First Steps I Should Take at 17 Years Old?

Question

I'm a 17 year old looking to avoid the typical route of going to college and getting a 9-5, In the last 6 months I've tried a multitude of things. I started out just researching a lot of "side hustles" and different online businesses and went with copy writing and tried to go the freelance route, in that process I ended up taking a job on Up Work that led me to be an email marketer on a commission basis for a company with virtually 0 success, but I saw it as an opportunity and in the process I made a whole 0 dollars! After leaving that position, I most definitely did learn some things but realized I wasted a lot of my time. I pivoted into SMMA as it seemed like everyone was getting rich at a young age using this business model, so I went for it but in the process I kind of realized that this "service" I was trying to sell really wouldn't be something I myself would buy if I was in the place of the consumer. I partially believe this is why I never really had any success in this business, there was no burning passion for creating this business as I myself didn't believe in it . Deep down I knew from the beginning I knew I wanted to later on invest my money into real estate so I ditched the SMMA thing to pursue real estate (just a day ago). I found the BiggerPockets podcast on YouTube and now I'm here. Most recommend inexperience young individuals to pursue bird dogging as a way to gain experience as well as make a little bit of money. If you were in my shoes 17 years old, you have to make some money in 2 weeks (not a lot but enough to outpace a $12 dollar hr job), what would you do? I know easy money doesn't exist, but according to MJ Demarco fast money does. Let me know.

Nathan Gesner · Answer

One of the easiest methods is to pursue a job in Property Management. A good manager is hard to find and you'll see ads for them everywhere. Get on with a strong company to learn the ropes quickly while earning a paycheck.

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

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. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, facebook, or a Google search. Birds of a feather flock together!

5. 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.

6. 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.

7. 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.

Nathan Gesner · Answer

In my experience, most of the people attending meetups are inexperienced and a decent percentage of them have no experience. The whole point of attending the meetup is to meet others and form relationships. See if you can find people willing to let you help them do some work on a flip. Offer to drive for dollars or perform other work for them in exchange for education. Run their social media marketing for them. You build the relationship, you find out what they need, then you meet that need. In exchange, they find ways to help you.

Account Closed · Answer

Just being on these forums learning at 17 is great! You have a head start on most if not all of us. If you're absolutely set on real estate, you could try wholesaling or getting your license and finding work with a realtor/brokerage.

Alden Frostad · Answer

Lots of great advice here. #1 Congrats on just being here and learning how to make yourself successful. 2) I'd agree 100% that getting out into the community is a huge step. Go to meetups and meet a lot of people and ask how you can help them. You'll find opportunities to both learn and earn. 3) Devour podcasts...skip the music and netflix. The more you learn and surround yourself with like minded people the more you will reach your goals.

Sherri Perry · Answer

Hi Jared,

I'm much older than you, but also new to investing. The first thing I started to do was attend meetups. Look for your local Real estate investing association meet-ups. I've learned so much there and met lots of really helpful people. They sometimes have guest speakers who you can ask questions too. Last week in my area they had a HML come to speak. Next month it's going to be someone speaking about creative financing. I think it's great your so young and getting started!

Jared Dewey · Answer

@Nathan Gesner I understand you said go to the local meetups to network. Since I'm only 17 years old and have no previous real estate experience how exactly do you think I should go about networking, especially considering I don't currently have any personal connections with investors.

Jared Dewey · Answer

Awesome, I'll add it to my list of books and check it out in the next couple of weeks!

Dan Sheeks · Answer

Hey @Jared Dewey. My advice would be to read First to a Million (and the workbook), published by none other than Bigger Pockets. It’s written for young aspiring investors just like you.

Jay Hinrichs · Answer

seperate of what to do now to earn dough.

if you have the funds take a pre RE license course.. this will teach you terminology.

First Steps I Should Take at 17 Years Old?

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