19 year old new to real estate looking for advice

Member since 2020 · 7 posts · 4 votes

Hello all,

I am a 19 year old college student looking to get started in real estate as soon as possible. For the 6 months I have been curious about real estate and slowly started to research the topic. 3 months ago I discovered the BP real estate podcast and since then I have been listening to real estate related videos every single day. I know I have a lot more to learn but I don't want to waste time and feel I should take action pretty soon.

I started building credit already and I read/listen to real estate related stuff everyday. At this point in my life what would you suggest that I do to get ahead? WHAT IS MY NEXT MOVE??

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Craig CurelopBusiness Member

Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes

@Ali Suleiman - You should continue educating yourself through the podcast, webinar, books, etc while saving up for your first down payment. Once you have enough saved, I 'd highly recommend trying to get into a house hack as your first investment!

[email protected]Podcast Guest on Show #350

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Tyler Bobo
Realtor · Wasilla Alaska · Member since 2019 · 129 posts · 94 votes
6y
1) Make a list of all the investment strategies you're interested in that you'd consider doing. (fix and flip, fix and hold for renting, buy turnkey for renting, wholesale, lease option sandwiches, buy and sell on owner finance, privately fund other peoples deals, etc, etc)
2) Decide if you're considering local or not local investing. This may depend on where you are. Investing and making money in real estate works EVERYWHERE yet it may be easier, especially for beginners, some places more than others. And if it's not where you are, choose a market. I think investing local is best for most people, but not everyone.
3) Start analyzing deals in the market you're going to invest in, compare those deals to your preferred strategies in section 1.
4) Buy stuff. Don't let your emotions decide for you.
5) This isn't really the last step, it may be the first, middle and last and always. Join real estate groups and talk to other investors. Keep listening to stuff and watching videos and learning. This isn't a get rich quick deal but if you stick with it you can totally build amazing wealth over time, that's hard to match for most people without real estate. Find a mentor or someone you can call to help analyze deals. Don't be afraid to partner with someone who has more experience. Stay in front of and around people who are like minded.
Good luck.
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
6y
Originally posted by @Ali Suleiman:
Hello all,

I am a 19 year old college student looking to get started in real estate as soon as possible. For the 6 months I have been curious about real estate and slowly started to research the topic. 3 months ago I discovered the BP real estate podcast and since then I have been listening to real estate related videos every single day. I know I have a lot more to learn but I don't want to waste time and feel I should take action pretty soon.

I started building credit already and I read/listen to real estate related stuff everyday. At this point in my life what would you suggest that I do to get ahead? WHAT IS MY NEXT MOVE??

Welcome aboard Ali. I'd look into House Hacking if I were you. Living in a college town you've got a lot of potential income generating roommates at your disposal.
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Jonathan Oh
Investor · Las Vegas, NV · Member since 2019 · 499 posts · 259 votes
6y
@Ali Suleiman It depends how much capital you have to work with. If you have a good amount, then I'd start where you live if prices make sense - house hack, brrrr, etc.. If you don't have capital - practice analyzing deals, get an internship with a broker specializing in investments, or do something that will get you more experience.
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Zeke Liston
Real Estate Agent · Columbus, OH · Member since 2018 · 1k+ posts · 1k+ votes
6y
Hi @Ali Suleiman, I would suggest either finding a mentor or working part-time for an investor in your area. This way you're able to get a feel for how to get it done!
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Craig CurelopBusiness Member
Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
6y
@Ali Suleiman - You should continue educating yourself through the podcast, webinar, books, etc while saving up for your first down payment. Once you have enough saved, I 'd highly recommend trying to get into a house hack as your first investment!
[email protected]Podcast Guest on Show #350
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Michael Carbonare
Investor · Fort Lauderdale, FL · Member since 2013 · 919 posts · 607 votes
6y
@Ali Suleiman Ali, many, (most?), new investors suffer from the same malady: paralysis of analysis. You read books, binge watch podcasts, spend hours posting and reading various investing blogs where too many people offer too many opinions. . .and then you start all over again. A year passes and you're still waiting until you know everything before you do anything. Never gonna happen. There will always be another shiny object to reach for. Famous chop-chop actor, Bruce Lee, said it best: "Simplicity is the key to brilliance."
How to keep it simple? For starters, you need to settle on one investing strategy that fits your current financial abilities and your investor psyche. Then block out all the noise. Walk away from your keyboard. Find yourself someone who has already been successful doing what you want to do and learn from him/her.
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Calvin OzanickBusiness Member
Property Manager · Janesville, WI · Member since 2017 · 707 posts · 297 votes
6y
You will need to devise a plan of action for yourself just like mentioned above. There are so many ways to be involved, experiment a little bit. I was in your shoes 2 years ago and I went out and found a mentor who could help me grow as a real estate professional and it eventually led to my career that I am in today. I highly advise against jumping in this quickly, but if you are confident and know your stuff, do not be afraid to find your first deal. Good luck!
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Peter Miller
Rental Property Investor · Madison, WI · Member since 2019 · 29 posts · 9 votes
6y
Sounds like you're pretty new which is great. Network with a mentor and bring value to them so they will mentor you! If you're close to me I'd show you how to bring value to properties through renovations, no experience needed, just a good work ethic and the ability to learn! You'll then be able to turn a ok deal into a GREAT deal! Finding a mentor and bringing value to them will allow you to avoid mistakes that they made increasing your growth later on! I wish you luck on this journey!
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Pimwadee Limsirichai
Contractor · Dallas, TX · Member since 2019 · 52 posts · 35 votes
6y
Hey Ali!
You've been doing really awesome getting started on building your credit and gathering information (BP/podcasts/blogs/etc)! Keep it up, 'cause it will really help you get started! (I just bought 5 properties from a guy trying to get rid of his portfolio...the bank told me I could have whatever I want due to my credit score :D)
Something I've found to be very helpful, like previous comments have noted, start diving into where you want to invest, and figuring out what strategy would work best for YOU and the MARKET that you choose. Some strategies work better than others depending on location, but there is ALWAYS a strategy that will work.
I would start networking and telling everyone and any one you meet that you are interested in investing in real estate. This will help you find people who know people that you might be interested in adding to your team, or learning from. I know the term "networking" is used a lot in college, but it's just getting out there and having casual conversations about things you're excited about ("Hey friend! I'm going to start investing in real estate! Not sure where to start, but I'm super excited!")
Remember, you don't have to be an expert at everything in order to start. Just dive head first, find out what works for you, be open to perspective and others' experiences, and, like everyone else on these forums, you will learn from any mistakes that you've made and the next deal will be that much better! It's easy to get caught up in all the information at our fingertips, but take the plunge at start applying what you know.
Good luck! Let us know if you have any questions!
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