Hi everyone, My name is Michael Kantar and I am 14 years old and a freshman in high school. I want to start wholesaling to make money, I have some experience in finding good deals and think that o would be pretty good at it. But I don't know if I'm allowed to do it because I'm too young. Is there an age limit on how old you have to be to do wholesaling? Is there any way I can do this or anything with real estate at such a young age? Please help me out, thanks!
My guess would be you're too young as once you find a deal you need to sign contracts and are not a legal age to do so, you could look up your legal age in your state. I believe most will be 18. Also, being that young you would probably have a hard time discussing with sellers with credibility. Nothing is impossible to overcome but thats what I would say your issues will be.
@Brian Varmuza ok thanks
Would there be any other options within real estate that I can do at such a young age?
When you are 16 you could probably work as an assistant to any real estate agent or work with contractors on flips. Just bug as many people as you can on how you can help them out and continue to learn. I am amazed that you're 14 and already wanting to get into real estate. Keep up the good work.
At 14 you cannot enter contracts in most states, and its highly unlikely that anyone would take you seriously either.
You best bet is to start by reading as much as you can and learning whatever you can. Also, try to convince someone to let you "intern" with them or shadow them to help you learn whatever you can. This can be a real estate agent, contractor, handyman, whatever, because there are many facets of the business to learn. Talk to your guidance counselor at school, there may be a way for you to earn credits by doing an "independent study" or a "work study"
@Andrew B. thanks for the advice. Do you think the school would allow me to work for credits in my freshman year, also what do you recommend I do to convince people to let me intern/shadow them at such a young age? Do you have any tips?
@Walter Roby jr what do you recommend I do to persuade people to let me intern/shadow them? Because People will probably not take me seriously, any tips?
Dope... wished I was learning about this at your age. Keep learning young'n. Always strive and prosper!!!
@Account Closed I also started real estate at a young age, everyone saying that you are too young because you can't enter into contracts is right but not thinking creatively. Depending on what type of investor you want to target with wholesaling (flipper or buy and hold). Just send deals that you have evaluated their way. Make sure that your math is correct, speak to them on the phone first otherwise your reputation will be shot. If you really can find good deals and you impress someone they will trust you in the future. They will also feel as if they should compensate you somehow, this will likely come in the form of mentorship/ education and future business until you are of working age. Please reach out if you would like to discuss further.
@Aaron K. Thanks for the help! I sent you a colleague request so we can talk some more. Once again thanks for your help, I really appreciate it!
wow, I was still playing neighborhood hockey at your age.
Congrats on the hustle!! my advice is to focus on doing well in HS, but in your free time, keep reading and doing your own analysis. Learn learn learn. when you can, get a part time job and save save save. You'll be way ahead of the game when you can start investing at the right age
ok thanks for the advice @David Zheng
@Account Closed - New York has court processes for exemptions of minor performers entering into contracts (dancers, singers, entertainers, etc.) to make their contracts enforceable.
You either have a few years to wait or I suppose you could petition the NY court to allow you create/enter real estate contracts and be held accountable for them.
One thing to consider here though...if you did petition the courts for the right to get into real estate with enforceable contracts, your story would probably go viral for a minute and when you were 18, people may want to do deals with you. You might also get the attention of some real estate moguls out there and could be lucky enough to have one of them mentor you.
The other side of course is that the court approves you, you get into some bad deals or people take advantage of you and you are in debt for life or worse. Be careful and learn all you can!
Thanks for the advice @Jay G. I don't think I will do this just for the fact that I may get tricked by someone like you said, but thanks for the advice though!
@Account Closed I love your enthusiasm dude, but I don't have much advice in the way of getting people to mentor you. I'm still figuring a lot of stuff out myself. if I were in your shoes, I would start with your parents and ask them to talk to their friends. you can also cold call real estate agents and offer your services as free help, but it may be difficult with your age as a barrier.
as for your school, I think its unlikely that they offer work study at your age but it cant hurt to ask. also, if you want to do something that is outside the realm of what your school teaches, like real estate, you can sometimes request "independent study" which would allow you to learn it on your own but they may not allow you to do it until later on. regardless, at least ask your guidance counselors how to set yourself up to start those programs as early as possible.
above all, don't give up. even if your only options are to use allowance money for books, any education is better than nothing.
Ok thanks @Andrew B.
Here's my advice. At 14, forget about real estate. Concentrate on girls.
I would talk to your parents and/or relatives working with you signing contracts and splitting a percentage of the deal. Before doing that I would talk to a Real Estate Attorney to set up a contract between your parents and/or relatives each of their responsibilities to you. Good luck! Wow only 14 years old! Smart kid!
What do all of you guys think about me working for investors by finding them deals? Would that also be a good alternative? What do you think?
@Account Closed first of all I think it's awesome that you're trying to get into Real Estate at such a young age. I recommend you keep with it and try to learn as much as you can.
As far as investing in Real Estate right now, wholesaling is not as easy as most people believe. It costs money and good set of negotiating/marketing skills. If you wanted to get into wholesaling I would suggest either working with other investors or talking with someone over the age of 18 willing to sign contracts or escrow docs on your behalf.
I think working with other investors is a viable solution at your age. When meeting with them always make sure you are dressed professionally and act mature. Young people in Real Estate have many advantages and disadvantages. But, you can overcome some of those disadvantages by knowing the business and acting professional.
If you were to do the alternative (Having someone over 18 sign). I would suggest you know the person fairly well and that they trust you with a lot of risk. This person could be a parent or a RE Investor you know. You can still be a main factor in the wholesale process but when it comes time to assign the contract or sign any legal documents you'll have to hand that responsibility over to someone else.
Regardless, I still think it's amazing that you're trying to get into RE so young. Keep pushing forward and when it comes time for you to start buying your own properties you'll be well ahead of the game.
Thanks @Chris Stephens