Hello, My name is Logan McGill. I am a 16-year-old living in Massachusetts.
This community has a reputation for being helpful and kind so I thought I'd ask for some advice. I want to be involved in investing when I'm older, starting out with wholesaling and then working my way up to buying. unfortunately, I can't start that until I'm 18 years old. That got me thinking, What can I do in the meantime that will: A) make me money for investing in the future, and B) get me some experience in the real estate world? I can't sign contracts but maybe I don't need to. So here's my idea. I could build my network of real estate agents and investors and then charge the investors to find them a property within their requirements, and I could possibly charge the real estate agents for helping them sell their client's property faster, thus making them their money faster. I would like to know the opinions of people knowledgable in the real estate world. I would be grateful for any feedback or constructive criticism, please don't hold anything back. I know this is probably already a thing, but I just want to know if it would be a viable option for someone in my position. Would those people be willing to pay me for that service? If so, how much should I charge? Thank you for your time.
@Logan McGill Logan, you're already light years ahead of most people, you should feel very proud of yourself. I won't be the best source of information for wholesaling and charging for it, but I will give some advice.
When I was starting out, I knew I wanted to get into real estate, but I didn't know what avenue to take. So I read and I read and I read. If I were you, I would be a sponge for knowledge right now. While I don't believe anyone should be paralyzed by indecision or fear, I also don't think taking things slow to educated yourself is a bad idea. After all, mistakes in real estate can cost great sums of money.
Also, don't ever forget that experience is invaluable compared to money. When you get to the point of investing, you just have to find a good deal. If you find a good deal, you can always find the money. Therefore, shadowing real estate investors/brokers/managers for free might seem painful as you aren't getting closer to your goal of investing your own money into real estate, but trust me when I say it will yield you dividends down the road. What you will gain in the meantime is leverage and experience.
In summary, you're in a fantastic position my friend. Be patient, work hard, and strike when the time is right. You're going to crush it Logan! Feel free to connect with me, I'll answer any questions you have. Our younger generation needs more people like you; I'm happy to help!
Thank you so much!
I second Kenneth said. Also, network with others too. Networking with like minded individuals around the world held me understand different markets too.
I am also here to help.