Rental Property Investor · Murfreesboro, TN · Member since 2020 · 8 posts · 4 votes
Hello Nashville, my names Eddie and I’m a 16 year old from Murfreesboro. I was recently introduced to wholesale about a month or two ago and instantly knew real estate was for me. Ever since me and my 17 year old friend have been learning as much as we could and trying to start on the path of success. We were takin in by 2 mentors in Canada who are Virtually investing in Georgia. We also were introduced about all the other ways to invest such as creative financing and all of that. My friend locked up a deal over the phone last week and I did yesterday. We have recently realized that maybe we should look locally since these mentors we are working for are using us as va’s basically and we know we are more than that. I would love to connect with anyone here who would want to work together or even just chat and talk. And we would love some advice on getting started here locally.
Dang Steve-o , you must have a lot of free time on your hands if you got this much time to bully 16 year olds on Bigger Pockets.
It's 2020 and you have to come to the realization that Jimmy Carter isn't president anymore. We live in a virtual world and there is a lot of business that can happen over the internet. I sign all of my contracts, that don't require wet ink, on my I-phone.
What these guys are doing is completely legitimate. Of course they aren't entering into contracts over the phone, but they are getting verbal acceptances and then passing the deal along to their partners in Canada that handle the rest. I used to do the exact same thing in SC, its a great way to get started and get comfortable talking with sellers. There are many people who do this type of work and it is often referred to as virtual wholesaling.
It kinda sounds like you are the one who needs to " learn a few things first". I would be glad to send you some links to some videos so you can educate yourself on the subject (this is how you add value to a conversation instead of useless BS, take some notes).
Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
5y
Hi @Eddie Cumberbatch. It's fantastic that you have an interest in real estate investing at the young age of 16. That alone puts you ahead in so many levels. Continue to self educate and learn as much as possible through your mentors. Keep up the great work and your drive, it will get you far.
Congrats to you for your ambition! I work with a bunch of young aspiring real estate investors just like you (in a free online group), and I am willing to help you out with some advice or even chat on the phone if you wish. But I first recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/
Real Estate Agent · New York City · Member since 2020 · 818 posts · 639 votes
5y
@Eddie Cumberbatch This is awesome man! You are doing way more than folks much older. I started investing in stocks when I was 14 and let me tell you, the learning you will get at a young age when you have the most hustle/drive is invaluable!
Also, any money you make now will grow significantly just due to time. Compound interest is a beast if you let it be. So getting started early (regardless of the rate of return) is major!
You should look into FHA financing - happy to chat anytime, feel free to use me as a resource!
Investor · Waco TX / Conroe, TX · Member since 2017 · 376 posts · 228 votes
5y
Way to get after it, Eddie. In my opinion RE is the best thing out there and the quicker people make that realization and make the jump, the better off they will be. It is great that you are getting started off so young, but given your age, there are some challenges for you to overcome.
Even though @Steve Morris is being a little negative nancy, he does make a valid point. At your age, you are unable to execute enforceable contacts on your own because you are a minor. This will make it difficult for you to go out on your own. There may be a way for you to get around this by setting up an entity with someone who is of age and is capable to consent to contractual obligations. No guarantee this will work, just an idea. I would encourage you to do your own research on the topic.
My best advice would be to continue working with the Canadians or find someone through BP in your local market you can help out and have a more integral role in their business. There are a lot of investors out there who will see your passion and drive to succeed and would love to take you under their wing. Just be sure to always lead with value when having these conversations and have the "what goes around, comes around" mentality.
As long as you keep taking CONSISTENT action while continuing to educate yourself, everything else will fall into place. Feel free to send me a message if you have any other questions, would love to help anyway I can.
Rental Property Investor · Murfreesboro, TN · Member since 2020 · 8 posts · 4 votes
5y
@Blaine Alger @Steve Morris yes I’ve thought about that and that is a valid point, but I’ve already talked to my mom and she has agreed to sign and take the contracts and properties into her name. :)
@Blaine Alger @Steve Morris yes I’ve thought about that and that is a valid point, but I’ve already talked to my mom and she has agreed to sign and take the contracts and properties into her name. :)
Even though @Steve Morris is being a little negative nancy
Sorry to hear you find truth so negative :)
Well the point of the forum post was to get advice on how to get started.
