Hi! This may be a ramble but I have a lot of questions to ask and get advice on for future reference. Currently I am studying real estate and plan to do my first deal when I get to college and continue learning until I retire from doing deals. Is there any advice you would give for a college investor and the processes I should take? I was listening to the BiggerPockets episode 30 podcast while working and heard Kenny Estes mention using a LLC in his company. Are LLC's essential or a preference when it comes to completing deals? The same thing with a real estate license too? I turn 18 during my first semester of college, so finding investors who will trust me and building credit may be difficult so any advice for this as well? I think this is all I have for now, but thank you for reading and hopefully I pick up a lot!
@Jalen Carter congrats on making the decision to get involved with real estate! Even if you just purchase one or two solid deals it can change your wealth for a lifetime! I would continue to learn as much as possible and define your criteria (type of property, specific area, cost limits, etc...) and start building out a network.
For your question on LLCs - they aren't necessary but they can help with liability. I have property both in LLCs and in my personal name. Don't let setting up an LLC be a road block - you can always refinance into an LLC. I also never found getting my RE license to be worth it. I enjoy leveraging out RE agents relationships (since they do it day in and day out) rather than going through the hassle of getting my license to make a little extra commission or save some money.
Thank you for the advice! I was leaning towards getting my license, but free hearing your thoughts, I see both sides now. I'll think further on that one! For the LLC's, what is the process in creating one?
Hey @Jalen Carter
Congrats to you for your ambition! If you are looking to connect with someone for some guidance or advice, feel free to reach out. I recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/..
Hey Dan! I read your article earlier today and really enjoyed it. I wrote down notes to take away from it and will immediately apply it! The only concern as of now is that it will take a lot longer to save as I work only 3 hours a day part-time and the rest is consumed at work. Do you know of any other ways to add sources of income? I’m also beginning stocks and bought my first one today but I plan to hold onto those as long-term investments.
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