Where would you start if you were 19?

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Where would you start if you were 19?

Logan Taylor
Specialist · Waco, TX · Member since 2021 · 21 posts · 9 votes

Hello,

I am a 19 y/o from Texas currently in my first year of college working towards a finance degree... Im very interested in real estate and the endless possibilities included in the business. I have been heavily researching the business for roughly 2-3 months now. I want to ask investors what you would do if you were in my shoes.

What would you do if you were 19 and heavily interested in real estate? Any responses help, just looking for some words from the wise.

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Brandon RushPro Member
Real Estate Agent · Portland, CT · Member since 2019 · 761 posts · 849 votes
5y

Logan! You are in the right place. Here are a few options for someone your age:

* Work a W2 job for two years to build up work history, making yourself eligible for a loan/mortgage. That first property I would recommend being a house hack. Its such a great way to start.

* Do not start chasing the "American Dream" of a nice house, car, dog, pool and all that junk. Its all a trap which is hard to get out of once you get started. Read the book Set For Life by Scott Trench, its perfect for someone your age. As important as real estate may seem, your personal expenses and lifestyle are even more important.

* You could look into wholesaling properties now. Its a low cost of entry compared to buying properties and would allow for you to build up some significant money.

* You can offer to volunteer your time in a real estate related career such as a realtor's office, construction company or a property management company. You will build very good relationships and gain lots of hands on experience which will give you a head start.

Good luck Logan and let me know if you have any questions.

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  • Brandon RushPro Member
    Real Estate Agent · Portland, CT · Member since 2019 · 761 posts · 849 votes
    5y

    Logan! You are in the right place. Here are a few options for someone your age:

    * Work a W2 job for two years to build up work history, making yourself eligible for a loan/mortgage. That first property I would recommend being a house hack. Its such a great way to start.

    * Do not start chasing the "American Dream" of a nice house, car, dog, pool and all that junk. Its all a trap which is hard to get out of once you get started. Read the book Set For Life by Scott Trench, its perfect for someone your age. As important as real estate may seem, your personal expenses and lifestyle are even more important.

    * You could look into wholesaling properties now. Its a low cost of entry compared to buying properties and would allow for you to build up some significant money.

    * You can offer to volunteer your time in a real estate related career such as a realtor's office, construction company or a property management company. You will build very good relationships and gain lots of hands on experience which will give you a head start.

    Good luck Logan and let me know if you have any questions.

    Podcast Guest on Show #221
    14Reply
  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    5y

    It's great that you have an interest at such a young age. Take advantage of your drive and self educate. If you're able to partner with a mentor, even better @Logan Taylor

    1Reply
  • Logan Taylor
    OP
    Specialist · Waco, TX · Member since 2021 · 21 posts · 9 votes
    5y

    @Brandon Rush thank you for the great sir, Will do!

    0Reply
  • Dan SheeksPro Member
    Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
    5y

    Hey @Logan Taylor

    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. I'm not sure how old you are, but I 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/...

    [email protected]Podcast Guest on Show #179
    2Reply
  • Christopher Hill
    Investor · Palmdale, CA · Member since 2020 · 46 posts · 29 votes
    5y

    Hey Logan! You being here already has you on the path to success! Seems like I was 19 yesterday lol. Here's what I would tell myself. Keep reading and keep reading and keep reading. Read everything lol. Also finish college and get a W2 for a couple years to build credit and income, employment and down payment. Get a real estate related job to keep learning as you make money. Take chances because you're young, you have plenty of time to grow and learn from your experiences. Have fun in life but in moderation. That energy won't be there forever. But stay hungry and set standards for yourself. Use your youth to your advantage! People like to mentor the youth that are hungry. So network and build relationships! Take care of your physical health. You give off a whole different level of energy being in shape! Always bet on yourself and be grateful everything. You're on your way! 

    2Reply
  • Collin Bryston Adams
    Rental Property Investor · Dallas, TX (dallas texas) · Member since 2020 · 83 posts · 54 votes
    5y

    Logan, I would start off buy reading Brandon Turners book "how to invest in real estate with low and no money down". 

    I would start going to local real estate meet ups and networking. See if you can intern and learn how to find great deals. Then I would start finding them and bring them to the local people you network with! You should then get a referral fee or maybe equity in the deal. Its a great way to dip your toe into the game with low risk and low money. 

