@Sannibel Carter , If meetups/networking events are an option for you (not sure how restrictive your area is right now), I recommend networking with other investors and real estate professionals to get to know who they are and possibly be able to work for them. I recommend finding a friend or family member who can go with you. You may be able to find someone who needs help with paperwork, yard work, or anything like that that you can jump in and start doing right away. I didn't realize how instrumental meetups would be in my real estate career until I started going to them. I've been able to make important connections and friendships through the meetups in my area. Also, now is a great time to find virtual meetups if in-person events are not an option.
Additionally, being willing to work for free is a great suggestion multiple people have already made here. But don't let people take advantage of you either. I wish I had been willing to work for free earlier in my life; on the other hand, I'm also grateful for the advice someone once told me, "they'll take advantage of you if you let them." I hope you come across generous, kind people who look out for you but watch out for those who only want to advance themselves.
Finally, if you haven't read it yet, read The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8 AM) by Hal Elrod. If you can start structuring your mornings and your days as Hal Elrod recommends, you will be leaps and bounds ahead of the people around you.
@Spence Kal , actually, I’m sure the kids can actually get paid for working. Yes, mentorship is truly what he needs. It’s amazing how far you can get when a mentor sees you as a protégé or child, and takes this on. I’ve never had one but I know someone who did. They truly had a leg up on others. The case that I’m thinking of involved a highly successful self-made business man.￼￼ either he didn’t have children or didn’t have a great relationship with his children. Or they had no desire to pursue the business their father was in. This young man that I’m referring to, Was like a son to this man. But he would also perform a myriad of different task for the businessman. From checking on properties, to repairs on some rental properties he owned, and a myriad of other task.￼ In the end this young man went on to become a CPA and his first job was working for this man’s businesses. In fact, he was already working in the accounting department before becoming a CPA. Talk about preparation.
Thank you so much to all of you for taking your time to spread knowledge and give me some advice! I am so grateful and I truly can not wait to get started, possibly assisting a real estate agent here in Boulder. You all are so helpful!! Thank you.
Totally agree with staying home if possible. Save work through college and take the cheapest college options to get a degree in a needed career. Consider western governors university or similar. Likely you student debt will be minimal and if you stay at home save save save.. With roth ira of course.
Buy a house cheap. House Hack. Move back with parents once house is rented and save more and more. Basic starter houses are fine just buy in safe areas.
Learn from parents or others you know that are successful. Consider choose FI podcast and look into FIRE movement.
Work hard and enjoy money but dont make money your idol. Value others around you more than money. It isnt worth having all the money in the world but not having friends or family.
The fact that you're 15 and even looking into real estate puts you 1000 steps ahead.... My advice.... JUST KEEP GOING!
Thank you! @Brittney R. will do!!
I was building buildings with a charity worldwide since I was 15
My brother worked with tons of local contractors
My uncle had an extensive real estate career
Will follow your journey and post blogs if I can
would love to see millions of teenagers building houses
I love this and the fact of your age. Keep your mindset strong. By looking at what you want your future to look like, you can start laying the foundation work. If you feel stuck on where to go, it’s almost always either a networking issue or an education issue. Networking on BP is one of the best ways to get started. Your on the right track!
When it comes to brass tacks, you will need to get employment of some type in order to gather enough seed money to be able to build a real estate portfolio. If you haven't already, look into getting summer jobs when you're out of school and/or part-time year-round jobs when you're not in school. Save every last scrap of money that you possibly can, and change your perspective on money. It might look and feel like it at the moment since you're only 15, but, for instance, $10,000 is NOT a lot of money. So KEEP SAVING.
Then, once you are nearly 18 years old, look towards starting a good real estate agent licensing course. That way, when you're 18 years old, you can take the licensing exams, become an agent, and start working directly in the industry, making much more money on commissions, all of which can be saved and then used on buying properties yourself.
