Looking for a real estate partner/Tips on finding one

[Nicholas Stevenson]

Hello, My name Is Nicholas, I'm 17 have been looking into real estate and investing through books and BP for a little bit over two years now, I will be an adult finally in April, so I can start building credit and apply for loans and such. I have about 33,000 in cash that has been saved up for the purpose of getting into real estate. 

Something that I keep thinking about is how hard its going to be for qualifying for a loan like a FHA as a 18 year old, I do have work history but my credit score will be brand new. my DTI should be around a 18-24% so thats nice, Co-signing is out of the picture, my parents have a perfect credit score and its just something they don't want to have to worry about. I would like to get some real estate rather soon as prices have been dropping, Things are "going on sale" as David Greene says and sellers are becoming more negotiable. Maybe be able to pick up a few seller financed property's would be amazing. I would like to take advantage of this opportunity while its still here, and we will probably still be in a buyers market for a bit but I would like to start investing ASAP.

So that brings me to partnering up with someone, BP has taught me that with partners it can happen a couple different ways. One can bring the finances and the other the deal, or even a mix of work like property management it can go a bunch of different ways. What I need is more on the finance side because I cant sign for anything or get a loan at this point in time. So I am looking for ways to find a partner or if anyone would like to talk some more about it that would be great as well. Ive been trying to attend local meet and greets but there aren't very many I can find. Id love to get started investing in real estate just looking for some help to get on track.

Thanks!

-Nicholas Stevenson

[Andrew Freed]

@Nicholas Stevenson - Incredible... saving $33K by 17. From a financial literacy perspective, you are leaps and bounds ahead of people way older than you. I want to commend you for seeing the power of real estate so young and wanting to act on that passion!

Do you have two years of work history? Is credit the only thing holding you back? Because you can utilize strategies to increase your credit score in as little as 3 months. Have you heard of purchasing trade lines or becoming an authorized user on your parents accounts. Essentially, you can purchase your way to be an authorized user on someones account via a trade line or you can ask you parents to add you on one of their credit cards. This should have little to no impact on your parents credit as long as you don't utilize the trade line. This will allow you to essentially piggy back on their credit and could build your credit very quickly in a matter of months. If you become an authorized user or purchase a trade line, that could get you over the "no credit" dilemma. Once you build your credit is 3-6 months, your next step should be to house hack a 3-4 family. Prior to partnering with someone, you should try real estate out for yourself and a house hack is real estate investing on training wheels. You'll be living on the property so you can self manage pretty easily and it will give you a taste of what it means to be a landlord.  

Lastly, happy to provide guidance in anyway I can. Feel free to DM me and we can chat about your scenario and see if there are other solutions available to you.