Updated over 2 years ago on . Most recent reply
Waiting 2 Years Before Investing
So, I am eighteen years old, and I am taking a gap year working as a real estate agent to try and get a head start on my investing. I want to start a real estate investing company by around this time next year with the money I will have saved from working; considering I live with my grandparents who are willing to let me stay here free of expense, I don't think it is too lofty a goal. However, I am unfamiliar with the process of lending to a LLC. I know that if I were to buy the property in my name, I would have to show 2 years of tax returns, which of course I will not have until I am 20 years old. My question is whether I should postpone my investing for 2 years, or if it is possible to find a bank willing to lend to me with the tax return history.
Most Popular Reply
Hey Benedict,
Don't put too much pressure on yourself at 18 years old. You are way ahead of the game even thinking about investing in real estate.
Just buy your first property and live there and do some light rehab on it. Go through the buying process yourself first and learn how to fix some items. You will learn a lot about yourself and what it takes to get into the game.
Later you can think about starting a real estate company and buying rentals, raising money, etc... Real Estate is get rich slow.