Flipping in L.A. at 19 years old with no money......
I’m 19 years old and looking into house flipping. The problem is, I have no money myself, I have no connections to people that would lend me money, and I live in an extremely expensive and competitive area (west Los Angeles) virtually making me feel like I’ll never succeed in any real estate strategy. So the real question I have is where the hell do I start to get the ball rolling?
@Ben Haridim "I'm 19 years old". This is the greatest advantage you have. Listen to Gary Vaynerchuk talk about the value of age and long term focus on one goal. Don't get caught up with some success stories on here and YouTube - "How I Own 200+ units in 30 days" type of success stories. They're extremely rare.
What someone in your shoes needs to do is spend the next 2 years devoted to learning the game of real estate investing by listening to every podcast imaginable, going to every real estate networking event in your city and area, and by becoming more obsessed in real estate investing than I was in pursuing the women and parties in college.
I'm 29 years old and far ahead of my peers. And I've only spent 2 years in this game. You can spend the next 5 years networking with every Big Wig in West LA and buy your first deal at 24 and you'll still be so far ahead of the curve, you won't realize it until you're much older.
Here's the importance of networking: you'll figure out what people are doing near you. You can talk to them. You can learn from them. You can FEEL their success to know how to replicate it. You can FEEL their mistakes to know how to avoid them. You will FEEL motivated just by being around them.
Time is on your side and it's the most expensive currency on the planet. You may not have money, but you have the most valuable thing in the world. Use it wisely and your success will not have a ceiling.
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Originally posted by @Ben Haridim:I’m 19 years old and looking into house flipping. The problem is, I have no money myself, I have no connections to people that would lend me money, and I live in an extremely expensive and competitive area (west Los Angeles) virtually making me feel like I’ll never succeed in any real estate strategy. So the real question I have is where the hell do I start to get the ball rolling?
Non starter man. You need to have competitive advantages to succeed. I suggest you do some work as an agent to gain some knowledge and experience in the business while earning some money that you can save up. Re evaluate in a few years when you've gained some advantages over your competition.
@Ben Haridim
Hey Ben welcome. To answer your question about where to start......you start with yourself. The good thing is you’re young. The bad thing is you don’t have any money or any connections. So, to change this you need to first invest in yourself. Get educated about the industry. You need to be a sponge and soak up all the information you can.
If you want to start out flipping houses, you need to learn about what makes a good flip. How to estimate rehab cost, etc.
Secondly, you need to start saving. If that means moving to a less expensive home, getting a second job, whatever you need to do. Because honestly nobody is going to lend to a eager teenager with zero funds or experience.
You have to help yourself before you can expect anyone to want to help you.
Just my 2 cents.
Canesha
@Spencer Cornelia thank you so much taking time out of your day to answer my question. I’ll will 1000% take into account everything you said into my life. Do you yourself flip homes out in Vegas?
@Ben Haridim I have two flips in progress in Cincinnati. I anticipate exiting 2-4 next year as I want to use more cash and focus on rehabbing multi families. Las Vegas is too competitive in the flip market.