Any advice for 19 year old starting out?

Question

I’m 19 just about to start a good paying full time job. I know I’m going to be successful in real-estate and I just wanted some input from others that have been successful with any advice for someone my age.

Brian G. · Answer

Educate, educate, educate by reading great books, listening to the BP REI Podcast (Investing) as well as the BP Money Podcast (Personal Finance). All you have to do to be successful is live like a broke college student the next 10-15 years, consistently increase your income over that time which will increase your savings rate and invest. Simple but Not easy. Consider working in some area of RE, ie as a REA, contractor, electrician, property manager, painter, etc. Read "Set For Life" by @Scott Trench. It's the best book you can read imo in this season of your life. Go get em!

Jim K. · Answer

Well, you're 19 so you didn't go to college. Unlike most people here who will tell you that you should go to college as some kind of glorified tech school, a place to learn specific marketable skills in high-paying fields, I would argue that college is a good place to go because it keeps you from becoming closed-off and narrow-minded.So my advice to you as you go on and up is to read some good books and talk about them to other people. Do some community theater. Watch documentaries. Do free online survey classes in history, literature, art, politics, philosophy. Be careful not to surround yourself completely with people who think just like you and no one else.

Another aspect critical to your success is training to find the right life partner to be with. When you're 19, 20, 21, it's really hard to understand that the women you need to focus on really is never just an available booty call away and doesn't need you to save her from herself every five minutes. She's not what you need however willing she is to do what you want because that's the only thing standing between her and her choking terror of being alone.

Daniel Del Vecchio · Answer

@Declan Schreiber so I just started out in real estate and I am 27.  I have been thinking a lot about what I would have done if I could do things over around your age.  The one thing I wish I would have done in hindsight is to mentor under someone when I was younger.  Use BP to find others in your area who are doing what you want to do (flipping/renting/BRRRR/wholesaling/etc...) and offer to work under them.  They get some help and you get knowledge! Or if you don't have the time, take them out for coffee or lunch! You can still learn valuable information that way and may even make a friend in the process.  It will help prepare you so that when you are ready to invest you'll have more resources to help you out.  The other suggestion I would make is if you are able to, work part time for a contractor or sub contractor.  In hindsight I think that would have helped me better understand the costs of labor and materials better as well as better understand the value of real estate.  It will also help you learn different skill sets to help offset some of the costs of rehabbing a property if that is something you want to do.

Kadeem Wells · Answer

Hey, Declan the first thing I would suggest is building your investor profile. meaning write down your end-term goals and what you want to accomplish. Then decide if you want to be a cashflow investor or a capital gains investor. After that learn about the best exit strategies that will get you what you want. You can inbox me and we can talk more about it

Jordan Deeney · Answer

@Declan Schreiber. No, not at all. My intentions were to say make sure you are educated before you make decisions that can limit your options. When I made that decision I described, I wasn’t educated on assets/liabilities and what impact that new debt would have on me. My payment was $500 and I wasn’t making lots of money. And it took me a while to recover so I could invest. It was a huge impact on my debt to income.

Marlen Weber · Answer

Be sure to self educate by ready books, listening to podcasts to learn from others' experience, and continue to be active on here. There are tons of conversations to learn from. If possible find a mentor and someone in your market you can shadow for added hands on experience.

Declan Schreiber · Answer

@Brian Gerlach thanks brotha

Declan Schreiber · Answer

@Jordan Deeney so currently have a 250$ month payment for my vehicle. Should I get rid of that payment?

Jordan Deeney · Answer

Hi @Declan Schreiber. Save money. Money is 10x more powerful when you are 19. Save it up and put it to use acquiring assets and not liabilities. Always keep your options open, don't tie yourself down via any debts or bad credit scores. My life lesson: I got hooked on the idea of real estate investing shortly after buying a nice BMW for our family when I was 24. I discovered that I could not qualify for pretty much any home loan in our market carrying that BMW debt. We sold the car immediately and spent a year paying off the 10 grand of remaining debt from the car. It was a huge loss financially and it took a year to get on track. Don't limit your options :). Hope this helps!

Declan Schreiber · Answer

@Greg Dickerson

Thanks!

Any advice for 19 year old starting out?

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