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Updated almost 4 years ago on . Most recent reply

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Will Huang
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Can I wholesale at 16?

Will Huang
Posted

Hi! I'm 16, and I've saved around $25,000 through odd jobs, online work, and saving every penny. I'm planning on house hacking through college (my plan is to get a house, rent out EVERY room, and just live in an RV in the backyard lol)


My question is: I have a neighbor selling his house, in NY, and it's a pretty good deal. Like, 45,000 under market value, off market right now. Can I wholesale it at 16? Is it possible to assign a contract at my age? Or should I ask my dad to help me do it? 

(Oh, and have been reading so many books, most of David Greene's, Rich Dad Poor Dad, Ryan Pineda's book, etc, plus listening to ALL the podcasts both real estate and money. Finally made an account on the forum! :D)

Most Popular Reply

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Michael Carbonare
  • Investor
  • Fort Lauderdale, FL
468
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Michael Carbonare
  • Investor
  • Fort Lauderdale, FL
Replied

In all states, the age requirement to sign a contract is 18 years of age. A child under the age of 18 is considered a minor and is unable to sign a contract unless it is for essential items. Essential items include medicines, food, and medical services. Otherwise, the minor child must have a parent or guardian consent to the contract in order for it to be legally binding.

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