    2Reply
  • Logan Taylor
    OP
    Specialist · Waco, TX · Member since 2021 · 21 posts · 9 votes
    5y

    @Christopher Hill thanks for the great response, that really helps put things in perspective

    0Reply
  • Logan Taylor
    OP
    Specialist · Waco, TX · Member since 2021 · 21 posts · 9 votes
    5y

    @Collin Bryston Adams thanks man, good tip, I’ll have to see if there are any meetups around

    0Reply
  • Brett Antisdel
    Flipper/Rehabber · Member since 2021 · 9 posts · 3 votes
    5y

    @Logan Taylor

    I agree with several other posts about continuing to work. I would definitely house hack my first property. Not only does it give you a chance to learn about being a tenant landlord (collecting rent, screening, eviction) but it also gives you a chance to work on a property so you can understand what goes into the maintenance side. This gives you more knowledge when dealing with contractors in the future and build some sweat equity into the property. Good luck

    1Reply
  • Grace Wang
    Realtor · Denver, CO · Member since 2018 · 227 posts · 241 votes
    5y

    Hey @Logan Taylor! 

    It's great you're starting off young. If you are wanting to get into real estate, I would recommend you house hack! House hacking allows you to to not only develop your skills as a landlord (dealing with screening, tenants, maintenance, contractors, etc), but it allows you to save on living expenses while saving and learning for future opportunities.

    If you have the financial means to purchase an owner-occupied property now (assuming you have downpayment plus some $$, for reserves, and great credit... you may be able to put 3% down, conventional), start by finding an investor-friendly real estate agent and lender whom you have great rapport with. From there, figure out what you need to do to qualify for a loan. If you're able to get into a house hack immediately, awesome. If not, side hustle in the real estate industry.

    Maybe get your real estate license and put in the extra hustle to help people buy and sell? Or possibly help some mom & pop landlords manage their properties? The possibilities are endless. Point is...you are in a great position to set the rest of your life up for success. 

    message me if you have any questions :) 

    0Reply
  • Brandon DeVega
    Real Estate Agent · New York, NY · Member since 2021 · 50 posts · 22 votes
    5y

    This is really a different type of question to me. Reason being , Im 36 now. But back when I was 19 during that time real estate was even cheaper. I would have been selling land in Texas. My goal would have been to sell as many acres possible. Especially to family and friends. I myself would have even bought alot of acres, and built properties and mobile home parks, and more, I also would have done alot of buying and reselling. But My goal would have been to buy sell, and acquire as many acres as possible for long term investments. @Logan Taylor

    0Reply
  • Logan Taylor
    OP
    Specialist · Waco, TX · Member since 2021 · 21 posts · 9 votes
    5y

    @David A.preferably how the conditions are now

    0Reply
  • Michael Temple
    Rental Property Investor · Toledo, OH · Member since 2017 · 262 posts · 215 votes
    5y

    @Logan Taylor You are already ahead by a mile just considering this at 19. I can think of plenty other people much older that haven't even got this far :)

    I would say the first question to answer is ask yourself if you want real estate full time or part time. Full time would require you do something to generate income in real estate in the beginning, which could be getting a license and selling, appraisals, home inspections, or wholesaling/flipping properties. If you are interested in it part time as a wealth building tool than you are looking at a career in something else and then taking excess cash to put into rentals.

    I have taken the part time approach myself. I have heard several investors tell me over the years that the real wealth comes from owning property. Not flipping it or wholesaling it, which might be fine to start, but isn't the road to wealth for a lot of reasons. I took that to heart and focused on building a portfolio of rentals. I have become much less interested in flipping or wholesaling because I love all the long term wealth building that happens with owning property. 

    2Reply
  • Logan Taylor
    OP
    Specialist · Waco, TX · Member since 2021 · 21 posts · 9 votes
    5y

    @Michael Temple I definitely see where you are coming from. I’m heavily interested in long term renting out but completely open to house hacking, wholesale etc.. to build wealth in the short term.

    0Reply
  • Michael Temple
    Rental Property Investor · Toledo, OH · Member since 2017 · 262 posts · 215 votes
    5y

    @Logan Taylor absolutely nothing wrong with that approach. I even considered it myself for a while and probably wouldn't turn down a deal like that if it came along, but it just isn't my primary focus. Personally I love the buy and hold model and each year I am stunned by all the ways it increases your wealth with the tenant paying off the property with their money for you.

    I learned a lot from another investor named Pete Fortunato who has been in this business since the 70s. It was his stuff where I first seen the concept that a house (buy and hold) has all kinds of ways to make money from tax benefits, to appreciation, to equity build up as the tenant pays it off and of course cash flow. I was hooked after that. I have heard many other investors talk about these same concepts, but it was Pete where I first saw it.

    1Reply
  • Tina Tsysh
    New to Real Estate · Orange County, CA · Member since 2020 · 214 posts · 184 votes
    5y

    I would have to agree 100% with @Brandon Rush and @Christopher Hill. I was in your shoes 2 years ago exactly. I just turned 21, finished my degree and getting ready to purchase my first deal in the next few months. What helped me tremendously was getting a job so that you are able to show that income to your lender and get pre-approved. Also start by getting credit cards (if you don't have any) and build that credit because credit is vital. Read as many books as you possibly can and try to get a few internships under your belt. What is so great about being young and in college is that people WANT to teach you and show you things. They feel honored when someone young wants to learn from them. So take full advantage of that. I had 5 different real estate internships during my time in college and I cannot tell you how much I learned at every single firm. 

