How old should I be to start investing?!?

Question

Ian M. · Answer

Thank you Scott, Terry and Trevor. I will definitely take all the advice you guys have given me.

Terry Hershberger · Answer

If you are old enough to sign a contract (18) you are old enough! Go for it. I would visit some local REIAS and get to know the market you want to invest in. Make some contacts, network. Be careful not to get tied up into "the guru education programs that will take all your money." There are a lot of good books written by actual investors. John Schuab is one of them. Jay Decima also has a couple. A good read also id Rich Dad, Poor Dad. Another good book is How I turned $1,000 into Five Million in Real Estate by William Nickerson. All great reads and if you apply what they tell you in their books, you will be ahead of most people! Best of Luck to ya!

Terry

Scott McClelland · Answer

Don't worry about being "in over your head."  You will never know everything you need to know about a given topic before making a decision.

It is difficult for me to give you the best advice without knowing more about your goals, interests, etc. but I will work off of your comment of buy and hold properties for positive cash flow.  I am assuming since you are 21 and in college you probably don't own your own home (it may help to graduate and get your first job as well...I didn't have enough time in college to invest in RE and study).  If you are interested in buy and hold properties if may be good to purchase a multi-family property, live in one of the units and use the money you make from the other unit(s) to pay your mortgage as well.  If I was 21 again this is what I would have done.  It will give you experience as a landlord and a place for you to live.

Begin going to investor meetings and start making contacts in the field.  If you wish I can give you the contact information for my real estate agent and mortgage broker.  Both own rentals themselves and can help you out.  You will just need to explain your situation and your goals.  Send me a private message if you want their contact information.

Figure out what you want to do, read a lot on the subject, and begin making contacts that can help you with your goals.  If you do this you will be ahead of 95% of the competition.

Good Luck,

Scott