Hi Sannibel, I am in a similar position as you. I’m 17 and am a little too young to start investing in real estate, but want to learn as much as I can for now until I can start! Here are some of the things I have been doing myself that maybe you could try as well:
Read Books: Over the past year or so I’ve read 3 books: Think and Grow Rich, Rich Dad Poor Dad, and How to Win Friends and Influence People. I would recommend all 3 as they all cover different aspects of success in general, not specific to real estate, which I think will serve as a good base moving forwards.
Analyzing Properties in my Area: I do this to try and get a good sense of my local market, as well as getting good practice on analyzing the numbers for rental properties. I go on Zillow and basically just browse and look around the map searching for properties that look promising, then use the 4 square method of analyzing rental properties to practice running the numbers. You can find a tutorial of the 4 square method on the BP YouTube page. This also helps me gain a better understanding of possible investment ideas for myself, as I get closer to college where I’d like to house hack.
BP Podcast: I enjoy listening to the podcast to get a sense of what successful and experienced investors are doing, and how they were able to build up to where they are. I listen on the way to school and while I run or whenever else I feel like listening. The only thing is that you have to remember that no one person can do everything. I’ve noticed that most of the people on the podcast start with something specific and stick to it. Listening to the podcast is a good way to get ideas and gain a more well rounded understanding of real estate investing, rather than doing everything you hear in your own real estate strategy.
Surrounding myself with entrepreneurial media: This is another thing I’ve done that isn’t specific to real estate, but I think helps me get into a success mindset. Following entrepreneurial and real estate Instagram accounts, watching real estate YouTube videos (Graham Stephen, Meet Kevin, Chandler Smith, BiggerPockets, etc.), reading the news, and staying up to date with the economy are all things I do so that I get little reminders throughout the day of my goals. One thing we can do now as teens is build up the success mindset and surrounding yourself with media that reflects that is beneficial imo.
Learn how to fix Houses: I’ll admit I’m kind of luck on this one. My dad is a handyman and teaches me a lot about the ins and outs of how a house works, and how to fix things, but all this information is also free on YouTube. Often I just watch random videos on renovating bathrooms, patching drywall, painting cabinets, flooring, etc., just to get a good understanding of some of the work that needs to be done with real estate. And when I am able to buy a property, I will at least have some background knowledge on some ways that I will be able to increase its value.
These are just some of the things that I am doing as a teenager, so maybe you might be able to take some things and try them yourself. If you have questions you can send me a message and I’d be happy to further explain some of the things that I’m doing, so long as you’re willing to let me pick your brain as well.. (I haven’t tried webinars yet but I’m curious). All in all, I hope this helped, and thanks for the post, I have gained a lot from some of these responses!
@Joseph Levesque thank you so much! this helps a ton! And I will definitely reach out! Thank you! I know, all of these responses are so very helpful!
Some food for thought for you....First, layout some goals and plans. What's your BHAG big hairy audacious goals and strategy. key thing to remember - It's easier to change a strategy and plan than it is to correct a mistake(or a f**ck up) which can cost you - 1 year, 3 years, 5 years, 10 years. start with the end in mind. First, let me congratulate you at starting early, I wish I did- as they say If I only then at 15 what I know now I'd make different choices....LOL. Start with the big picture (1 page swim lanes strategy - start with S.W.O.T or S.M.A.R.T. exercises). Find a mentor, whether that's a parent, someone who can guide you in this journey. Learn as much as you can. At 15, I imagine your goals will change over time and that's okay or maybe not - maybe you know exactly what you want. Expect to evolve over time - hopefully smarter. Some things will resonate, some won't, might want to keep notes. Have a strategy. Heck even keep a strategy journal. Then you can see for yourself how you evolve. On mentoring - You can have more than one, depending on yourfocus at any given point in time. In a previous career, still am a project leader and CEO/ certified PMP and Scrum Master, now entrepreneur in real estate investing also. Feel free to reach out to me if I can help you in anyway, we can take it offline, for discussion, be glad to help and be vor/voice of reason.....Annie
Wow! So heartening to see a 15 year old looking at the road ahead instead of just sitting and watching TV or doing who knows what?! You are WAY ahead already! As others here have said; you have time on your hands. Perhaps try to get side jobs working for a house flipper etc. Learn from anyone in the field. And in a few years, maybe go for a degree in real estate. Maybe. More often than not, RE investors are better off without the degree though.
