How to start at a young age?

Question

Hey, 
I'm Matt and I'm 16 years old. I'm obsessed with real estate and have been for awhile now. I have been going to open houses every weekend for years and often spend my time after school or at night on BP or zillow or like websites. I know it is virtually impossible for me to get involved in real estate as I am only 16, however, I am curious as to if anyone had any interesting or creative ways that I would be able to. My latest idea for starting at a younger age is getting into wholesaling real estate. I do have a job and have had one since i was 14. however i still have such a limited budget to really be serious about putting much money down for anything. That is why wholesaling has become an interest of mine.  I live in Minnesota and was wondering if there would be any restrictions to me "owning" a property with the intention to assign a buyer to it being under 18? Overall I am curious as to what everyone thinks of trying to get into real estate, or specifically wholesaling while still being under 18? Thanks in advance for the advice, opinions, and knowledge. 
Matt

Matthew Michalski · Answer

Thanks everyone for the encouragement and advice! I'm taking everything into consideration and I am currently starting to look for a job with a realtor or flipper so I can like you guys said, get around the business and continue to learn more. Again thanks to everyone!

Rhodaline Dekyi-Arthur · Answer

Kudos on wanting to start at a young age. Do not let your age stop you. I would suggest trying to partner up with someone you can trust over 18 who can sign the paperwork. I am sure that you probably thought of this already but just thought i'd share. 
In exchange you can offer them a percentage of what you make.

Kirk R. · Answer

Have to be 18 to get a credit card.

Credit union probably be able to answer your question better but....Go to a local credit union & get a $300 secured card that is in your parents name and yours.  Use it every month for less than 30% and pay it off each month.

http://answers.yahoo.com/question/index?qid=20080223130316AAoFz44

Kirk R. · Answer

Go work for a Realtor or a flipper or REI - probably be happy to have you at a Real Estate Investment meeting - maybe do some labor for someone at the meeting that seems to know what they are doing.  Why not work @ what you want to eventually do?

Build up your credit with a secured credit card? not sure about this one.

Jay Y. · Answer

Matthew Michalski

That's awesome to see someone so young already into investing for their future! You will go far. I don't know how feasible it would be to get into real estate at such a young age, but if there's a way, go for it!

Otherwise, what about investing in stocks? I started working at 14 and wish I would have put my savings into stocks at that age... low beta, stable megacorp dividend stocks. I probably would have had enough for a downpayment by the time I graduated college...

Chris K. · Answer

That's be pretty tricky as your contract that you're attempting to assign and your assignment contract technically won't be legal contracts.

Neither of the contracts need you to specify your age but it's one of those things where you could get to closing and the closing agent asks for ID.

I commend you highly for not only taking an interest at 16 but actually attempting to do something.