    Things above definitely gave me a leg up in my real estate journey and I hope they will do the same for you. Good luck and feel free to reach out with any questions! 

    0Reply
  • Craig Anderson
    Investor · Member since 2020 · 204 posts · 92 votes
    5y

    1) Read/learn, read/learn, and read/learn.  

    2) Create a plan based what you like to do (Flip, Rehab, Buy/Hold, Wholesale, etc)

    3) Save money/Invest money where you can (stocks or something with a 15% or more ROI)

    4) Get a job with a lender, realtor (even if it's just as an office employee), find a mentor, construction, property management or something else in the real estate world

    5) Take action even if it's just a small step.

    Good luck on your journey and continue to ask questions.

    0Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Logan Taylor

    If your parents would co-sign on a loan with you then buy a large single family and rent the bedrooms to your college friends. You can buy one as low as 5% down with a non owner occupied co-signer.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
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    0Reply
  • Logan Taylor
    OP
    Specialist · Waco, TX · Member since 2021 · 21 posts · 9 votes
    5y

    @Marc Rice that is a really great idea, thank you for that recommendation

    0Reply
  • Josiah Patrick Zebarth
    Rental Property Investor · Denver, CO · Member since 2019 · 76 posts · 70 votes
    5y

    @Logan Taylor

    Hey Logan,

    Good question, if I were 19 and looking to get started, assuming you have read some basic books like Rich Dad Poor Dad, Think and Grow Rich and the 4 Hour Workweek. I would go ahead and get a job as a D2D salesman. You will learn so much about sales, people and yourself that it will be a great spring board to get started. Guys like Mark Cuban, Ed Mylett and Robert Kiyosaki to name a few started in door to door, so you’d be in great company.

    Best, Josiah

    0Reply
  • Andrew Carlson
    Rental Property Investor · Rochester, MN · Member since 2017 · 224 posts · 323 votes
    5y

    @Logan Taylor

    It’s really too late for you to get started. If your not started by 18 you’ll never make it.

    Kidding! Don’t sit on the sidelines during college. Get started now! I just listened to the latest BP podcast with Scott mcgillivray from HGTV and he got started in college. Also, read the book “Capital Gaines” by Chip Gaines (also of HGTV fame)...he got started in college renting to his classmates.

    0Reply
  • Connor Cushman
    Realtor · Cumming, GA · Member since 2018 · 158 posts · 127 votes
    5y

    @Logan Taylor dude get your real estate license now and have that be your part time job during the semesters and your summer job. Find a good mentor agent/investor and just learn the business. I debated getting my license for a while and even posted in the forums here about it and got mixed reviews.

    One the absolute best decisions I’ve made in my life. 2-3k upfront investment that has had 30x returns and I’m only 2 years in. Now I’m expecting 60-90k in real estate commission this year as my side hustle and I’m buying properties with my commission as part of the down payment. Let me know if I can help

    0Reply
  • Logan Taylor
    OP
    Specialist · Waco, TX · Member since 2021 · 21 posts · 9 votes
    5y

    @Connor Cushman I’ve actually been heavily debating getting the license while in college, I feel like that would be a very great learning experience and put me a couple steps ahead.

    0Reply
  • Connor Cushman
    Realtor · Cumming, GA · Member since 2018 · 158 posts · 127 votes
    5y

    @Logan Taylor do it man. If you’ve been thinking about it and you can think of one or two reasons why it’ll be valuable then go for it. Even if you drop a couple thousand dollars and never close a deal, the experience and learning will pay out dividends over the rest of your life.

    One of the best things you can do at your age is thoughtfully pick a direction and run full speed ahead and then when that direction no longer works, stop and pivot. I watched too many people in college just spin in circles talking and thinking about things instead of doing and trying things.

    0Reply
  • James MaraditsPro Member
    Real Estate Broker · Cleveland, OH · Member since 2015 · 239 posts · 224 votes
    5y

    Build your credit! This is absolutely the number one thing you can be doing now. It will take a bit of time so best to start sooner than later. If your parents or any other friends/family have great credit scores with long history ask if they can add you as an authorized user to their credit card(s) which will help give you a boost, but otherwise work on getting your own credit card and consistently using it in small amounts and immediately paying it off.

    Also work on saving as much money as possible so you have reserves and money towards a down payment as soon as you're ready to make a move.  I would suggest looking for a part time job in the industry while you're in college, perhaps as an assistant/field runner for a property manager or agent.

    0Reply
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