Welcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language at near zero cost. It doesn't matter if you are young or old, totally new or need to build upon your experience.
Yes, you have just announced a commitment to the thousands in this community about
your seriousness regarding REI and have taken this bold step to affirm it.
Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.
You are here at the Forum, but, should raise your mouse to the top and explore the other
Don't get overwhelmed by the massive amount of data archived on this site.
Simply, bone up on the areas that you need to expand knowledge in such as, Forums,
Marketplace, Learn, Network, Analyze, Resources.
Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of book
Also, you can review the quick links below to help solidify your grip on this site.
- Setting up Keyword Alerts
- How to Use @Mentions on BiggerPockets
- 25 Tips for Real Estate Success
After becoming more knowledgeable and confident because of my above suggestions, take action to snag your first real estate investment deal if new or add to your existing holdings if you have prior experience.
Don't get caught up in analysis paralysis.
You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.
Take calculated risks if needed and you shall be rewarded!
"Each step you take reveals a new horizon. You have taken the first step today. Now, I challenge you to take another." - Dan Poynter
Lastly, don't forget that we are here to help and likewise learn from your contributions. Good luck and happy investing, again, welcome aboard!
Consider sending messages to other members which is my favorite part of the website.
@Chance Nelson one big thing I would say is begin working on getting your credit rating up. You don't have to make a ton of money to do it, but it will be a huge help for you to start/continue. Otherwise follow Linval's tips. Time to get learning.
thank you Dan Mackin I'll look into it!
learn learn learn
Save money, many people will tell you that cash isn't necessary and that might be true, but it makes things EXPONENTIALLY easier. So while all your friends are blowing cash on material things, you stay home, save money and read.
someone else said to work on your credit rating, and that's also really valuable.
Find someone in your area that does real estate investing and try to work for them (even if it's for free). Experience is the most valuable asset you can get right now.
Originally posted by @Chance Nelson :
I'm 18 and I want to get ahead of the game. I want to learn and understand the business world and start making money early. Where do I start guys.
Hi and welcome, just by the way you want to start your life says you are a smart kid, real estate can give you very good money and a good retirement, it takes a lot of hard work, dedication and patience, perseverance is the key. Learn as much as you can and learn from other people's mistake, be smart with your money and all this will get you far in the real estate business.
Since you are 18 you will need to start by getting credit (if you haven't started already ) start by getting a couple of credit cards and work your credit with that for a while, of course have a steady job and save as much money as possiable so you can have a nice down payment and extra money for your first house, stay in the same line of job until you are able to get a home loan.
Speak to a mortgage broker so they can give you advise and guide you so you can be prepared to buy. You can find them here on BP.
My advise when you are looking for your first home get one that is outdated, an ugly house but in a nice area, be open minded that is what REI is about we see the beauty in ugly and also the dollar signs ;) fix it little by little for the next 2 years, after that you can rent it and take out the equity, use that equity to purchase your next house and have your tenants pay your mortgage and you continue doing this, because you are starting at such a young age you can build your REI this way and you will have so many choices to continue building your empire. "Money attracts money"
Got to your local library and read, read, read on real estate and here read here, it's so true knowledge is power.
Hope this helps, I wish you the best. :)
Feel free to reach out to me if you have any questions or just want to chat, me being your age I think we can relate in many ways including the problems we may face and obstacles we have to overcome when starting our real estate careers.
The best place to start would be educating yourself as much as possible, and you found the best place to do that. Welcome to BP! You will learn so much on this site, it's the best resource I have found when it comes to educating yourself.
Explore the learn tab, all of the podcasts are great, the blog also has some good content, and of course the forums.
If you haven't already be sure to check out books like "Think and Grow Rich" and "Rich Dad Poor Dad" which are great overall success books that change the way you think.
For books more directly related to real estate I would recommend J Scotts books "The Book on Flipping Houses" and "The Book on Estimating Rehab Costs", Brandon Turners "The Book on Investing In Real Estate With No and Low Money Down", Gary Kellers "The Millionaire Real Estate Investor" among many others. When listening to the podcasts you will get a lot of good book recommendations as well.
In regards to building credit I highly recommend you start now, I know CapitalOne and Bank of America will give you a credit card even if you have no credit history at all, that's a good first step to start establishing credit.
Also if you haven't already, start saving some money! It's possible to do deals with no money down but they are very few and far between. If you have some money saved up it gives you more options.
What I think is the most important part to getting started is to network with and meet as many people as possible, tell everyone you want to get into real estate, start going to networking meetings in your area, get active on the forums, etc. Once you start doing this you will be able to find other people that share the same interest. You will learn a ton from these people, maybe you will find someone who is willing to lend you money, someone that's willing to partner with you on a deal, etc. so start networking and meeting successful people. "You are the average of the five people you spend the most time with."
Best of luck!
Thank you very much everyone! The replies are great this more than I could've hoped for. I appreciate all of it!
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