@Joseph Levesque do you have an instagram page? Or any other platform to connect?
Hey @Sannibel Carter
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/
Hey @Sannibel Carter - I'm just here to say CONGRATS for thinking about your financial future at such a young age!
I'll give some generalized advice that has helped me tremendously:
-never stop actively networking. Connect with people here, on Facebook, Twitter, IG, etc. and hop on Zoom calls with them. Get to really know them! Make some friends! Any you never know, maybe 1 year, 5 years, 10 years down the line opportunities will come knocking at your door
-never stop educating yourself. Podcasts, books, blogs...always keep learning!
BEST OF LUCK and HAPPY INVESTING!
@Dan Sheeks wow this is so amazing!! I’m in Boulder! So we’re so close, I love what you’re doing and thank you so much, I will definitely read the article and let you know! I would truly love to connect with you! And maybe even have you as a mentor.
You are already far ahead of the game by starting so early and give you props! Just keep educating yourself and saving money as well as build relationships with experienced investors whether it be by helping them with small things or just ask them if they need anything. Good luck on your journey!
Sannibel, I don't see any BP REI meetups posted under the network tab above. Network and find locals in your area who are involved in real estate in the realms you are interested in. I've had job shadows in my primary business by teens interested in my field (Healthcare related career). Your school may have programs like that where you can make introductions if you ask the guidance counsellor. This will help you narrow your target from general field - real estate is a huge field - to areas of higher interest, from which you can start looking for a mentor you can bring hustle and hard work to as you learn about what they do. Choose wisely. You may have several mentors before you find the best fit. Don't give up, and keep your eyes on where you want to go, not just where you are right now! I'm proud of you for choosing a passion to follow and rooting for you!
Offer your time in the form of an internship. Both parties benefit, you with knowledge and the real estate company with a helping hand.
Pick the real estate firm and make an appointment with the owner and shoot your shot!
Best of luck 💕
Your next step should be to find someone who is successful in the business whether it is an investor, or real estate agent that deals in investments. Figure out how you can bring them value (usually as an assistant) so that you can learn from them. You have a huge advantage with starting out so young. You could offer to help them, and instead of pay have them teach you everything they know. If you can manage to get paid as well that's all the better, but my first year in real estate I worked 60-80 hours per week and only made about 10k for the entire year. The knowledge and relationships I built during that time though are what positioned me for the rest of my career.
I'm also looking for advice, and I read every comment, and all of them are helpful! Thank you all!
Originally posted by @Krystle Khoo :Wow this answer is relevant not only for 15 the OP, but also others who look to get into REI. I'm grateful for your reply @Krystle Khoo and saved it to my notes of best REI advice I've come across.
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:
-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!
Having said that.
My answer to @Sannibel Carter's request;
If you know anyone in the construction business or have any family/friends that are looking for small repairs done in the summertime, I'd go for it. Even if it's low or unpaid just to get the experience.
Example: I painted my parents house and learned a lot about what it takes and didn't necessarily get paid that well but it taught me it's not as easy as it looks. There's preparation and a whole process I wasn't aware of before I got taught.
Another thing you could do is analyze deals and get really good at doing that as you might have the time and motivation for it right now as you've learned a lot from the webinars and books you've read.
Once you're comfortable enough and find good enough deals try your best to partner up with someone to get it done. This step I have no advice for you since I wasn't your age when I got started. I also hadn't studied or surrounded myself with experienced investors. This is where I think you have a major advantage over a lot of people who get into REI. Further educate yourself and connect with other investors in your area as that seems to be the first step no matter your age or experience in REI. Maybe you'll find investors who need small repairs or eyes on the ground from someone who understands the business and you'll learn a lot from them.
Best of luck to you Sannibel and I think it's inspiring that you're getting into this at such a young age. Keep learning and follow the BP podcast episodes if you haven't listened to all those already.