I'm a teenager in Gilbert Arizona. I want to become a successful real estate investor. Very new to the game but dedicating most of my time outside of school to learn as much as possible. Any tips for starting out? Or anyone in AZ that can help?
I'm a Rental Property Investor and Real Estate Agent and I also live in Gilbert. Take a look at my profile and read a few of my posts, most of my content should be helpful to you. Here is a link to an article that I wrote and posted: https://www.biggerpockets.com/...
Good for you for wanting to learn so much at a young age, out of all the things there are to learn about in life Real Estate Investing is right up there at the top! Feel free to DM me if you have any questions.
I'm a teenager in Gilbert Arizona. I want to become a successful real estate investor. Very new to the game but dedicating most of my time outside of school to learn as much as possible. Any tips for starting out? Or anyone in AZ that can help?
Educate yourself.
Network with investors.
Build your credit and save money.
You have two years before you can sign a legal contract, which is more than enough time to save up money for your first purchase. Work with your parents to start building your credit. There's plenty of information online teaching you how to do this. Work your tail off and save everything instead of spending it on game upgrades and $5 coffees.
2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.
3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.
4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.
5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.
6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.
You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.
Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
3y
Hey @Tyson Williams I host a bi-weekly Zoom meeting for new/beginning investors who are between 15 and 25. It's a networking group, and we often have expert guests join our meetings. If you're interested, lmk.
I'm a teenager in Gilbert Arizona. I want to become a successful real estate investor. Very new to the game but dedicating most of my time outside of school to learn as much as possible. Any tips for starting out? Or anyone in AZ that can help?
I recommend you read "Million Dollar RE Agent" by Gary Keller, "Million dollar investor" by Gary Keller, and "The Abcs of Commercial Real Estate investing" by Ken McElroy. These are amazing and helpful guides that will steer you to a successful real estate business.
Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
3y
As others have mentioned. Read, since you are so young and don't have any other responsibilities we acquire as we get older, read as much as you can.
Pick one strategy and take action.
Find someone local to shadow, offer to work for free. Surround yourself with those who are already successful at what you want to do. As Tony Robbins says, Success leaves clues.
The DIY Landlord Book4.7248 Reviews