Yonkers, NY · Member since 2017 · 506 posts · 95 votes
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!
Rental Property Investor · Whittier, CA · Member since 2014 · 325 posts · 268 votes
8y
@Account Closed, 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.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
I would not get a credit card at 14. That sounds like a bad idea in general. I just read 70 percent of 20 something’s cant handle credit correctly let alone someone much younger.
Good luck my friend. Stay extra viligant on this whole thing.
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Jorge De Jesus I completely respect and agree what your saying I really need to watch out who I'm doing everything with , and I'm definitely not just chasing a buck. I've actually been emailing wholesalers nearby, even for certain ones I told them that I'm even willing to work for free, I just never get a reply back from anybody. There also aren't many wholesalers that I know of in my specific location to begin with, there are in northern New Jersey, but that is too far for me to commute. I will keep looking on Facebook and around online to try and get to work with somebody near me as well!
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Elizabeth Wilson that's true, I will mostly be interacting with this guy online. But no matter if it where near where I live or not, it will most likely be something similar to this. Also, my parents know about what's going on and they are helping me out as well.
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.
This is solid advice, but I don't thin the credit card part owuld work until your 18, but idk.
I would not get a credit card at 14. That sounds like a bad idea in general. I just read 70 percent of 20 something’s cant handle credit correctly let alone someone much younger.
Good luck my friend. Stay extra viligant on this whole thing.
This assumes he can handle credit correctly if he's on biggerpockets I'll give him the benefit of the doubt he can maintain a 3% credit utilization.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
@Elvis Vasquez I get that but I think that’s really a slippery slope. You’re welcome to have your opinion. I’m not saying it’s wrong. I was just thinking about myself at 14 and I guarantee you I wouldnt be responsible enough for a credit card. I didn’t even get a debit card until 16 and I would recommend doing that first.
Katy, TX · Member since 2017 · 372 posts · 140 votes
8y
My friend I hope we can close with this. What a lot of us here don’t have that you do is time. Pick up every single book and read it twice, work on credit, work on relationships and talking to others, watch your market and see what it does. At 18 you WILL be a BEAST, a force to be reckoned with... hope to see you on the other side Brother
Realtor · Temecula, CA · Member since 2018 · 10 posts · 11 votes
8y
@Account Closed Wow... I feel old @ 20 yrs (:
I use the Mojo Triple Line Dialer for cold calling neighborhoods for distressed sellers and retail ready homes that I can list (I'm also an agent).
Mojo offers unlimited phone numbers based on geographical data for $25 per month. Now, of course the data isn't as accurate as other sources, but my total spend on the Mojo dialer and data is under $200 monthly.
Don't let the old guys tell you that you should wait for age, "life experience", legally binding Joint Venture contracts, etc... In a world of excuse makers, you'll succeed in anything regardless of the challenges you have to overcome due to your age.
@Account Closed - I love your hustle and passion. But I'm super leery of all of this. I obviously don't know you or this mentor but it seems sketchy: "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 don't want to see you on the back of a milk carton.
I use the Mojo Triple Line Dialer for cold calling neighborhoods for distressed sellers and retail ready homes that I can list (I'm also an agent).
Mojo offers unlimited phone numbers based on geographical data for $25 per month. Now, of course the data isn't as accurate as other sources, but my total spend on the Mojo dialer and data is under $200 monthly.
Don't let the old guys tell you that you should wait for age, "life experience", legally binding Joint Venture contracts, etc... In a world of excuse makers, you'll succeed in anything regardless of the challenges you have to overcome due to your age.
The future is bright!
Interesting, so you would suggest he enter into a handshake deal to share with someone the fruits of his labor?
Interesting, so you would suggest he enter into a handshake deal to share with someone the fruits of his labor?
Yes. I am suggesting that he put himself in front of as many opportunities as possible, in order to learn as much as possible.
"First you learn, then you remove the L"
At 14 years old, the objective is to learn, not earn.
I agree wholeheartedly the objective is to learn, and that’s what I suggested. But not in a crash dummy way. I’m sure your agreement with your broker at first was on a handshake. Learning for most is through experience, no doubt. Yet so many resources are available broadcasting what you shouldn’t do , why would you repeat those mistakes. Also, since I’m an old guy now, I have more experience, and if I could tell myself anything when I was younger is look both ways before crossing the street not “don’t cross the street”
Real Estate Broker · Tacoma, WA · Member since 2016 · 545 posts · 252 votes
8y
I'm not sure how he plans to verify the quality of the deals you are procuring from 2700 miles away... This seems like recipe for disaster to be honest. I try not to be a downer when young kids want to get started, but this sounds shady. DONT GET IN HIS VAN
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Jameson Sullivan I will be doing actual wholesale deals and he will be guiding me through everything. When we finish the deal we will split the money made between the two of us. Also, his name is Devon Canup.
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Jorge De Jesus so if you think this is such a bad idea for me to do this, what do you think I should do then? I've been reading and learning about real estate for some time now and I just want to get experience, in going to be wholesaling deals and the guy will just be signing for me, then we will split the profits from the wholesale. I don't really understand what's so bad about this, the worse thing that can happen is that I won't get paid, that's why in the beginning I won't spend money on marketing this way when I do my first deal I'll see if it's legit or not. I just honestly don't understand what you mean so can you please explain for me, sorry.
Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
8y
I think you should enjoy your life and focus on school. But if you're passionate and into this, spend lots of time reading real estate books, listen to podcasts, etc...
I'm not sure if you are old enough to execute contracts or have sellers take you seriously. But good luck.
Henderson, NV · Member since 2017 · 23 posts · 4 votes
8y
Michael as a mother and investor son please be very careful of someone you met on line... Have a trusting adult research this person for you...Anyone can create a website. Congratulations on your early drive in life, just learn and take your time.
Investor · Klamath Falls, OR · Member since 2017 · 28 posts · 9 votes
8y
Whatever you do... If at the end of a "deal" he presents you with a check, deposit it but don't use the money for a while in case it's false and bounces. Classic scam. Also, since you cannot legally sign contracts he could probably get away with not giving you your cut fairly easily. Avoid getting scammed at all costs!
To the others mentioning credit cards, he cannot apply under 18 yrs old (in the US) without a 'co-signer' (adding onto authorized user). I know this because I wanted to build my credit around his age as well and couldn't.
People simply won't take you seriously, I tried starting a vending machine business at 17 years old with my girlfriend (now wife). Had a business plan, a few nice used machines, wrote up contracts, opened a business account, figured out permits, business entity, fictitious name filing, etc... But nobody would do business in the end because of my age aside from very small places that had nearly no foot traffic (which wasn't worth my investment).
As Connie has mentioned.. Be careful, there are some weirdos out there.
Now that the hard facts are out of the way, I still think you should proceed! As long as you take the proper precautions as I've explained you have nothing to lose and all to gain from trying. Good luck!
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Michael Kantar you asked Jorge De Jesus what you should do. You have been told this multiple times on multiple threads by multiple people in some shape or form. I get the feeling it’s just not what you want to hear.
Finding a mentor online 2700 miles away is likely not a good idea. Most people have suggested in some shape or form, learn instead of trying to make money or go find a job in real estate. Not wholesaling, not bird dogging. Some sort of job where you earn a salary or hourly wage. It could be cleaning for a flipper or working in a brokerage etc. that’s really what you should do I think.
Just food for thought. Love the heart. Good luck