I’m Leon, 17 years old and I live in Connecticut, actually moved here a month ago. I was thrown out of my home by my mother who was addicted to drugs. I work part time for a restaurant, I’ve had 4 jobs already and realized that i’m honestly not making the money I should be. I turn 18 next month and plan to open a bank account and get a credit card which i will use for the sole purpose of gaining credit, not debt. I’m very uneducated in financial endeavors, and I have very little knowledge of real estate or landlords and such. Even certain terminology I have yet to figure out. I just want advice, tips or mentorship on where to even start in life with this. I want to either become an investor, that can snowball by putting in my own money from work, or a landlord with my own properties to rent to people. Please anyone help me to understand the first steps i need to take with this, i’m trying to start as early as possible. Thank you!
At your age it's not wise to dive head first into anything. I would focus on education and reading/mentoring/job shadowing as much as possible! You will learn a lot from hands on experience and still be able to work the restaurant job(s). Hopefully after few years you're interest/skills in real estate grow and you make some connections in the industry. By the time you're 20-25 years old you could own a few properties, save for reserves, flip, or wholesale deals.
The sky is the limit but it starts with education.
Hello @Jose Leon , if you are in New London County, we have a small meetup of investors once a month. I'll send you a PM with more information. Also, this site is great for learning. Whenever you have free time, get on here and read the blogs, articles and forums.
Just learn to live below your means. Keep life simple. Save money. There will be time to do big things. You are starting in an excellent place to learn stuff and are ahead of the game for kids your age. Good luck!
I would hold off on Real Estate. The uncertainty of the business and when you will be paid next is a struggle for most in their 30s and 40s. I can't imagine being 18 and doing this. My advice is if you want to get into real estate try to get a job at a real estate office as a front desk assistant or transaction coordinator. That give you the opportunity to learn so much about the real estate industry and how things work while still having a steady paycheck.
@Jaron Walling Thank you, I will definitely be learning alot right now, thank you for the response, I’ll try my best to use these early years to learn as much as possible
@Mat O'Grady Gotcha, I live in Bristol, not sure how close you guys are. Ill look into your stuff for sure!
@John P. Thank you, I’ll try my best to be debt free, and educate myself financially.
@Catherine Emert I will definitely look into jobs in that area as a stepping stone, and a learning experience. Thank you for the advice, if waiting means approaching it better then i don’t mind!
@Jose Leon Investing in anything takes time, education, and discipline. I agree with @John P. to live below your means. Personally, I gave up events, expensive vacations, and quit spending on personal hobbies (cars, motorcycles) because none of it helping me reach any goals. If you can understand that you're set. I didn't until I was 30 yrs old and wasted a lot of money.
@Jose Leon Bristol is a trek probably 2 hours or so. I have seen posts about meetings in Fairfield that is closer to you. Search the meetups page or type in Fairfield and you will probably find it.
You consider yourself uneducated. Change that and change your mindset about that. Start reading a financial book per month, "Rich Dad Poor Dad" would be a great first book. Get it used on Amazon. Six months from now you will be more financially educated than a huge percentage of the country. Listen to the podcasts on the Bigger Pockets website, they're free.
Construction work is fairly well paid and quite applicable to real estate too. Becoming a contractor is years down the road but it can really give you an edge with flipping, rehabbing or other more creative changes to a property.
@Jose Leon your in the right place, read all the blogs you can. If you have a smart phone listen to all of the podcasts as well. DM and I will mail you some books to read. The best part about real estate is that you can learn most of it on your own And through venues like this. Keep working the two or three jobs, I did too when I was young and that’s the work ethic you need to develop to be successful in real estate. Lastly, start saving now. Pay yourself first on every paycheck and put 20% away, every time.
@Brant Richardson Thank you, I’ll try to listen to podcasts and read as many things as possible, ive already begun writing as many things down as possible and studying. I’ll be learning alot before i begin
@DJ Berry Thank you, I’ll try to save as much as possible, do you recommend putting little amounts into stocks?
@Jose Leon I’m not a financial advisor but I would look at the s&p 500- go to the library and get unshakeable by tony Robbins and rich dad poor dad