Where to Start?

Question

Hi everyone,

I am 19 years old and live in a suburb of Illinois.

I just finished the book, "Finding & Funding Great Deals," by Anson Young. I am looking to start my real estate career this summer and am looking for someone to point me in the right direction. What books should I read next? Should I get my real estate license? Should I try and wholesale first? Any information will be appreciated.

Travis Timmons · Answer

I can almost copy and paste a response from last week on a similar topic. @Dan Sheeks and his zoom call is a great way to start.

When you're young, my best advice is to learn as much as you can, live off of nothing, and work your a$$ off. Now is the time to be working and saving up cash while your friends are wasting money on, admittedly, fun stuff. Delay gratification, think long term, and set yourself up for a better life down the road. Find something that you are good at, doesn't suck, and can be lucrative. Forget following your passion...every old rich guy that says to follow your passion made their money in something like iron ore smelting, waste management, or rail transportation.

If you think that I can be helpful at all, please send me a message. I'm no expert, but we are slowly scaling our rental portfolio with short and medium term rentals. I've got nothing to sell and would be happy to help if you think that I can.

Katie Miller · Answer

Definitely join @Dan Sheeks's networking group! And buy his book to read as well! It's made for exactly your age group https://store.biggerpockets.co...

Dan Sheeks · Answer

Hey @Aaron Kaplan. 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.

Dan

Richard Loniewski · Answer

Always start by getting out there and networking, I got my first few deals from live networking event (check out Meetup.com). You will learn so much more from real investors than books!

John Mathew · Answer

Hi there! Congratulations on finishing "Finding & Funding Great Deals" by Anson Young and for wanting to start your real estate career at such a young age. It's great to see your enthusiasm for learning and growing in the industry.

As for your questions, here are some pieces of advice:

• Continue educating yourself. Reading books is a great way to learn, and I recommend reading more books on real estate investing. Some great options include "The Millionaire Real Estate Investor" by Gary Keller, "The ABCs of Real Estate Investing" by Ken McElroy, and "The Book on Rental Property Investing" by Brandon Turner.
• Consider getting your real estate license. While not necessary, having a license can open up more opportunities for you in the industry, such as representing buyers and sellers in transactions. It can also provide you with a better understanding of the legal and ethical considerations involved in real estate.
• Start with wholesaling. Wholesaling is a great way to get started in real estate investing with little to no money down. It involves finding great deals and then assigning those deals to other investors for a fee. It's a good way to gain experience and build your network.
• Join a local real estate investing group. This can provide you with networking opportunities, mentorship, and access to resources that can help you succeed.

Remember, success in real estate investing takes time, effort, and dedication. Keep learning, take action, and don't be afraid to ask for help or advice along the way. Good luck!

Paul De Luca · Answer

I recommend reading as many of the BiggerPockets books as you can. Some books I recommend include:

• The Book on Rental Property Investing by Brandon Turner
• The Book on Managing Rental Properties by Brandon Turner
• The Book on Investing in Real Estate with Low (and No) Money Down by Brandon Turner
• Set For Life by Scott Trench
• The House Hacking Strategy by Craig Curelop
• The Millionaire Real Estate Investor by Jay Papasan and Gary Keller
• Cash Flow Quadrant by Robert Kiyosaki
• Retire Young Retire Rich by Robert Kiyosaki

You need to define what you want to do in real estate and set your goals. If you don't know where you're going, any road will take you there.

Joshua Filkill · Answer

Networking and Education are huge when starting out. The next book you read will depend on the strategy you plan to use. Since you are 19 and just starting out I would recommend The House Hacking Strategy by Craig Curelop or Investing in Real Estate with No and Low Money down by Brandon Turner.

As for the license thing, that could be an unnecessary step if you don't actually want to be a realtor. If you don't plan to use it then you'll be down some money and time by paying all the fees and taking the courses. I would say that you should instead attend local meetups and meet a bunch of investors, realtors, lenders. PMs, etc. This will help you build your team and have that team in place when you find the right first investment. Try to find a good group or person that will take you under their wing and so you have someone to bounce questions/ideas off of.

Good luck!

Steven Foster Wilson · Answer

Hi Aaron,

I recommend you find a mentor, that really helped me when I was starting out. I like to try to set up a meeting every month with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwell's book "Good Leaders Ask Great Questions."

You may want to use them too:

What is the greatest lesson you have learned? - By asking this question I seek their wisdom.

What are you learning now? - This question allows me to benefit from their passion.

How has failure shaped your life? - This question gives insight into their attitude.

Who do you know whom I should know? - This allows me to engage with their network.

What have you read that I should read? - This question directs my personal growth.

What have you done that I should do? - This helps me seek new experiences.

How can I add value to you? - This shows my gratitude and desire to add value to them.

These can be a great starting point for you.

Joshua Townsley · Answer

The license is not that big of a deal, more then likely the course and exam won't teach you anything, I didn't learn from it and I took it when I was just starting. If you want to get started for real, you need to first learn the numbers. COC, Cap, IRR, Income and Expenses amongst many other things. Bigger pockets is a great resource for learning all of that but also take a look at youtube. I learned the majority from under writing deals and talking to those who had properties for sale and learning what goes for what in my market. It takes time but experience is everything. After you can under write a deal with confidence then you can start to wholesale because now you know the numbers, you won't just be winging it. The issue is wholesaling is very competitive right now but if you want to be in the industry it is a great way to start!best of luck with the journey!

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