Recommendations for a 17 year old to get ahead of the game?

Question

Hello, I am relatively new to real estate and real estate investing and I am only 17, but I have big plans for the future and want to get ahead of the game. What would you guys recommend that I do at this age to best prepare to jump in head first? Thanks.

James Quinn · Answer

Thank you both for the input, it's been a big help on what i plan to do with my future, and there's a lot to consider. Once i get out of high school and get some job experience and money under my belt, the first thing i plan to do is house hack while building my credit in the process. Also sorry for responding late, I've been reading investing books! Haha. Anyway thanks again for the input!

Andrew Adam · Answer

Hi James,

Props to you for having big goals and wanting to get prepared. Much of real estate is a game of debt so becoming a good borrower is key. There are plenty of ways to build credit but I would make sure you get a good credit score. Capital is also important as you will need a down payment and reserves to get your first place. I highly recommend house hacking by living in a multifamily as you won't have to put much down.

Learn as much as you can because the lingo is a big deal. Read the books and listen to the podcasts.The forums and meetups are great for being around people that know the lingo. And network like crazy as knowing good contractors, agents, property managers and other investors will be key to you success too.

It is never too early to start.

Mikael Winkler · Answer

Hey @James Quinn! Honestly, right now, I would really focus on what you want out of life. What your life goals are, independent of Real Estate or financial goals. Once you have a focus on that, you can bring in your financial goals to support those life goals. I'll tell you, my life goals have certainly shifted from when I first became interested in real estate investing. Initially, my girlfriend and I were still just dating, lived in a cheap apartment, and had basically no responsibilities. Now, we're married and have a daughter. My priorities have shifted considerably.

Right now, certainly study, stay here on BP, look into the different investment strategies you see discussed on here and other places. But, also, don't forget that you have plenty of time. Enjoy the journey. Burn out and/or obsession claim just as many victims as inaction.

With that being said, I, as well as, many others on here will be more than willing to help you out with any questions along the way!