Hello, I'm in the 9th grade & I'm looking forward to flipping houses once I graduate high school. Are there any tips or strategies I should know other than mortgages & repairing homes for profit?
I love to see you being so ambitious at such a young age- NEVER LOSE THAT. The sooner the start, the better!
The best way for me to answer your question would be to spend as much time as possible learning everything there is to know about what you want to do - whether that is Flipping, rentals, wholesaling, multifamily, etc. Listen to podcasts, follow people that are doing the business on social media and engage with their content, watch Youtube videos, read books on mindset (self-development +real estate +business). Educating yourself about the industry and what mindset would be required is crucial, however it is not something you should overthink or rush. You have so much time, just stay consistent with it and you will gain lots of knowledge by the time you graduate. Another thing I would recommend is find people in your area who are doing the things you want to do and reach out to them. See what it is that they need the most help with and offer to do it for free- this will allow you to gets hands on experience with an already functioning business.
You are on a great path and I have no doubt you will succeed! PM me if you have any questions or concerns. Stay focused, become disciplined, and most of all have fun!
Wish you the best,
Also don't be afraid to start before you graduate :). I sure wish I had- you may need a partner that is 18+ however as an entrepreneur you are a problem solver and that is just one small problem to solve. Let me know if there is any way I can help! I would be more than happy to.
Hey @Ironi Holt
There are a lot of strategies you MUST know before you start.
There are wonderful books to start from - dig Brandon Turner's books and David Green's books. There are probably other great books too, those I can personally attest to.
Turner's book on How to Invest in Real Estate with No (and Low) Money Down, for example, has great suggestions on strategies for hooking up with a partner.
Green's book on Long Distance RE Investing and on BRRRR are invaluable for flippers.
Use your time to read/listen to those books. You'll learn tons!
That is a great endeavor you're setting yourself to enter, but it has its perils. The first mistake you can do is to under-estimate the amount of effort and knowledge required. But, as long as you stay positive, focused and on the move - you'll get there. No doubt!
Best of luck!
Great suggestions here. I'd also add that you can start the journey now! You don't need to buy a property to be involved in real estate business. Reach out to local property managers and see if they need help doing things like mowing lawns, shoveling snow, restocking/emptying change machines for washers/dryers, or any number of tasks. It'd be a good chance to meet property managers and landlords and get some real experience in managing properties.
Networking is important in real estate, and as someone quite young and maybe not financially ready to buy yet, you can still meet people, provide a service for them, and start saving up for when you are ready to do your first purchase.
I was in my mid-30s when I got into buying real estate. I wish I had started far sooner. If you keep your eyes on the prize and keep hustling, you'll be quite successful quite young. And isn't that what all of us want?