How does a 15-year-old get started in real estate?

Question

As of right now I am 15 years old. But I want to know how to get started in real estate. I know that I will probably have to be 18 in order to do anything, but is there anything that I can do now to help me in the future? Probably something I could do now is invest for a down payment, but what else?

Taylor K. · Answer

Get a job and save every penny you make.

Dante Feria · Answer

Start at home, do the maintenance work in your home, if something is broken and needs to be fix try to do it yourself before your parents call for a trade to have it fix . Learning the basics of electrical , plumbing , AC , painting etc will help you in this line of business which also save you a lot when you acquire your first home.

This is how I got started , maintaining the rentals of my uncle  when I was your age.

Stephen Willis · Answer

Try to start at your home. Like do some cleaning job, contacting maintenance people, knowing how to pay water bills etc. these are all the basic work when you become a landlord and you need to know how to manage your property first.

Matt R. · Answer

Hit up the library or bookstore (new or used).  Look for books on "how to repair your house".  Get a few of those and read them - that way you can start to get familiar with what kinds of things can happen in a house, and how big of a deal it is to fix each one of them.

If there are any new houses being built in your area (like, within bike or bus/train range), and the neighborhood is relatively OK, go over to that neighborhood, after the workers have left for the day, and see what building a house looks like.  Don't trespass, but standing on the street or sidewalk and seeing how the house is put together is perfectly legal.  If you can, go several times, so you can watch it happen from the foundation all the way up.

If you live close to a store like Home Depot or Lowe's, sometimes they have free classes on "how to install a ceiling fan" or "how to paint".  They are trying to sell ceiling fans and paint, obviously, but you will definitely learn some things you didn't know before.  I don't know if they have age limits on the classes, but asking is free.

Look on websites like Zillow or Trulia for houses that are for sale around you.  Look at the square footage, number of rooms, and the year it was built, and compare that to the asking price.  See how that changes from house to house - for example, in your area, maybe a 3 bed 1 bath house built in 1980 sells for $120,000, but a 3 bed 1 bath house built in 2010 sells for $150,000.  Or, the same-sized house sells for different amounts of money in different parts of town - see if you can figure out why that is.

Good luck!

Dylan Slyter · Answer

@Matt R. Thank you for your help and wishes!

Rita Medeiros · Answer

Read, podcasts, local meetups would be a good place to start. Good luck & don’t quit.

Nathan Gesner · Answer

1. Self education. Spend your spare time reading, listening to podcasts, analyzing property, studying the markets, etc.

2. Network with investors. Find a real estate investment group and hang with like-minded people. If you consistently show up and participate, someone will take notice and may offer to let you tag along to learn. You may even get a job out of it that teaches you some critical skills and puts money in your pocket.

3. Work and save. Investing takes money, and you have at least three years with very few expenses. You can easily save up $50,000 or more in that time.

4. If your parents are financially responsible with strong credit, get added as an authorized user on their account. You will get a card, but you don't have to use it. Being an authorized user will start building your credit history based on your parents' use, not yours.

Alecia Loveless · Answer

@Dylan Slyter Keep your finances in order. Start to build your credit score. Either begin by paying your cell phone bill or having your parents put you as an approved person on one of their credit cards if they have good credit. If they don’t wait until you’re 18 and get a low level credit card and begin paying it off every month. Use it for things like gas and then pay it off every month.

A good credit score will help significantly in the future pursuit of real estate as you try to get the best loans.

Dylan Slyter · Answer

@Taylor Kennison thank you for your time!

Dylan Slyter · Answer

@Rita Medeiros thank you for a great advice!

How does a 15-year-old get started in real estate?

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