Hello bigger pockets, my name is James and I am a new investor/wholesaler in Essex county Massachusetts. I am only 19 years old but have been doing extensive research on the subject of real estate investing for several months. My question is will people take me seriously considering my age? Or does age not even matter as long as I seem to be a professional person?
If you have some sound general knowledge and have a positive attitude, an open mind, and willing to learn and listen to people who have done it before, age will not matter at all. I bought my house when I was 23.
How old was Mark Zuckerberg when he invented Facebook....?
Welcome James! I am investing in the Bristol county / fall river area. I bought my first house at 21. I honestly think that age won't be as big a factor as knowledge. Once you have your first house under your belt and people realize you know what your talking about everything falls into place. If anything I would say that buying young is an advantage. People tend to want to see you succeed and are willing to give a little more knowledge than they would give someone their age or more experienced.
My advice is get you're plan together and find a good mentor. Once you start it's tough to stop!
Before everyone jumps in here and tells you that it doesn't matter I will tell you this. If you are a young investor you better know your stuff. Some people (namely older investors) will try to pull a fast one on you if you don't. Also as far as how you should dress and act, I would say dress professionally and act professionally at all times (even when you post things online i.e. Facebook). Investing is hard enough without all the stereotypes associated with being young. Just be a young hardworking professional and you should have no problems.
I started when in was 25 and I always act professional and polite but I am from the south so that is to be expected ; ).
James, you may find it a little difficult to convince people you are mature enough to invest, but pull together an impressive investment package, be professional, be open to (and learn) from constructive criticism.
Remember, Richard Branson started his career at 16.
There may be some barriers to entry but learning to overcome them will be extremely valuable to you for the rest of your career.
Thanks for all the replies guys! Definitely eased my nerves a little bit. I'm currently working 40+ hours a week so that I can have the income to have a steady marketing campaign in place. In the next few weeks I plan on putting up a couple hundred bandit signs and if I can begin my direct mail campaign.
I had the same thoughts when I started investing in real estate at a young age. As long as you are knowledgeable, professional, and execute on your promises, you'll do fine. Those that don't reciprocate the professionalism due your age, you move on. The real estate industry is large enough that you can move on until you find others that are just as professional as you. I would say don't worry about your age and hunt for those deals. Everyone loves a great deal and age does not matter when you are making money for yourself and others around you.
Believe in yourself and your product, and they will believe you. Don't be afraid to fail.
Welcome. You may bump into someone who it does matter, so what NEXT. Fill in the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
IF THE DEAL IS HOT, NOBODY WILL CARE ABOUT YOUR AGE BRO!!!
It will hurt you, it shouldn't...but it will.
In my own experience I was in my mid 20s and I found a flip to buy at 82k and I had a cash offer on the 3rd listed day for 200k. Previous to that, 3 hard money lenders turned me down and 4 equity partners turned me down. 7 people turned down a "flip of a lifetime".
I ended up convincing a retail buyer (i was an agent) to purchase it and be an investor. She put 20k into it and tried to sell it for 350k and 9 months later it sold for 200k (market was sliding at the time and she was chasing it). A cool news article was written about the flip, which obviously doesn't tell the true story. Anyways, point being if i had the deal now i wouldn't of been turned down once, let alone by 7 seasoned investors. Call it a few grey hairs or actual experience i don't know but there was no reason for 7 people to kick a deal that made those type of returns except for the person presenting it. I was the weak link even though I thought i knew everything at the time.
Don't get discouraged though, it will only make you stronger in the end.
@James Fishmaan Whether you think it will or think it won't, you're right! (Napoleon Hill?)
Just do it! (Nike)
Some people will care some won't.
If they can't get past your age then you won't be able to help them (sellers) or they will miss out on the deals (buyers).
Can't speak for the sellers but I'm a buyer and couldn't care less how old you are if you can bring me a great deal in your area.
(That is not generic, I buy in your area so put me on your list. :) )
I'm only 21 and got my first property at 20. I haven't had any issues (yet) and that goes from meeting other investors and also getting a loan on my own.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing