A few months ago my grandpa told me about BiggerPockets and since listening I’ve been hooked on getting into renting. Since I’m 16 and I understand that it’s probably not the easiest thing to get into and I was wondering what advice you guys had for younger people who are trying to get into renting. I need help with pretty much everything so any advice helps. Thank you for the help.
Rental Property Investor · Cedar Falls, IA · Member since 2019 · 8 posts · 4 votes
6y
@Ryan Nannen
From someone who is still very new to real estate at the age of 21, here are a few tips that I would recommend:
1. Read financial and real estate books. I recommend reading Robert Kiyosaki books. One real estate investor I would recommend is Rod Khleif. He has a ton of free pdf books on different parts of real estate and a great podcast called Lifetime cashflow through real estate investing.
2. Find other real estate owners/investors in your area. Build relationships and create value for them in some way
3. Find a job in the real estate industry. Property management, leasing agent, real estate agent, broker, etc. Might be a little tough at your current age but will be a good stepping stone.
4. Goes along with #3 but save money. If you have a job right now, start putting some money aside in a different account to save and eventually invest.
Always be willing to learn and get better. Real estate is not a get rich quick scheme, play the long game and you will win.
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
6y
@Ryan Nannen the risk is if you get into REI at 16 you might get burned out before you even get started. Enjoy your youth, go chase some girls, and save REI for later. You have a whole life ahead of you. All the best!
Rental Property Investor · Cedar Falls, IA · Member since 2019 · 8 posts · 4 votes
6y
@Ryan Nannen
From someone who is still very new to real estate at the age of 21, here are a few tips that I would recommend:
1. Read financial and real estate books. I recommend reading Robert Kiyosaki books. One real estate investor I would recommend is Rod Khleif. He has a ton of free pdf books on different parts of real estate and a great podcast called Lifetime cashflow through real estate investing.
2. Find other real estate owners/investors in your area. Build relationships and create value for them in some way
3. Find a job in the real estate industry. Property management, leasing agent, real estate agent, broker, etc. Might be a little tough at your current age but will be a good stepping stone.
4. Goes along with #3 but save money. If you have a job right now, start putting some money aside in a different account to save and eventually invest.
Always be willing to learn and get better. Real estate is not a get rich quick scheme, play the long game and you will win.
Love your enthusiasm... Mentor someone in the business. The main reason for this is because in most states you have to be 18 years old to engage in contracts... that would include leases and management agreements. There are a lot of moving parts in property management along with a lot of liability. This summer, see if you can get in with a property management company running errands and doing some of the dull office tasks. That will allow you to listen to conversations, ask questions, find out why they do the things that they do. Read up about the landlord tenant laws in your state. Much of what you can or cannot do will be dictated in those laws. And lastly... work on skills for dealing with the public. 95% of your tenants will be great. That 5% is going to push your buttons. Leaning how to control a situation... how to keep calm even when you want to verbally let go. So when your parents set you off, rather than blow up... control the situation. Keep calm and reasonable...see how far that gets you. Negotiate and problem solve your way out of the situation. Your parents just might fall over, but you will gain their respect and they will treat you more like an adult. Same can happen in the business.
You are on the right track... continue to ask for advice. There are a lot of wise people in this business.
Real Estate Broker · Temecula, CA · Member since 2014 · 992 posts · 782 votes
6y
It is so great to know what direction you want to go in life. O do recommend getting an entry level job in property mgmt. You can do move in inspections, do paperwork etc and learn the ropes, rules and best practices from this. THis will save you a lot of aggravation when you are ready for your own business. Best of luck . THis is how future leaders start! Good for you. To get the job: Make sure you read up on fair housing laws, landlord tenant relations, etc. You can show the PM company that you really are interested in the business and you'd love to work your way up over time.
A few months ago my grandpa told me about BiggerPockets and since listening I’ve been hooked on getting into renting. Since I’m 16 and I understand that it’s probably not the easiest thing to get into and I was wondering what advice you guys had for younger people who are trying to get into renting. I need help with pretty much everything so any advice helps. Thank you for the help.
-Ryan
Save as much cash as possible. When you're 18 buy a large home near college with a 3.5% down FHA loan. Bring roomies in to pay off your living expenses for you. Move to a 2nd property in 12 months repeating the process.