Teen Real Estate Prep

18 Replies

I’m 17 years old I turn 18 in 4 months and I have read 3 books about financial education and real estate investing, I listen to lots of podcasts and YES I READ RICH DAD POOR DAD, I also invested my hard working earned money into a real estate investment course so that I can at least use to keep gaining knowledge on daily basis . One problem is that I live in Maryland where property tax is insanely high & the other problem is that I have not found any wealthy investor who is willing to invest in a 17 year old, I have nothing but ambition, time and an open mind, as of right now I’m learning wholesaling and due to COVID it’s kinda hard of to do. I’m also attempting to do “Bird-Dogging” and it’s kind of hard as well, I’m graduating high school on May 15th, 2021 and I plan to attend Community College this fall to major business BUT I don’t want to let school distract me from my DREAM of becoming a successful independent real estate investor.I know the basic mechanics of how in state and out of state real estate investing works, I would appreciate If any Investor could give me any advice to a young future investor like myself.

- GOD BLESS

Hey @Jamiil Torres

Congrats to you for your ambition! If you are looking to connect with someone for some guidance or advice, feel free to reach out. I also recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/

@Dan Sheeks

Thank you so much for responding Sir, I will make sure to read your article, by the way sir I’m the “friend” that Jaylan (the other 17 year old)

mentioned to you through text. I look forward to speaking with you over the phone on Saturday as well, Again thank you so much for you time and I appreciate what you do for the youth.

-GOD BLESS

Hey Jamiil I live in Springfield Virginia so fairly close to you. Id be happy to help you out with what next steps you might take to start off the right way. I admire your mindset and motivation, at 17 I was still playing videogames and had no clue what I wanted to do in life. Just make sure you have fun on the way, it is incredible that you are thinking about the future but make sure you travel, explore and party as well. Although, Im pretty sure you will do those as well.

@Joaquin Camarasa

Thank you so much for responding Mr.Camarasa, I love to have fun and I love to travel. But I want to focus on becoming successful and to do that I have to find the best version of myself, yeah I chill with friends, go on dates with my girlfriend and play the video game here and there. But I have a lot of time to learn and have fun, that’s the best part about being young.Having the opportunity get something I’ve never had, by doing something I’ve never done, I’ve learned that nothing in life is worthwhile unless you take risks. There is no passion to be found, playing small and settling for a life that’s less than the one you’re capable of living. And by starting to learn finance and real estate investing NOW, it can give me that freedom I want later. And Mr.Camarasa please teach me how to master house hacking, I’m so eager to learn !!!! & May I please get your number or email sir, that we can possibly use to keep in touch ???

Hi Jamiil, you are definitely on the right track then. I will send you a message with my number I will be happy to chat and see how I can help you grow. 

First off congrats on your ambition and studying the game earlier. That preparation and hard work will serve you well and you will be successful in your journey.

I'd advise against "courses" at this point, most content you can find online or in books for a low price and I'm guessing you don't have a lot of capital at such a young age that its a huge investment for you to make.

If I was in your position, I'd look for mentors locally who can help you and when you chat with them talk about how you can offer THEM value. I'd also spend time focusing on how you can get a good high income career path which can help you build your starting portfolio and track record which then makes it easier for you to get investors down the road. Nevermind being young, its hard to find investors at any age when you don't have a proven history of profitability and success you can demonstrate. 

I think your biggest asset is you have time on your side. Even if it takes you 5, 10 years to get started that is FAR ahead of where most started out who are on this forum today.

Good luck in your journey and stay hungry but be content :) 

@James Ma

Thanks a lot for responding sir, I will soak in everything you said and use it for the rest of my life. You sir... just gave me some great knowledge and that brings power, & yes I’ve found a local investor that is now my mentor but I feel like seeking for more guidance helps even more.. the more you learn the more you know.

Can we connect to keep in touch ?

& again Thank you !!!!

@Jamiil Torres

Please contact me and we can set time up to talk. My parents house hacked a 4 family, my husband and I started with a duplex house hack and I hope my 20 year old finds a house hack soon, also.

Send me a private message and I would enjoy talking to you.

@Jamiil Torres Wow this is inspiring dude. If I could give my 17 year old self a piece of advice, it would be to read "Set For Life" by Scott Trench. He talks about house hacking as well as some other great life and money advice. I bought my first house 4 years ago at age 22, now I have 11 houses. You have the opportunity to do far better than that. The biggest thing that will hold you back is your belief of what is possible. Time to get after it. Proud of you!

@Jamiil Torres it's possible to start investing in real estate before you are 18. The way you do it is you create an LLC with someone older than 18. It could be a parent, another family member, a mentor, or a friend. The key is to create the LLC with someone who has a high enough income where they could get bank financing on the property. This way you could find a property under market value and you could buy it with hard money, fix it up, rent it out, and if it is a multi-unit, you could live in one of the units and even rent the other bedrooms in the unit you live in, and then you manage it and split the cash flow of the property with your partner. I've done this with my oldest 3 kids ages 15, 14, and 11. Each of them have 2 houses with me and my oldest has 3. I've also done this with a buddy of mine where I got the property in one of my LLCs and then he lived in one room and rented out the other 3 rooms. Now he moved out and got his own place and turned a 4 bedroom home into a 7 bedroom home and he is still managing the other property for us that now has all 4 bedrooms rented out. We bring in $2600 and our expenses with the property are about $1600 a month. So we split about $1000 a month in cash flow with none of our money left into the deal.

@Jamiil Torres

Sounds good. Just a couple of things. Keep learning and reading but don’t give anyone any money. There will be plenty of people who will line up in the form of “gurus” and sell you a course or two or more claiming to turn you into a RE pro. You are a perfect market for them. Be careful.

Second, not sure school can be a distraction, it can be only if you want it to be. Again plenty of gurus will tell you college is a waste of time etc. For that spend some time with decently placed people in major corporations like Google, top law firms etc and ask their opinion. Especially talk to the immigrants that came to this country with nothing but their dream to pursue a STEM or Business or law degree. For sure they are not going to ask you for your money when they give you advice. Good luck.

@Shiloh Lundahl

Wow that’s amazing sir, thank you so much for responding, but unfortunately my parents & older cousins/family members don’t want to help me at all. I’m not really getting a lot of support, because they don’t think that I’ll be successful in real estate investing. If only the knew the ambition and excitement I have for this field. This is my DREAM, and I know my worth and I know I have what it takes.

I might just have to keep studying, networking and wholesaling until I’m 18.

Again thank you so much, I really love what your doing with your kids btw !!!!

-GOD BLESS

Are you taking out student loans to get this degree?  I implore you to stop if so!  

Have you considered getting a job in property management or as an assistant to a Realtor or some other position related to the field of real estate investing?  This will help you network and also gain valuable experience in sales, handling tenants, networking, marketing communication, etc.

Basically, it turns out to be a PAID education.

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