14 year old looking to get started by wholesaling

73 Replies

My name is Michael Kantar I'm 14 years old and many of you may know me from the past, anyways I have a new question for all of you here! I'm going to be getting started in real estate by doing wholesaling with a person I met, he's going to mentor me, let me do wholesaling contracts under his name, and we'll go from there! He's from Boise Idaho and I'm from Yonkers New York, so I will be doing this virtually. I was wondering if I should do the wholesaling in my market, Boise, or both? Also, if any of you guys have any advice or tips for me in general feel free to tell me I'd greatly appreciate it!

@Michael Kantar , you're well ahead of the game in getting started as a 14 year old.  There is a lot to learn about real estate, markets, process, and what can be done with a particular property.

I'd recommend that you have a responsible adult in your life (parent, grandparent, someone you trust) have some oversight to help make sure you aren't getting cheated or manipulated - there's something to be said for life experience that you just haven't developed yet.

@Brendon Woirhaye that's very true, my parents know practically everything I'm doing, and they are supporting me as well! Also, I plan on learning real estate through all of the people I meet, this guy, and by just applying what I learned!

Wholesaling is tough. And it will be hard for a person to sign a contract to sell their house to a 14 year old, you can’t even legally sign a contract. I mean no disrespect and I love the passion, but you can’t show up on a bicycle and be taken seriously.

If you do the work yourself you can make really good money doing flips. Maybe get a part time job with a contractor and learn some valuable skills that will make you a ton of money when you buy your first place.

Good luck. Hard work early pays off like crazy. You should be retired by 30.

@Josh C. I am having an investor mentor me and he will be signing the contracts when it comes time to, sorry for the misunderstanding.

Pick a market by studying, there are no shortcuts there. Ask title or a real estate agent for cash sales reports and go market where the highest concentration is
Hope this helps

@Jorge De Jesus I decided to do my market (yonkers New York), and my mentors market (Boise Idaho). But I'm not exactly clear what you meant by ask the title and real estate agents about cash sales, what would that do? Also, what have you found to the best marketing strategies that work for you? Lastly, do you think it's possible to successfully Market only with $200 or would I need more?

Originally posted by @Michael Kantar :

Jorge De Jesus I decided to do my market (yonkers New York), and my mentors market (Boise Idaho). But I'm not exactly clear what you meant by ask the title and real estate agents about cash sales, what would that do? Also, what have you found to the best marketing strategies that work for you? Lastly, do you think it's possible to successfully Market only with $200 or would I need more?

They can pull up what was used to purchase the properties whether financing or cash. Limit it to the last 3-6 month’s. That’ll tell you where investors are buying. Some would say be contrarian BUT you need the cash buyer herd mentality to work for your wholesaling business in that it’ll be the easiest places to flip your contracts.

My best marketing strategies? Me. Personal touch. Everyone is a wholesaler or in some other aspect of real estate they may be marketing like a wholesaler. But how do YOU stand out to ME as a homeowner when I’m receiving 2-3 mailers every other week. I can call any one of these guys! So I am what sets me apart. I knock on doors, I offer referral fees, I am at community events, my mailers have my face on them, my website has my address and I’m no more than 5-7 miles from my target.

I think $200 is a couple of tanks of gas and some coffee and a packed lunch to walk or drive for dollars. When you get up to $1000-$1500 budget consistently, mail consistently 

Hope that helps 

No brother, if you have time go walk your nearby neighborhoods. Start talking to folks. I don’t know if you LOOK 14 but get started that way. Worst case you learn your market better than you thought

@Michael Kantar how are you going to whole sale deals in Idaho when you don't live there and only have $200? Doesn't seem like a practical plan. I am also not sure having a mentor in Idaho that is signing the contracts it the best idea. I would recommend looking for a local wholesaler to work with. Make a deal with them that you will go door to door and find the leads. You pass the "interested" leads over to the wholesaler and they do their thing. Make an arrangement where you get 10% of the gross wholesaler margin on the deal. Ask the wholesaler to let you shadow the entire process. This will allow you to learn the process and get paid while learning. This will not take you any money to get started.

@Joe Splitrock I am going to wait until I have more money now to do some marketing. I will just be doing cold calling in the mean time. We also agreed that I can do the wholesaling locally (this way I can find Leads a bit easier and all) and he will guide me through all of the processes and teach me whatever I need to be taught. He's already teaching me lots of stuff to begin with and he just offered me to do this with him now.

@Jorge De Jesus I will be doing cold calling and once I get around 1k I'll start doing mailers. Were you referring to this or are you referring to something else?

I can make some money if I can convert the lead and wholesale the persons house from cold calling. That's what I plan on doing, we are going to do a 50/50 split

Originally posted by @Michael Kantar :

I can make some money if I can convert the lead and wholesale the persons house from cold calling. That's what I plan on doing, we are going to do a 50/50 split

 Yes cold calling is fine but find out the laws concerning cold calling. What I’m referring to is knocking on doors and driving (or walking) around. Why are you splitting the fees with someone out of state? Are they funding your marketing? Is there not a local wholesaler that’ll work with you? How do you know this guy?

I'm splitting fees with him because
1)he's signing contracts for me (since I'm under 18)
2)he's mentoring me
I've been try no to get in touch with local wholesalers, but they all have been ignoring me. I met this guy online and he's been teaching me stuff already and he's giving me a chance already. I also checked out his website and he seems legit, he's just trying to help me out I believe. I will also check the laws to see if I can do what I'm doing.

@michael Kantar

I just wanted to say - I love it

Look, don’t get me wrong! You’ve done more than most people in their entire life, right? This mindset shift that I hope you are working on and not just chasing a buck! Congrats! BUT tread with caution, since you are underage I’m sure you do not have an operating agreement or a joint venture setup. So you are going by this person’s word as their bond. Is there no one around you that believes in your vision enough to take it on with you?

Connect with an N.Y. wholesaler here or FB. Someone out there will take you seriously

@Michael Kantar do you have to find the deal or something? If he finds a deal in Idaho he has very little incentive to split fees with you

I would recommend enjoying being a kid. You have your entire life to work. Learn and study, but just enjoy being a teenager. 

@Caleb Heimsoth I would find the deal and I would also wholesale it as well. He's going to guide me through everything and he'll sign the contract at the end.

I highly suggest you apply for a low limit credit card and keep your utilization to 3%. By the time you're 18 you will have amazing credit (800+) and can qualify for the majority of financial products.

Also start learning how to research titles and examine them this will save yourself alot of time when researching houses.



 

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