Hi guys, I am a 17 year old student. I would like some assistance

Hi guys, I am a 17 year old student. I would like some assistance

Member since 2020 · 9 posts · 1 vote

I am extremely eager to get into real estate and property investing. Can someone give me some assistance and more of an insight please? I can possibly have access to a certain amount of money but it will be more of a refurb budget. Therefore I am going to begin with doing assisted sales, then once enough capital is raised, move onto doing quite a few flips and then invest some of that money into owning rental property using the BRRRR strategy. Is there any strategy or something you should follow when doing property flips? Also, with both flips and rentals, is it best to buy with cash or private lender/mortgage? When doing BRRRR, when refinancing, can you take out the equity that would result in profit straight into your pocket, or should you leave it in the property? I will be very grateful if someone could get in contact with me.

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  • Flipper/Rehabber · Leominster, MA · Member since 2020 · 667 posts · 384 votes
    6y

    Iwan, 

    I highly recommend getting your real estate license and practicing BEFORE you invest any money.  You are obviously motivated, mature and smart - leverage these traits by becoming an Agent and learning as you transact with very little of your own capital at stake.  Feel free to message me any follow up questions, I highly recommend a couple of years of work as an Agent before you start investing in RE. 

    Please do not think that I am discouraging you from proceeding, I wish I had your courage & vision when I was 17!!!

  • Member since 2020 · 9 posts · 1 vote
    6y

    @Moises R Cosme hi, thanks for the reply. In the U.K. there isn’t exactly a license needed to become an estate agent. And I am hopefully going to get a weekend job with an estate agent once lockdown is over alongside my college course. Realistically I would like to get into real estate as soon as I can really so that I don’t waste my youth. I am extremely motivated and I always make sure I get things done.

  • Dan DiFilippoBusiness Member
    Real Estate Broker · Fayetteville, NC · Member since 2020 · 251 posts · 244 votes
    6y

    @Iwan Rhys Williams I think, unless you've got money to throw away, it's best to learn how others do it first. Especially as a younger guy. Don't worry about five years wasting your youth or anything like that. Real estate isn't an immediate success game. There are people who have made millions from just a few thousand and then lost it all. Without even being very highly leveraged. But expertise isn't so easily lost. And human capital can easily and fluidly be harnessed for value.

    Brookdale Property Management
  • Member since 2020 · 9 posts · 1 vote
    6y

    @Dan DiFilippo I understand what you are saying. It’s just the way I see it, is I’m turning 18 in September, finishing my college next June and 3 months after that I’ll be turning 19. If I was 15-17 beginning to get into all of this (which I now wish I did) I wouldn’t mind as much of a year or so spent/wasted trying to do it. As soon as lockdown is over I’m hopefully getting myself a weekend job at a local estate agency, after finishing college next June, I’m going to start my own online bookkeeping business/do a few weeks work experience and then start my own online bookkeeping business. I fully understand that everything takes time. Hence why I’m trying to do as much research and planning as possible during lockdown in preparation for my journey

  • Member since 2020 · 9 posts · 1 vote
    6y

    @Dan DiFilippo I am also hoping to start working full time at the local estate agency once I finish college next June. The course is a Level 3 Business, Marketing and Finance, whilst also doing bookkeeping level 2 and 3, possibly progressing to do level 3 accounting

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