Grand Rapids, MI · Member since 2019 · 6 posts · 2 votes
i’m currently 17 years old and going into my senior year of high school. most people are probably wondering what i’m doing on here. my dream is to invest in cash flowing commercial real estate. but i’m not sure how to get there and need some help. i’m not sure if i should go to college and gain knowledge on finance and real estate first because i don’t know much. my dad currently has some commercial real estate and is making 4000 a month of just of just one building so that is what i want to achieve just on a higher scale with more property. i already have him co-signing with a credit card where he pays the bills so once i turn 18 i can get a credit card and already have perfect credit. but i’m not sure if banks would give me a loan for buildings that are 500,000+. im just looking for more information and what people think i should do
Real Estate Agent · Chicago, IL · Member since 2019 · 46 posts · 29 votes
7y
Congrats on having such high ambitions. I would recommend you focus on getting the best paying day job you can. A job that can pay your daily expenses and allow you to accumulate cash. If you plan on getting property loans, you need some regular employment.
You can also partner with experienced pros to purchase your first few properties. Either way, I'd recommend you focus on getting a solid day job so your daily expenses are taken care of. Anything you earn from real estate can be a bonus for you.
Real Estate Agent · Chicago, IL · Member since 2019 · 46 posts · 29 votes
7y
Congrats on having such high ambitions. I would recommend you focus on getting the best paying day job you can. A job that can pay your daily expenses and allow you to accumulate cash. If you plan on getting property loans, you need some regular employment.
You can also partner with experienced pros to purchase your first few properties. Either way, I'd recommend you focus on getting a solid day job so your daily expenses are taken care of. Anything you earn from real estate can be a bonus for you.
Denver, CO · Member since 2018 · 17 posts · 9 votes
7y
Hello Kane,
My recommendation would be to surround yourself with others that you can learn from to decided which product type is best for you. The direction I took was to actually get my RE license and focus on investment sales for retail and office. You can earn a living and learn on the job. You can go to school for real estate as well. Buying one at a time, you can eventually switch over to being a full time landlord. My two cents. Best of luck.
Real Estate Agent · Chicago, IL · Member since 2019 · 46 posts · 29 votes
7y
It depends on what your life passion is. If your passion is something other than real estate, yes get the required education. And preferably get the education from community college/state university to limit your student debt.
If your passion is real estate, I'd recommend not going to higher education past high school. There are real estate jobs you can get without college credentials. You can be a real estate agent, assistant to an agent, or even a property manager. Of course please check your state laws about this.
Since you are 17, you may not know what your life passion is. But discuss any higher education plans with your father. I'm sure he would know you better than I.
Real Estate Broker · Denver, CO · Member since 2018 · 10 posts · 7 votes
7y
Kane,
Good luck in your journey. I would start reaching out to commercial brokerage offices in your area and start building relationships with brokers. Let them know where you are if life and what you would like to be doing. Invite them to coffee (they'll most likely pick up the tab) and have a list of good open ended questions to ask. This way you can learn about the biz and what it takes to own property on that scale. You can also reach out to property managers and commercial bankers, but they are a little more protective of their time.
Studying finance and real estate is after my own heart since that is what I studied. I also had a GI Bill to pay for it after my time in the Marines (so no debt). You can be successful in investing without a degree and I talk to people everyday that made it on their own.
If you want to work in and not just invest in commercial real estate and work with the big guys then you will want to get that degree with a very strong GPA and internships at real estate firms.
Grand Rapids, MI · Member since 2019 · 6 posts · 2 votes
7y
@Sathish Sekar thank you again for the information. i have spoken with my father about this and we have a couple meetings with some of his friends who are in real estate where i will have more questions answered. but yes, investing in real estate is my end goal and passion. thank you so much for the replies and information it really means a lot
Grand Rapids, MI · Member since 2019 · 6 posts · 2 votes
7y
@Jeremy Miller i really appreciate the tips and guidance so thank you. if i were to go to college i would go for finance like you have done. do you think you gained more from it to be successful? also if you had the debt do you think that college would still be worth it?
@Jeremy Miller i really appreciate the tips and guidance so thank you. if i were to go to college i would go for finance like you have done. do you think you gained more from it to be successful? also if you had the debt do you think that college would still be worth it?
It really depends on the path you would like to take. I had no idea what I wanted to do at 18, the recession had just started and I wanted an adventure and the war seemed like an adventure. Studying finance will give you a very unique perspective on the world. It will also open doors to opportunities that other degrees don't. The ability to pay off your student debt will be there in the finance world. If you want to work for companies like The Blackstone Group then a degree is a must.
New to Real Estate · Charlotte, NC · Member since 2019 · 39 posts · 11 votes
7y
@Kane Warner as Nike says, “Just do it.” And part of that is Network like crazy! I don’t care how old you are, if your face is out there, somebody will start paying attention, even if they only want you to wash their car....for free.
Indianapolis, IN · Member since 2019 · 2 posts · 0 votes
7y
@Kane Warner I too am a 17 year old, I’m learning a lot from mentors and real estate meetings around my area. Learn new people, throw your self out there, but I learned that you have to wait. Make sure you wait till your 18 to sign any legal documents, it’ll make it easier. I’m now waiting to turn 18 in October, I am learning how to wholesale from a friendly mentor. Go to meets for now and learn, there’s nothing more important than investing in yourself.
