged with buyers and sellers, and you will gain experience in many aspects of real estate. If you do land a deal I’m sure a local investor in that area would work with you to close the deal and teach you along the way.
House hacking is a good way to start
@Cameron Dye hi there. Read, read, read anything you can get your hands on, and save save save! I wish someone told me that @17. Very best of luck to you 😀
@Cameron Dye saving for a multiunit to live in
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That’s a pretty repulsive comment there Andrew. For most people my age that’d be true, but I’m using this valuable time to my full advantage to learn, network, save, and build my credit.
@Cameron Dye just having some fun with this question. Love that you have the eye of the tiger but don't forget to have a little fun and be a kid. Best of luck and I hope you slay it (in real estate that is).
STUDY AS MUCH AS POSSIBLE
SAVE AS MUCH AS POSSIBLE
AND LAST BUT MOST IMPORTANTLY BUILD YOUR NETWORK
NETWORK = NETWORTH
1) Save your money- Min. 50% (that's gross income in my opinion) if you are still living at home.
2) Build your credit- I skimmed through some of the previous responses and I'm sure they covered this one well. If everyone is saying the same thing on BP. Then it's more than likely some good advice.
3) Enjoy your youth- Don't grow up to fast and be present in the moment. I wish there was a time machine where I could go back but unfortunate there isn't at this point in time.
Hope this helps,
Originally posted by @Cameron Dye :
What's up BiggerPockets community! My name's Cameron and I'm a 17 year old high school senior from Fort Smith, Arkansas. I'm going to college next year at the University of Arkansas to study Investments and Securities but my biggest passion is Real Estate. From the time I read "Rich Dad, Poor Dad" I've been fascinated by the concept of real estate investing, specifically multi-family real estate investing. I dedicate almost all of my time to learning from the typical sources like books, podcasts, and youtube videos etc. My question is, whats the next step?
What action should/can I take now? I know I need to build my network and experience/knowledge and the best way to do that is to find a mentor and provide value, but what can I do at 17?
I have no aversions to working for a real estate agency or investment group and making cold-calls (for free, in exchange for experience and knowledge) or something like that, but is that something that's even possible for my age? My main concern right now is getting educated and developing the necessary skills to succeed in this field while also building up my network.
Any and all advice is greatly appreciated, I'm VERY ambitious and I have some pretty big goals so I'm very eager to get started with this!
I was just like you at your age, reading these types of books, etc. You will go far. Agree with others on building your credit, buying your own home, saving money to buy more real estate, etc. Also don't forget that life is not all about money, dating is the spice of life.
Thanks for the response Jack!
Hi @Cameron Dye,
All of the responses so far are great.
I'd really suggest focusing on expanding your network. Go to real estate meet-ups and get to know the seasoned investors. With the drive you've shown, you'll likely find a few of them will take you under their wing. You'll learn more from this than anything else.
wow, everyone has lots of great advice,
and I see people saying save money, and when I was younger I thought that was the way to start too,
but if you get a job and save as much money as you can in the next year to two what is the most you could possible come up with?
I had someone call me about wanting to do their first real estate deal, they had been working hard for almost a year and had nothing to show for it, they seemed ambitious so I told them I would give them a task and when they completed it to call me back, they did this a couple days in a row so I started taking them serious and I told them exactly how to buy a house and sell it, they had a little good fortune and in just under 3 weeks they sold their first house and made a profit of $37,000 and they didn't have any money of their own, and I didn't give them any money, just advice over the phone.
My point is that they could have worked a job for those 3 weeks and saved their pay checks... so I no longer think that saving money is the best way to start.
Having good Private Lenders is nice.
Also, “Rich Dad, Poor Dad” is the first book I read too.
@Cameron Dye hey man, great mindset to have. If I were you, I’d listen to every BP podcast along with every other one that strikes your interest. Read all the books you hear repeated on the podcasts along with any others that spark your interest. I use free audiobooks from my public library on 1.75x speed or the BP ones when they go on sale. Between time eating, working out, and commuting you’d be surprised how many books you can get through in a year.
As far as getting started investing, I would focus on networking in school, get involved, get a good GPA, and find a way to start making money. A decent college job is a good start but one thing I wish I did at your age was learn to flip things early. It takes some time, but there’s plenty of YouTube videos of learning how to flip books and other items on amazon and eBay from goodwills and such that can translate to real estate later in life.
Read Scott Trenches “Set for Life” and househack as soon as possible. I would guess in your market you could find a house or small multi for under 200k, put 5% down with a parent co-signer and rent out the rooms to other college students as your first househack and be way ahead of the game. If you ever wanna chat feel free to hit me up. Good luck man.
Congratulations for taking the blue pill. The pill that removes you from the Matrix and to join the real thinkers of this world.
You’ve positioned yourself to be like LeBron when he was in high school. On FIRE!!! Some would say Kobe and I would say “You can got out of my face with that noise!” but seriously, my suggestion would be to not pay a lick for any mentor or guru training class. You have thousands of free trainers right here. It’s better to learn not to touch the stove after you’ve already touched it. I’m saying you are going to fall, learn to tie your shoes tighter or get a new pair. If I owned a league of investors I would draft you up quick.
Thanks for the very kind (and inspiring) words Lamont! Really gonna put my head down and work hard on networking and building connections these coming few years. Appreciate the response!
Hey Bill! That’s the second time I’ve been recommended “Set for life”. Definitely need to give it a read. Also I’d love to talk to you over PM or any other platform. Thanks for being open and willing to discuss and thanks for the advice!
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