How does an 18yo break into RE?

Question

Hey BP'ers, my name is Rick and I'm from Houston. This is my first post on the forum.

I'm looking to get into REI, but I want to gain experience in another part of real estate first. My parents have suggested that I get a RE sales license and start from there.

Does anyone have any other ideas as to what they would do in my position? I'm open to ideas. Keep in mind that saying "go to college" won't help because I don't plan on paying for it.

Thanks in advance.

Micah Copeland · Answer

@Richard Rivkin

Why not just jump into investing? Wholesaling is a great option for someone just starting out. You can do it with little to no money and make a great living while you learn the ropes! Just make sure you study everything you can get your hands on so you can get your head wrapped around everything That search bar at the top right hand of these forums is the best thing ever invented.. Better than any mentor. Really the only difference from you and an active wholesaler is knowledge and having the balls to get started (:

Feel free to reach out to me if you have any questions.

Elizabeth Colegrove · Answer

@Richard Rivkin

I know you say you don't want to go to college because you don't want to pay for it! But TRUST me, while "i" paid for it up front, it has paid itself off ALREADY 10 fold and I am only 27! But hey thought I would through that out there! Plus going to a local college is ALOT cheaper and just as great!

Just had to say something!

We got started at 23 with a personal property. We know many people who got started by dong the same only they rented out their rooms. (we were to busy) fixing it up lol.

Brian P. · Answer

Richard

Your parents made a very good suggestion. By getting your license you will soon be at the level of knowing what the average real estate agent knows. Part of building the foundation of your new house. Post again when you get a license for suggestions on how to use it.

I see that you dumped the college idea because you didn't want to pay for it. What most wanna be students don't understand is there are a ton and I mean a ton of free scholarships out there, I would suggest a site but the BP gods don't like that, but I sure you can find it on your own if you google the subject. Whoops, maybe I crossed the line there too, don't know.

OK, just having a little fun with the guy that made this site totally possible and you should tell him thanks. I won't because I am a grumpy old man and likely to just strike you with my cane, if I ever get one. I did my first two years of college at the community college level and worked a full time job and still nailed a few wholesale deals too. Then went on to the university. I bring that up only because the drop out rate for investors and agents is high and having a plan B is good, even if you never use it.  Besides, it is a great place to meet chicks, That is where I met my dream girl of 55 years as of today officially. I never found any when I was wholesaling.

Richard Rivkin · Answer

Thanks for the input, everybody.

I, of course, have more questions. When wholesaling, is there a legal risk if you don't close on the property? Is it possible for the seller to sue? I'm asking this because there may be a chance that I mis-value the ARV of a property or something to that effect, and that it doesn't sell.

Kenneth Sok · Answer

Though I'm not that young, I still look like I'm well below my years. Perception is one thing but having the know-how and the expertise will set you apart.

In the end, all that matters is action. Did you take action? Everyone's given lots of great advice and it's really up to you to decide what path you want to take in real estate. There are so many ways to make money in real estate that it can be daunting, but there's also lots of flexibility and freedom in knowing that there's no one right way.

Do your homework, learn the terminology, learn about what you don't know (I'll gladly state I have way more I don't know than I do know), and find a mentor who's doing what you want to do and be useful to them. Make yourself valuable and they will in return help you grow on this journey.

I currently wholesale but am getting into rentals and rehabs. I'm working with a great mentor and partner now and we definitely help complement one another. It's been a game-changer for me.

If you have any questions, feel free to reach out to me. I'll be happy to help.

Good luck and stay persistent!

Adam Hershman · Answer

Hey Richard,

You can always get your appraiser or inspector licenses, either or both would eventually prove pretty valuable to you in helping to evaluate properties, if you plan on pursuing REI long term.

Adam

Ryan Dossey · Answer

I view this site similar to Linkedin. You want to be professional, polite, and don't B.S. It's better to admit you don't know something then look stupid where it's immortalized. You never know who on here may view your profile. You can see all of my posts on here from "Hey I have no money how do I start" - "bought my first 2 rentals" - present.

Ryan Dossey · Answer

The biggest thing holding you back will be people perception of you. I chose not to get my RE license when I first started (at age 20). I instead run my own Direct Mail, Website, and cold calling. We "wholesale", own SFR rentals, and are going to start flipping. Put up a professional picture as it builds your credibility. Look for local REI clubs to join and stick around. You can learn 90% of what you need to know from us for free.

Sohrab Khosravi · Answer

@Richard Rivkin

Welcome,

I think is a good idea to get your real estate license too, but don't just stop there.in real estate there is not one way to make money and in your age, you can study more about each niche and see which one will fit you. Wholesaling is great to start out. Just learn, practice and move forward. You are in a right place.

Good luck.

How does an 18yo break into RE?

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