I'm a 17 year old highschool student from Puyallup, Washington and I plan on getting into multi family real-estate investing. But I need somewhere to start and I want to start ASAP. So that's where Mobile Homes come into play. I will turn 18 in March of this year and I want to do everything possible to prepare myself for this next season of life. Is there anyone who could give me a little advice or point me to where I could learn and grow??
Anyone could if you know what u r doing but i still think u might need an adult to sign papers , i could be wrong about the age thing , i actually wanted to let u know about a program that's on the HUD.org site about giving u a grant of 15k to start a real estate business .
Hey James, I'm a PHS grad and I always thought investing was out of reach when I was in high school and even college. In fact, I looked into mobiles as well as a starting point. The thing that always held me back was a lack of mentors and not being surrounded by the right people.
If you want a starting point, get to the Fixated on Real Estate meetup that happens every month. $10 will get you in a room with over 100 people. Many of which are real estate investors worth millions. Those are the people you need to hang out with. Though, just know you will be the youngest one in the room. I feel like I usually am and I'm 26 haha.
Give me a shout if you want to talk some real estate one of these days. I'm happy to help a fellow millennial!
@Ryan Evans this could be a great resource. I’ll have to check it out when I’m not on the mobile app. Comment for future reference. Thanks!
Starting sooner is an an advantage in RE. Time is the friend of a real estate investor ( who is positioned correctly)
Totally agree with @Ryan Evans that the key to getting started is getting the right mentors and connections. Check out some of the local meetups like Fixated on Real Estate and the Cascadia Investors Alliance in Lakewood to meet people who are actively investing.
If you find a good deal in a mobile home than it's a good deal...but limiting yourself to just mobile homes could be problematic. Be willing to partner with others and you will go further a lot faster!
@James Hodgson Absolutely! Definitely read what you can on mobile home investing here and in books. If you can find someone locally doing what you want to do, see if you can learn from them. Offer to help them out in exchange for their time. In the beginning, you may want to help others find deals before you start buying and holding. Build up some cash reserves. The key is to take action. You'll learn along the way through experience. Good luck!
I caught the real estate investing bug right around your age as well! I did not want to wait another second to begin investing. If you want to go into multifamily, a mobile home park is a fine way to start. However, don't rush into your first investment like I did. Study, study, study everyday and run the numbers for 100s of properties before you buy anything. My best recommendation is to find a partner who has more age and experienced. Together you and your partner should begin reaching out to potential investors to try to round up the money for your first deal.
Best of luck!
I agree with what every else has said as well. Just do you research and get started and keep moving forward. Mobile homes can be a good start for sure. It also depends on if you are planning on buying them in a park or on land. Since your getting stated I am guessing you are thinking about homes in parks since the cost would be cheaper. Mobile homes can be rewarding and also a lot of work depending on what you get yourself into. Usually you get a little lower class tenant a lot of time which can be a challenge. If you know how to fix things then that would be a plus as well. You would have to check on the age part like mentioned before. I think the main area of concern with mobile homes in parks is finding a park that will allow you to rent them out if that is what your planning. That can be a very tough to find such parks. If you are buying and fixing them up to be resold then there might not be too much of an issue. In any case do your research and start investing. Good luck.
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