I am 17 and have been growing my investor mindset for around a year now, starting with investing in stocks and recently crypto and have been building my portfolio. While my returns have been good, I need a large scale return to get me financially ready to invest in real estate by 21 years old (my goal). Any tips?
Hey! I am a part of Dan Sheeks' group "Sheeks Freaks" for people under 23 getting started in REI. He gives great tips on getting ready to invest, and our group has weekly meetings and run ideas off each other all the time! If you want to join, PM me!
I wish I had started as early as you! I would focus on finding opportunities. For the right opportunity, there is always money. You can start out by getting the finders' fee and networking with investors without spending any money. Also, networking in general is a good idea.
Pick what you are passionate about and try to figure out (or learn from someone else) how to spot opportunities. For example, do you like the idea of flipping? What about development? Residential or commercial? Why?
I would also advise that if the amount of zeroes is what you really want, focus on something that is specialized.
Get a job, even if it's part-time, so you can start paying income tax and forming a work history. This is a super underrated way that helps you a ton but in a roundabout way. The job will help you with 2 things:
1. Builds and establishes your credit. This also helps you apply to credit cards and build your credit much faster.
2. Creates a work history that will help you get financing MUCH easier down the line. This is something to consider and allows you to have a wide range of options when it comes time to buy your first property.
ex.My friend only did 5 hours a week at McDonald's from 18-21 while going to school. This set him up with a consistent work history (although nearly no pay) and ultimately put him "on the map", which has opened more financing options up for him, even if it's small things like credit cards and personal loans.
Being so young while preparing to go into real estate, the goal is to open as many doors as you can so you have awesome choices for when you're ready to walk through them.
DM me if you want some other niche things to look out for and learn while you prep to get into this. You got this man!
Save. Be wise and frugal. Assuming your living situation is covered by family for the foreseeable future, don't waste money on consumables (those Bang energy drinks, as an example) that you know you don't need and will forget you ever had when you turn 21.
Many of the other comments are good too.
Dave Ramsey, "Live like no one else right now, so you can live like no one else later." Or something like that.
Save some money, don't invest it always. save 10 percent. It will teach your discipline.
Get some great successful business people around you. Go to the top three real estate agencies in your area and ask the brokers to introduce you to the two top sells agents. Get their cards and maybe shadowbox them a few hours a day. Get to know some wholesalers and do the same thing.
Also find some good contractor that knows how to get that property together fast, and cheap.
Mostly people with high experience will be more than happy to help you.
If your not afraid to knock on doors than any of the above people will put you to work to achieve some very good skills in real estate.
Always think outside the box and don't let anyone stop you!!
What state and city are you in?
Go get it man
You can find many things about Dogging on many sites. Look em up!
You got the right mindset. If you start getting your finances lined up now, then you will put yourself in a good position to get in the game at 21.
In my opinion, I think it is not possible/very unlikely for you to actual buy property now and I think you realize this.. This is because you of your age and for transactions dealing in real property, you will need to be able to form a binding contract. So i wouldn't listen to anybody, who says other wise. You could try to get creative and find ways to get it done but I still don't see how you can get around the contract part right now. I think your time would be best spent educating yourself, getting your finances looking good and building connections with other investors.
Now even though you can't actually buy property now, you can still participate in the REI sphere to gain more experience/knowledge. I really like your bird-dogging idea, that is something I wish i would have done when I was your age. You just have to find someone in your market who would be willing to work with you.I would say the best way to do this would be to start messaging people in your area on BP and tell them who you are and what you are trying to do. There are a lot of investors out there who love to see a young hustler willing to put in the work and would love to work with you. You just have to find the right situation.
Let me know if there is anything else I can do to help point you in the right direction. I love talking with young investors looking to get started, gets me fired up.
Hey Angus! I am also a 17 year old investor, and I am currently in the process of getting approved for a loan to buy my first property. Obviously since I am a minor, everything has to be under my dad's name. I am in the same shoes as you, and don't have a lot of capitol to make a big move into real estate. So instead I am getting a loan against the equity in my dad's house (10 one arm), and am going to buy a rental cash. And essentially have the renters payback the loan took against the equity in my dad's house. If everything goes to plan, I will be acquiring my first property no money down! Definitely a creative financing solution worth looking into. And keep in mind there are so many other ways you can finance a property, get creative and start asking around!
Hey man we are on the same boat. I'm currently 17 also investing in crypto and expanding my real estate investor mindset.