How can I begin investing?

Question

Hello,My name is Jacob and I am new here! I am 17 and run my own online business and I want to being investing into some assets.I will be moving to Denver to attend the University of Colorado in Boulder in 2015.I know that since I am 17 I am limited in a lot of ways when it comes to purchasing property. Is there anything I can do to begin gaining assets? Once I am 18 what steps can I take to begin acquiring real estate and other assets? I like the idea of using Tax Deferring exchanges and forming a Corporation for my assets to not only protect myself, but take advantage of the tax benefits.Any advice?

Jacob Wheeling · Answer

Thank you all! I believe the best route for me to take until I am 18 in February is to learn as much as I can by shadowing a investor!

Colleen Chapin · Answer

Jacob,I envy you. I wish I had the foresight to start investing as a teenager. I would recommend that you Bird Dog for someone until you turn 18. There are multiple advantages. You will learn how to find the types of properties in which you may ultimately want to invest. You will make some money along the way. Maybe most importantly, the investor for which you bird dog will educate you about all aspects of the deal. If the investor is not willing to do this look for another. There are many seasoned investors in Denver that are willing to give back. Go to some of the meet-ups and REIAs and you will find them.

Adrian Tilley · Answer

@Jacob Wheeling Welcome to the site and Colorado. There are a lot of limitations as to what you can do while a minor. You can't enter into contracts by yourself, which will really limit your ability to buy/sell. I'd continue saving up and start making connections so that when you do turn 18, you're ready to go. You don't want to jump into a business relationship with anyone before you have a chance to get to know them and vet them.

Andy Robison · Answer

What do you want to do? Buy and hold, flip, whole sale, bird dog, *insert something else here*?

Mark Ferguson · Answer

awesome! I love you are getting started early! I am in Greeley 50 miles from Boulder. I went to cu as well and I am going to start working with CUs real estate school in some manner. The first thing I would do is look into their real estate emphasis for undergrads. They have a great program although it. Is mostly commercial. You can get a re license after going through the courses in Colorado. Start learning the market where you want to invest first.

Jacob Wheeling · Answer

Is there anything I can be investing in now though? Without waiting until I am 18?

Elizabeth Colegrove · Answer

Welcome to Biggerpockets!We are buy and hold investors and we got started at 23. We got started by buying an awful foreclosure living in it for a little over a year and gutting the inside. When we were transferred we rented it out and bought at our next duty station. There are so many ways to get started the key is to figure out what you want to do.IF your taxes show 2 years of income you will be able to buy at age 18. I would be very wary of a LLC. I actually just wrote a long article about how to tried and failed at using an LLC for real estate purposes. The tax benefits are amazing but more at hiding the investment gains.You will love the diverse community and all the resources. So a great place is to look around the blogs, forums and listen to the podcasts for different niches. If you see a post you enjoy check out the persons signature. Many of us including myself talk about our strategies, styles, niches and business model on our website. So definitely check that out as it is an amazing additional resource. For example, my blog is about while working full time, buy and hold investing, 0% Down Rentals, Personal Properties turned rentals, Long distancing investing, self-managing 3,000+ miles away. Definitely list your blog or website in your signature, if you have one. Its a great additional networking source.Look forward to seeing and connecting with you around! Let me know if I can help!

Kelly Sennholz · Answer

Kudos for you thinking ahead. You can actually start now by shadowing someone for a few months, a few hours a week, who successfully does what you want to do. Find real estate groups in your area and go to meetings. You will find a LOT of people who want to help you and are eager to see you succeed. One thing I would really encourage is find someone who shares the values you want to express in your business. The shiniest fishing lure sometimes doesn't catch the big one. Choose someone amazingly successful but grounded daily in good business values. Good luck!!