Advice for a 15 year old

73 Replies

Hi everyone! I'm 15 years old and i'm looking for some advice to get into Real estate investing and Real Estate related things. I have been educating myself with books and webinars. However I don't know what the next step should be! Please let me know what I should do next to get in the field early! I am so passionate about all of this.

Thank you so much.

If you are educated with books and podcast it’s time to go out and actually do. Try to get on job sites and get an understanding of costs, both time and labor. Pick up why they are doing what they are doing, what to look out for. You have time working for you so try to soak up as much information as possible and start analyzing deals. If you are able to find, recognize and market deals the rest will be pretty easy. Also, try to find the person you want to be and add value to them. That way you can learn from them. 

You don't need an intership. Whenever you see a house being remodeled just walk up and ask if you can give a hand and if you could meet the contractor. From there you can later meet the investor. Learn from anyone!

@Sannibel Carter I am in chicago so I do not know you're local market. However, a lot of ppl invest in real estate. Make sure you let your goals known to the ppl you interact with like your friends, family, teachers and other school employees I guarantee one of them successfully invests or knows someone that successfully invests in real estate and you can work on building a relationship from there.

@Sannibel Carter

SAVE SAVE SAVE your money! I wish I had the mindset you have so early. Also, if you plan on going to college, a duplex would be a great first investment for you to househack instead of renting or staying in a dorm. Also, if you’re thinking about college look into the air national guard. That’s what I did/do & I got me my degrees debt free & allowed me to get my first duplex with no Downpayment + I make great tax-free money & I love it.

Wish you best of luck!

-Twenty something year old

At your age the advice on learning rehab estimates is most useful. As mentioned above, approach contractors and see how you can help out, learn what they're doing and why. Look for rehab estimate calculators and practice your own estimates against the work those contractors are doing.

In the meantime practice estimating ARV. (If you want this enough I'm sure you'll figure that out.)

Once you're confident you can start estimating with an accuracy of +/- $5k, start looking for off-market deals. Door knocking only costs your time. When you find an interested seller, use your rehab knowledge to make a quick estimate of the repairs and with your ARV estimate make a cash offer based on a flipper's 70% rule (70% ARV - rehab cost including a 20% buffer). Be conservative with your estimates. Expect to fail and grow from it. Deals that you secure you can whole sale (maybe someone else can chime in on whether contract assignment is legal in Colorado?) to start building capital. If you can't whole sale it, figure out a way to partner with someone on a flip and raise funds.

All of the moves above can be done for the cost of time. But they will prepare you for:

-Wholesaling

-Flipping

-BRRRR

-Off-market lead generation

Along the way you should learn other skills like self-confidence, how to negotiate, and, most importantly, creative problem solving. Being able to solve problems, both for yourself and others, is your most valuable skill in not only realestate investing but in life.

Good luck, be aggressive, and reach out if you have any questions!

@Sannibel Carter

Take a year, I know it seems long but trust us real estate and “deals” will still be there albeit anything you’re looking at now won’t. Take a year and 1- listen to a BP Show per day, 2-cut your living expenses as much as you can believe it or not you can find $1,500/month by reducing rent & car & cutting luxury expanses and in a year you will have $18,000 - this will suck but it’s an investment!! 3-Network! On BP forums, meetups, REIAs, coffees, find your local experienced operators/NOT paid gurus and see if you can help them find deals, drive for dollars, analyze deals, line up contractors - it’s your unpaid internship to soak up as much experience as you can handle - - best of luck!!

Honestly, shadowing people and actually talking to investors about their own deals is the best thing for you to do. When you're that young, it's about learning how to learn and integrating those principles into practice.

Do not rush in and make decisions & do things you have no business doing. Podcasts/books really don't mean anything and honestly don't set the expectations of how quick, nimble, and smart you need to be to get a deal done.


Do you know anything about construction? How plumbing, electrical, HVAC, & roofing work? I'm saying this because if you need to make repairs, you will probably get raked over the coals from contractors and you won't know who is right. 

Not saying it's not possible, but real estate investing is a serious game of chess. Don't be in a rush.

@Sannibel Carter

At 15, you are probably best just learning the market. Also, make money and save. The bigger you can get your war chest the better. When I was 18 my girlfriend at the time got a summer internship with a local agent. She worked for her every summer until she graduated and then just became a full-time agent. So, I'd say network, continue to learn, and save up some money. Being 15 some people won't want to deal with you, but I think the majority of people are happy to educate young people with enthusiasm.

Good luck!

@Sannibel Carter

Congrats on taking the right steps in Real Estate at such a young age. I wish I could turn back the clock and do the same thing. 

You are already off to a great start by self educating yourself through books and webinars which I would encourage you to continue to do. I would also suggest checking out the BP podcast (real estate rookie and the original one with Brandon and David), and begin to participate more in the forums. 

Next, I would tell you to go find an investor in your market and reach out to them to see if there is anything you could do to add value to them. This could be making cold calls, helping analyze deals or just helping fix up or clean up properties. This will give you the opportunity to get a behind scenes look into the industry and will get you access to real world learning experiences.

Other than that, just keep doing what you are doing and know that you are light years ahead of anyone else your age. If you stay persistent and consistent, I am sure you will be a retired real estate millionaire way before any of us other old timers!

Best of luck to you!

-BA