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)
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.
So should I bring the deal and the numbers to my dad and then set it up so he signs it?
I'm sure your father is going to want to review everything to make sure the deal is a good one for you. Show him the numbers, the deal, what you're planning as your exit strategy, etc.
Your father needs to do the deal, but be prepared for your him to be skeptical. Wholesaling is putting a property under contract to buy. You should not be putting a property under contract if you do not have the means to close the deal yourself. You can also run afoul of "brokering without a license" laws.
Feel free to talk to your dad, but it may be best if you just have patience for the next 2 years. There is a lot you don't know, as is evident by asking if a 16 year old can sign a legally binding contract. It is great you are getting educated and have questions, but don't get impatient and jump the gun.