Can I as a High School Senior get into REI?

Question

So a little backstory:

As the title states, I will be entering the 2016 school year as a high school senior. I have about $5,000 (previously earmarked for opening a ROTH IRA) at my disposable and want to know if it is feasible to dip my toes in the REI not only for an excellent learning opportunity but also as potentially a way to make some semi-passive income either through building equity or cash flow.

I reside in Alabama, about a 20-minute drive from Hoover to give a sense of location. I'm pretty sure age is also a factor that I should be considering, any comments on that?

I've read a couple articles here and there but for the most part, know very little about the subject matter. Any and all help would be appreciated. Let me know if I can answer further questions or clarify anything.

TL;DR

• $5,000 initial to start 
• High School Senior 
• Interested in learning about REI, particularly duplexes.

Justin Howe · Answer

@Nigel Dollentas Invest in your education. Spend time learning the business before you spend money.

I don't think I'm alone when I say this...I wish I started earlier.

You're in a great position to start.

John Patton · Answer

Hi @Nigel Dollentas. Looks like you are going to be light years ahead of your friends but don't burn out too soon and enjoy the journey. I suggest learn a little about the building trades like carpentry. plumbing, electrical, heating a/c and even painting. These guys are always looking for good helpers. Best way for them to try you is tell them your first day on the job is free. It works most of the time and if you don't care for the work or the person, what have you loss but what valuable knowledge can you gain. This type OJT will more than pay for its self in the future. It will help you understand you cost. And if you know your costs then you know if your are making money. There are lots of folks don't know  either way.

I in Hoover area so if I can help let me know. You also need to join  after high school.

Good luck. JP

Nigel Dollentas · Answer

@Kiersten Vance My anticipated major is actually accounting, so that works out. And just got off the phone with the school, they recommend waiting until I'm 18, as you only have a year to take the license after finishing the course so I'll have to wait until next April or something...

Kiersten Vance · Answer

Hi @Nigel Dollentas. I'm sorry for the misinformation. Different states have different rules and it does look like Alabama requires you to be 19. It's good you found a good school to use. Keep that on file so next year you can sign up for the course and take it. A year of college might be a good thing to do from 18-19. Maybe pursuing a business degree would be helpful.

Nigel Dollentas · Answer

@Neil Schoepp I will start doing that, I've gotta educate myself.

@Kiersten Vance Regarding getting a license, it seems that apparently you have to be 19 to obtain a license. But I did found a good school it seems. https://www.alabamarealestateclass.com/index.php

@Kenya Teague  Will look into it! Fortunately enough for me, I have a full ride scholarship to the college I'm going to which includes housing so I don't think this would work for me.

@Patrick Freeze The age thing is okay. My birthday is coming up soon, so I can do some solo education on my own for now.

@Peter Vekselman  Are there any easy ways to find "successful investors"? I would love to intern for one of them. And I'll definitely take up that offer and hit you up with a PM if I need some advice.

@Brian Callan  I get this sort of reaction a lot lol... For me it just seems like the most logical path. I don't want to work for my whole life, I'd rather have some nice cash flow passively :D

Brian Callan · Answer

Geez I wish I had that mindset at your age.  You are going to be ten steps ahead of anyone you connect with at your age.  Just to reiterate what everyone has said, continue to invest in your education for the next two years.  Read books, forums, listen to podcasts etc....

Id suggest finding a niche you feel comfortable with and get excited about and dump your energy into that niche.  Stay focused, save your money for the next two years, and you can jump in the game with just a few thousand bucks more than what you have available to you.  Good luck!

Peter Vekselman · Answer

@Nigel Dollentas congratulations on your thought process.  It is very uncommon for people your age to be thinking business and specifically real estate.

I would suggest to immerse yourself in knowledge and get a good feel for this industry.  You want to see how it works and really be comfortable it the industry for you.

What I would totally recommend also is to get aligned with some successful investors in your market.  Offer to intern for them.  This will get you up to speed the quickest and give you the most return for your time and money.

If you need more help just PM me...

Peter

Patrick D. Roberts · Answer

Hi @Nigel Dollentas, you are definitely headed in the right direction. Kudos to you for starting out at such a young age! In addition to all the helpful resources that you find here on BP, I absolutely recommend finding a mentor. Mentors are INVALUABLE.

You can search here on the BP forums, LinkedIn, as well as by joining a meetup group or professional organization. Some organizations have a student membership option at a discounted rate (I do believe that you have to be at least 18, however). Just reach out, introduce yourself, and start from there.

Best of luck to you!

Kenya Teague · Answer

@Nigel Dollentas Yes, you can definitely get in the game! Check out this podcast interview with Jered Sturm who acquired his first property around the time he was graduating high school. His parents bought his first property for him, him and his friends fixed it up and 4 other guys lived in the house with him and paid him rent for rooms. If you're planing to go to college that is a great strategy...buy a house that you'll live in and rent out the other rooms ( to create positive cash flow). This is a great blog post written by Jered recently.

Great read here as well...

Good luck and don't stop!

Can I as a High School Senior get into REI?

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