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.
Contractor · Seattle, WA · Member since 2014 · 137 posts · 44 votes
8y
Michael - I would recommend you try to do a deal with a parent or trusted family member. See if someone that knows, loves and cares about you is interested in partnering up with you. Start attending investor meetings with them. Read library books about real estate, and save as much money as you can so you can eventually do a deal. And I personally wouldn't start with wholesaling. I know that the whole - no money down theme sounds great, but maybe just try to find a way to buy a property. Mow lawns, pick weeds, etc. and save everything you can. I knew a kid in high school who made $18,000 in a summer with his landscaping business, and that was in the late 1980's. Of course - he had a truck and equipment, but the best thing you can do now honestly is save up money and learn all that you can. And did you say you want to invest in Idaho? Maybe i missed something, but when you are ready - maybe check out a market closer to home. I live in the Seattle, Washington area but buy in Philly and now Chicago, both pretty good markets where you can find cash-flowing properties. Maybe if you partner up with someone, you can be in charge of tenant relations. Eventually you'll want to learn about building up a system, but for now - just try to find a way into the game. If you own are a part-owner of an investment property by the time you are 17 or 18, you'll be way ahead of a lot of people that are much older.
Vendor · Ypsilanti, MI · Member since 2017 · 10 posts · 2 votes
8y
@Account Closed stated, it may be best to spend the next 1.5 to 2 years acquiring as much knowledge as you can. You can then attack this thing on the side armed with what you need to know and a set of wheels to quickly get you to where you need to go. The only way I see it feasible to go at it now is if either dude from Iowa is willing to fly out to you each time you get a serious one on the hook (highly doubtful), or if one of your parents/nearby relatives is well versed in evaluating properties and willing to take the time every time to go through it with you. Eventually you will get the hang of it, but don’t rush it.
East Stroudsburg, PA · Member since 2018 · 12 posts · 8 votes
8y
@Account Closed has said "be a kid", there is much to learn just by being your age. Since you are young there are setbacks and obstacles you will face that will give you a unique perspective later in life. There is no reason you can not do this except the fact that you can't sign contracts and therefore you can't legally deal in real estate. You can take that disadvantage and turn it into an advantage. Much of the advice here will do exactly that.
I could go on for hours, I love this business and can't get enough of it. Here is what I would recommend.
Don't limit yourself in mentors or coaches but ensure that mentoring comes from people who are successful. They don't have to be successful in Real Estate, everyone will have something to teach you. Even those who are not successful have something to teach you, usually that's what "not to do," but they still have something to teach.
Surround yourself with people of like mind and positive influence. This might be difficult especially in your age group, many young people are not going to understand what you are doing so be aware of this. The five people you most associate with will have the most influence in your life. So choose those 5 people wisely by simply ensuring they are supportive and positive.
Enjoy yourself and have fun with it. Don't worry about making money right now, that will come, take advantage of the time you have to learn as much as you can. Some of those lessons will be difficult others will be joyous, all are worth experiencing. In addition if you truly learn this business, have the right associates and mentors you don't need any money to write deals.
If I may ever be of service, feel free to contact me or send a colleague request.
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Todd Radus I am really thinking about this whole situation, and I really think you are correct. I want to get experience and be able to learn from people already in the field, and also that are local. But I just can't find anybody like that who's willing to do that for me locally. But this guy is willing to help me and I wanted to do this purely for learning and just getting experience not making money. So do you think I should just do something that's like this locally? So I can be able to learn from people close and local to me? Would that be better than having a mentor like I do now? Because with whatever do I would just like to get a hands on experience to learn, I don't care about the money, I just want to do it. So you think a local mentor/internship would be better, correct?
Realtor · Orlando, FL · Member since 2018 · 56 posts · 28 votes
8y
@Account Closed: WOW! I'm incredibly inspired by you, kid! Keep the fire burning- don't lose your drive and passion. You'll hear a lot of caution, which may be sound advice, but it's your journey and you've plenty of time to learn. Good luck!
Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
8y
Originally posted by @Account Closed:
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!
Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
8y
This thread is funny. While some people have encouraged your hustle, I will not. Quite frankly, a 14 year old BOY should be focused on other things. Maybe getting through puberty? graduating high school? girls? sports? My concern is that you will burn out, or do something dangerous or illegal and you'll pay for your "hustle" the rest of your life.
It's good to have interests at such a young age but the obvious excitement is dangerous. Whatever you do I hope you'll keep us posted.
Real Estate Broker · Tacoma, WA · Member since 2016 · 545 posts · 252 votes
8y
@Account Closed I understand you're going to be doing the wholesale deals. But part of wholesaling is evaluating the deals and if he is not in your market he's not going to be able to accurately decide what your contract price should be, what the cost will be to rehab an what the ARV is.