Rental Property Investor · Sioux Falls, SD · Member since 2019 · 129 posts · 138 votes
7y
@Kane Warner I’m 16 years old, and this is what I’m doing: I offered to a RE investing group in my town (they own rentals) that I would work for them for free to start out (simple tasks that they could use help with) and in return I would be gaining experience and knowledge before I really jump into this whole thing. And I read as much as I can and do everything I can to gain more knowledge about RE Investing and then maybe even this year I might buy my first house hack with the help of someone who is old enough to sign contracts.
Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
7y
@Kane Warner
Contrary to popular belief, getting a job could be a waste of your time. Remember, you can always get back money but you can’t get back time. Leverage your age and start working towards that goal of owning properties. Because we all know how much time that takes up. That doesn’t mean sit on your butt and be lazy, it means get off your butt and start hustling.
You don’t have college debt and you’re living with mom and dad (assuming so) so your expenses are really small. If you’re forced to work to pay your small expenses, then find something part time or do on your own time. 20 hours a week working for someone else is 20 hours a week not working for yourself. That, my friend, is the biggest detriment to the modern hustler.
@Sathish Sekar thank you for taking your time and replying. as for a higher education, do you think it’s smart to accumulate so much debt?
There is no need to have debt. There are plenty of scholarships out there that you should apply for. Some debt is probable, however, you don't need to have "so much"
Rental Property Investor · Orlando, FL · Member since 2018 · 14 posts · 6 votes
7y
Hey Kane, I'm 18 right now and was basically in your position last year. The only advice I would give you is to continually read books and listen to podcasts to help grow your own personal knowledge and see how much you are interested in the subject before choosing if you want to go to college and/or what you will study. If you do decide to attend college start applying for scholarships as early as possible. Scholarships will help alot in paying for college and some of them will even pay for your housing so in theory you might be able to use those scholarships help with your investing career as well. Good luck with whatever you decide to do!
College is the best place to start building your network.
Advice #2: Work for free.
Contact your favorite real estate content creators on BP and other channels and offer to work for free. Keep your eyes open, and you'll learn from their successes and failures.
Advice #3: Build a business (maybe while in college).
Investing requires money.
Without money to invest, you won't be able to create the passive income that you desire.
... that's where building a business comes in. The most successful real estate investors build businesses that fund their investments. Business can be real estate related or completely unrelated.
College is the best place to meet like-minded individuals. Network, take risks, and don't be afraid to walk down the path less traveled.
Attorney · Nashville, TN · Member since 2015 · 1k+ posts · 1k+ votes
7y
@Kane Warner Since you seem like you already have the entrepreneurial spirit, I would focus on developing a skill that others find valuable. Whether that involves going to college depends on the skill you want to develop.
If you decide to go, I think the best path is to go to a "top-level" school (e.g. Ivy League School) or a good, affordable school. And I would pick a major that the marketplace finds valuable.
For the first option, I do think there are tangible benefits from attending a top-level school. For example, I went to what's known as a T-14 law school. Now that does not mean I'm a better lawyer than someone who didn't. But when I meet strangers, the fact that I went to such a school helps me build instant credibility. I don't really work as a lawyer anymore but it still helps (e.g. when talking in-house counsel for GCs and owners for our construction company). Think of it as a polite way for people to guestimate your IQ/skill level.
If a top school is not an option, I would suggest going to the school that offers you to get your degree at the best price. Let's say you have the option to go to a private liberal arts school for $50k a year versus a state school for $15k. Both schools are good but not a top school. In such a scenario, I would go with the state school. That's more or less what I did for my undergrad. All said and done, I was able to graduate without any debt.
But regardless of whether you go to college, I would say the most important thing you can do is to develop a skill that others find valuable. Being in the construction world, I hire/work with guys who worked in their trade for 30 years. Even though they didn't go to college, they are indispensable to our business. Being in construction for that long in our niche field means they have seen every crazy thing that could happen. While management needs to make the final call, we rely heavily on their input to do so. For what I do, one of them is more valuable to me than a squadron of Ivy League graduates.
TLDR version: focus on developing a skill. Skill + Entrepreneurial Spirit has been the success formula for many self-made people.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.
Flipper/Rehabber · Winston Salem, NC · Member since 2018 · 33 posts · 24 votes
7y
@Kane Warner
You said most might wonder why you are on here at such a young age. Dude I think it’s awesome. I wish I had thought of this stuff when I was 17.
As far as commercial- I don’t know much about commercial so I can’t help you.
Just wanted to say you belong and if your thinking about it now. Then you might be the 29 year old retired kid driving a Lamborghini and everyone looks at him and thinks rich kid spending dads money. 😂
San Antonio, TX · Member since 2018 · 24 posts · 8 votes
7y
It’s probably wise to get a college degree that is related to real estate. Example Business management, finance, business law. Like the other said college degree is a good source of network since your are thinking alike. While in college get your real estate license to gain more knowledge to learn the in and out of business and it will help too on your subjects in college.
Specialist · Plano, TX · Member since 2019 · 29 posts · 22 votes
7y
@Kane Warner it’s fantastic that at this age you’re already thinking about investing in RE, get educated first, that’s the basics of the whole deal, definitely recommend to grab a “Best Ever Apartment Syndication Book”.