Wholesale realestate as a Teenager?

Question

I'm currently 16 years old and very interested in jumping into the Realestate world. Most jobs that I work don't pay like how I'd like to see. It's not enough to make a dent in investments. I still work and do school but I want to get into wholesaling so I can start saving capital for down payments on Properties when I turn 18. I'm in the KCMO area and genuinely just curious if it's even worth trying here. I know every area is different which is why I ask. Would really appreciate some help

Dan Sheeks · Answer

@Lincoln Tyler Congrats on your ambition! I would recommend that you read the book from Bigger Pockets First to a Million: A Teenager's Guide to Achieving Early Financial Independence!

Jonathan Greene · Answer

The first question you have to ask yourself is why would a seller sell their house to a 16-year-old with no money? How can you explain the process to them in a way that might make sense? At 16, you can't really do it so you want to build relationships with the best wholesalers in your area, if they exist, and see how to do the business the right way. At 16, you should be offering hustle and a willingness to learn to seasoned investors, instead of thinking how can I do this now. No one is selling their house to a 16-year-old, even if you are good with scripts.

Lydia R. · Answer

@Lincoln Tyler Congrats on getting such an early start and realizing at such a young age that working for someone else will never be as profitable as working for yourself! Unfortunately you have to be 18 to legally sign a contract so you are going to have wait on that one. However I suggest that you start by working for an investor in your area. Put out bandit signs for them, design their marketing campaigns, help them with running FB ads etc. You can get a first hand, up close view of the process so that you can hit the ground running when you turn 18!

Andy Webb · Answer

In Texas and I think in most other states, but confirm in yours, you have to be 18 to enter into a legally binding contract.  I can see someone at 16 bird-dogging (i.e. finding properties for others to contract), but not wholesaling as I know it: getting a property under contract and then assigning the contract or closing on the property and immediately reselling it.  Keep exploring your idea though and get out to real estate events in your area to learn more from the experienced investors.