Real Estate Broker · Tacoma, WA · Member since 2016 · 545 posts · 252 votes
8y
@Patrick Britton said it perfectly. You should go find a mentor in your community that you can run errands for to learn about your market for 4 or 5 years. People do that when they are 30, theres no shame in doing it when you're 14. Plus, no one is going to sign you their house over to you when you are 14 years old.
Realtor and Investor · Scottsdale, AZ · Member since 2017 · 1k+ posts · 1k+ votes
8y
Wow. 14! You can't even sign a contract, let alone do anything related to a wholesale deal. My guess is that this "mentor" convinced you that he is doing YOU a favor, but in reality, he is getting ready to work you like a dog to find deals for him, that will most likely result in alot of your time wasted, and no deals to be found. For starters, who is going to take a 14 year old seriously when approached about selling their home? How are you going to negotiate with anyone since you are not old enough?
Okay, enough discouragement, and it wasn't meant to discourage you, but rather give you a healthy dose of reality.
I want success for you.
If you are looking for a mentor, look locally. There will be plenty who are willing to take on an eager, hard working apprentice. Get paid by the hour or salary, not % of a deal that may never happen. Your time is valuable, and should be compensated for. Learn that, and you have your first lesson down.
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
Jameson Sullivan yes, that is very true, I will do this I will be looking for a mentorship/internship with a local investor to learn more and thanks to you guys you helped me see that it's important to do that! I think I might still do the wholesale deals if I get a mentor locally who would help me estimate rehabs, ARV and other costs though.
East Stroudsburg, PA · Member since 2018 · 12 posts · 8 votes
8y
Originally posted by @Account Closed:
So you think a local mentor/internship would be better, correct?
Yes and No, you should never limit yourself on the sources you can learn from, but I believe that finding someone local is a good idea. For instance as a wholesaler I work in PA since that is where my legal paperwork is set up to do business. As an investor I will look at properties with in a 1 hour drive of my office so that includes NJ.
Again, it's important to gain any experience that will aid you later. It does not necessarily have to be with an investor. There are many aspects to real estate. Repair estimates, doing comps (comparable), understanding what a buy and hold investor does vs a flipper and so on. I think one of the best assets I have was the year I spent working as a handyman. I can now do repair estimates quickly for both myself and other investors and as a landlord I now know what things generally cost when doing minor to major repairs. I learned how to work with sub contractors, owners and renters. It was invaluable experience. Even something as simple as mowing lawns, removing leaves or shoveling snow will allow you to gain experience in working with people and learning what people expect when providing a service for them. Another invaluable skill.
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
8y
What a fascinating thread. @Account Closed runs a great meetup monthly in Manhattan...it's during the school week, but maybe you could make it at least for the speaker and some pre-speaker networking. Learn as much as you can as cheaply as you can. Many people don't end up in the field they expect at 14. Keep your options open. Best of luck to you!
Rental Property Investor · Charlotte, NC · Member since 2016 · 18 posts · 4 votes
8y
@Account Closed Now only if I was this proactive at 14.. Just try to absorb as much information as you can, and utilize that moving forward. It may be quite difficult getting into this at your age, but I have definitely seen a couple 17 and 18 year olds doing very well for themselves, so moral of the story.. times are changing, and age won't matter as long as you can provide VALUE to buyers and sellers.
Investor · Princeton, TX · Member since 2014 · 1k+ posts · 1k+ votes
8y
@Cara Lonsdale I actually know a company where they hire 16 year olds to cold call people to try to get them to refinance their homes. They have been around for several years. They generate leads that are actually sent to real mortgage companies. I know at least 15 kids that have worked there. I am not even sure that it is legal but it happens.
I am sure the people on the other end of the phone call would be shocked if they knew the caller's age.
From what the kids tells me, they call for about 3-4 hours and might get 1-3 leads generated.
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
8y
@Odie Ayaga I plan on taking certain courses in school in my later years when I can like (ap calc, ap stat, business management, etc). Are there any other topics you think I should try and look into that my school may have? Also, I’ve been looking around for an internship lately to try and learn more about real estate from people who already have experience and be able to apply what I learn daily. Lastly, I will check out @Darren Sager ‘s meetup and see if I can go either coming up or when school ends. I will also just try and talk with him and see if we can talk with eachother. Also, if you’d like to talk some more with me please let me know or pm me, as I’d love to talk some more with you!
Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
8y
@Account Closed anything finance and business is a plus but also outside of the box. Things that either involve networking or encourage networking would be good as well. Be here on BP every day. It will benefit you, I promise. I'd be happy to meet up with you at the Manhattan Meetup or try to arrange something otherwise if that doesn't work.