Rental Property Investor · Denver, CO · Member since 2020 · 5 posts · 3 votes
I’ve been educating myself about real estate investing for about a year. Firstly, by picking Rich Dad Poor Dad, watching gurus on YouTube, and listening to every BP podcast and I’m ready to get some skin in the game and make my first deal. I’ve been working part time as a dishwasher and balancing school. I’m ready to make the leap. Due to my age its quite difficult raising capital or even making the legal requirements for home buyers. I’d love to make my first deal a househack. Anyone know any contacts in the High market Denver area so that I can work for them and gain the experience I need to become a young Real Estate Investor?
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
6y
I've been investing since my daughter was young. When she turned 16, my husband and I added her to an LLC so that she had partial ownership of one property. And then again, when my son was 16, we did the same. My youngest is 12, and she is chomping at the bit to use a small inheritance she got, and she'd like to start putting in offers on starter homes. Since they are too young to sign legal documents on their own, this is a way that we can help our kids to learn about real estate. Partnering with others is a valid way to get started!
Additionally, the 12 year old helps me clean and make the beds at the vacation rental. I pay her, and have taught her to be generous with a portion, spend a portion and save the rest. This is key to building wealth.
Rental Property Investor · Collingswood, NJ · Member since 2016 · 282 posts · 116 votes
6y
@Jimmy Rodas-Ramirez That's awesome that you are investing in yourself at such a young age. I'd say keep gaining knowledge, working at school/your job, & try and get out to some REI networking events. I'm sure you will meet someone there who will be more then willing to help you out!
Rental Property Investor · Seattle, WA · Member since 2020 · 10 posts · 3 votes
6y
Maybe consider getting some kind of internship with property management or real estate office. Or any other field related to real estate. You have much more drive then I did when I was 16, good luck to you!
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
6y
I've been investing since my daughter was young. When she turned 16, my husband and I added her to an LLC so that she had partial ownership of one property. And then again, when my son was 16, we did the same. My youngest is 12, and she is chomping at the bit to use a small inheritance she got, and she'd like to start putting in offers on starter homes. Since they are too young to sign legal documents on their own, this is a way that we can help our kids to learn about real estate. Partnering with others is a valid way to get started!
Additionally, the 12 year old helps me clean and make the beds at the vacation rental. I pay her, and have taught her to be generous with a portion, spend a portion and save the rest. This is key to building wealth.
Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
6y
While you're in the learning/networking maybe phase see if you can get a job helping out in some trades type work with an investor who flips properties instead of washing dishes. Painting or something similar. They can show you the ropes, you can provide some value and even make some money for yourself. Just always keep learning as you go!
Needles, CA · Member since 2015 · 9 posts · 4 votes
6y
Jimmy, you are amazing. If I had known at your age what I could do things would have been soooooo much better for me and my family.
As suggested in other replies, look for other investors you can mentor with. There is a Realtor, business owner in my area that owns a Subway, Shell gas Station, DQ, possibly golf course with homes and many other business' that took on a teenager to manage the Subway because he was like you. If you look there are many out there you just don't know. My daughter told me about a business owner that rides his bike to work and takes the transit bus home to his expensive house. Looking at him you would never know.
Save as much as you can until you are 18 when you can purchase property on your own. If you can contact the closest credit union to you and talk to them about a personal loan it may help you to establish yourself. I did this after a divorce and brought my credit score from below 500 to over 720 in less than 12 months. I don't know if your parents will have to co-sign. Just do the research so when you turn 18 you are ahead of everyone else.
Do research...... Google whatever is on your mind and google it with different wording. Do this over and over again. (It's what I do and it works for me.)
I have owned the home I live in with a $0 mortgage. I don't have to work and it's awesome. On the flip side of that, I want more and Bigger Pockets will help me get there. :)
Good luck with your journey and keep us informed as to how you are doing.
Developer · Boulder, CO · Member since 2018 · 530 posts · 365 votes
6y
@Jimmy Rodas-Ramirez Hi Jimmy you are wise beyond your years.
Please feel free to contact me if you feel a need for information or direction. I would more than happy to mentor and help you in your journey if I can.
Rental Property Investor · Tehachapi, CA · Member since 2018 · 2 posts · 1 vote
6y
@Jimmy Rodas-Ramirez that's super cool. I started looking into real estate when I was 16 also. I finally bought a BRRRR in Southern California when I was 19. My advice to you is go and find an older investor. From my experience all the older investors want a person to mentor. Get hooked up with that person and just shadow them to get knowledge. This will give you a bit of credibility and open doors for you. Keep up the great work.
Rental Property Investor · Denver, CO · Member since 2020 · 5 posts · 3 votes
6y
@Lori McClure thank you for the suggestion. Can you go further on the personal loan jumping your credit score to 200+ in under 12 months? I want to do a partnership on my first deal and he doesn’t have the best Credit Score.
Needles, CA · Member since 2015 · 9 posts · 4 votes
6y
Jimmy, you are amazing. If I had known at your age what I could do things would have been soooooo much better for me and my family.
As suggested in other replies, look for other investors you can mentor with. There is a Realtor, business owner in my area that owns a Subway, Shell gas Station, DQ, possibly golf course with homes and many other business' that took on a teenager to manage the Subway because he was like you. If you look there are many out there you just don't know. My daughter told me about a business owner that rides his bike to work and takes the transit bus home to his expensive house. Looking at him you would never know.
Save as much as you can until you are 18 when you can purchase property on your own. If you can contact the closest credit union to you and talk to them about a personal loan it may help you to establish yourself. I did this after a divorce and brought my credit score from below 500 to over 720 in less than 12 months. I don't know if your parents will have to co-sign. Just do the research so when you turn 18 you are ahead of everyone else.
Do research...... Google whatever is on your mind and google it with different wording. Do this over and over again. (It's what I do and it works for me.)
I have owned the home I live in with a $0 mortgage. I don't have to work and it's awesome. On the flip side of that, I want more and Bigger Pockets will help me get there. :)
Good luck with your journey and keep us informed as to how you are doing.
Needles, CA · Member since 2015 · 9 posts · 4 votes
6y
Jimmy, that's an even longer thread than what I post first. :)
What you or he can do is what I did, Google "how do I get a better credit score, how do I clean up my credit" etc. Anything having to do with increasing his score. It might take a week of Googling everyday, a lot, to get an idea of what he can do to get his credit score higher.
it will take time... It will make a huge difference. And there are loans out there for first-time buyers with a credit score over 500, as long as you can prove two years worth of tax filings and income, you will be on your way.
Look into a 203k loan, it is a government loan that allows you to put as little down as 3.5%. Also, and most importantly if you are partnering with anyone you need to have an airtight contract before you start.