He was not seeking to get some half-witted, snarky remark. If you are not going to add any value to the conversation topic, then there is no point in participating.
@Lynnette E. Creative financing and wholesale until I build capital
just remember that for some of the houses yu find where the owners are open to whole selling them there is not time pressure. In cases where the house has been sitting pretty much abandoned for years, its not that big of a deal if you do not find an end buyer fast and you have to extend when the closing is.
But for others they may have real hard deadlines to sell the house for whatever reasons. Maybe foreclosure is imminent. Maybe they have some other bill they need to pay such as a medical bill their insurance considers unnecessary so they have to pay out of pocket for it and time is important to get treatment. Maybe the seller is dying or getting medically where they can not sign a deed so it needs to sell while the owner can sign. Whatever the personal reason is, timing is sometimes really important.
In these deals, please think about the owner of the property, and do not enter into an agreement to buy it by a certain date when you do not have the money to do it. The seller has the option to sell through many avenues, so do not tie them up with you and have that seller left loosing out because they were depending on you and you do not have the means to actually buy the house.
That is part of what gives whole sellers a bad name.
Rental Property Investor · Murfreesboro, TN · Member since 2020 · 8 posts · 4 votes
5y
@Lynnette E.
Yea that makes sense, finding discounted properties usually means helping out someone in a situation of need. I’ll make sure to keep that in mind when working with sellers because I would not want to cause trouble for anyone that is already going through hard times. Thank you
Even though @Steve Morris is being a little negative nancy
Sorry to hear you find truth so negative :)
Well the point of the forum post was to get advice on how to get started.
He was not seeking to get some half-witted, snarky remark. If you are not going to add any value to the conversation topic, then there is no point in participating.
Considering that these kids don't have an idea what they're doing (how do you lock up real estate on the phone? Look up the rule of parole), I think the remark is fitting.
Hey, if they want to come back with some evidence I'm wrong about their prospects, fine. However, they really should focus on legitimate real estate instead of the half-a$$ed promise of wholesaling.
Dang Steve-o , you must have a lot of free time on your hands if you got this much time to bully 16 year olds on Bigger Pockets.
It's 2020 and you have to come to the realization that Jimmy Carter isn't president anymore. We live in a virtual world and there is a lot of business that can happen over the internet. I sign all of my contracts, that don't require wet ink, on my I-phone.
What these guys are doing is completely legitimate. Of course they aren't entering into contracts over the phone, but they are getting verbal acceptances and then passing the deal along to their partners in Canada that handle the rest. I used to do the exact same thing in SC, its a great way to get started and get comfortable talking with sellers. There are many people who do this type of work and it is often referred to as virtual wholesaling.
It kinda sounds like you are the one who needs to " learn a few things first". I would be glad to send you some links to some videos so you can educate yourself on the subject (this is how you add value to a conversation instead of useless BS, take some notes).
Real Estate Agent · Member since 2020 · 25 posts · 7 votes
5y
@Eddie Cumberbatch you can do anything you put your mind to bro, continue learning and stick with it, once you have some reliable/consistent buyers that are confident in your ability to estimate accurate repairs and ARV, you'll be able to source deals for them all day long, find some flippers get their criteria, so when you lock up a deal you already know who to source it to, you won't have to deal with that uncertainty of not knowing who or when someone will take your deal. That's not fun lol. Good luck in your journey.
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
5y
"I sign all of my contracts, that don't require wet ink, on my I-phone."
Last time I checked at closing, you need wet-ink, and yes, young-un I have a DocuSign account also. He stated he locked it up by phone without any mention of DocuSign or something similar - Again look up the rule of parole and how it applies to real estate, might be worth your while.
I really don't think I'm bullying him, but giving him advice to be successful in real estate by actually learning something and doing stuff correctly (I know that's a reach for wholesalers) instead of having a bunch of cheerleaders give him nothing more than a pat on the back.
Investor · Grasonville, MD · Member since 2017 · 453 posts · 415 votes
5y
@Eddie Cumberbatch keep out there hustling and finding deals. Maybe flipping the contract to a local investor will allow you to build more of a personal relationship.