Can I as a High School Senior get into REI?

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Can I as a High School Senior get into REI?

Nigel Dollentas
Helena, AL · Member since 2016 · 13 posts · 2 votes

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.
2Reply
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Most Popular Reply

Justin Howe
Investor · Chandler, AZ · Member since 2014 · 303 posts · 101 votes
10y

@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. 

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  • Anastasia Jordan
    Investor · Birmingham, AL · Member since 2016 · 446 posts · 305 votes
    10y

    Im curious to know if a minor can hold title to real estate in their name.

    0Reply
  • Bryan Castro
    Real Estate Professional · Lake Forest, CA · Member since 2016 · 21 posts · 7 votes
    10y

    @Nigel Dollentas Hi! I got into real estate right out of high school in 2013.

    I would educate yourself as much as possible, PM me for some books or ask me about my process.

    Good you have your IRA cause you are already ahead of some. You'll need a mentor who is doing what you want to do. Join some Meetup groups or Facebook groups.

    A minor cannot hold title unless emancipated to my best knowledge.

    0Reply
  • Nigel Dollentas
    OP
    Helena, AL · Member since 2016 · 13 posts · 2 votes
    10y

    Sending a PM. Thanks @Bryan Castro!

    0Reply
  • Justin Howe
    Investor · Chandler, AZ · Member since 2014 · 303 posts · 101 votes
    10y

    @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. 

    1Reply
  • Nigel Dollentas
    OP
    Helena, AL · Member since 2016 · 13 posts · 2 votes
    10y

    @Justin Howe that's exactly what I'm doing right now. I'm in no rush to enter the market, and I firmly agree with learning a great deal amount before closing on my first property. Any pointers to where I could do just that? 

    0Reply
  • Justin Howe
    Investor · Chandler, AZ · Member since 2014 · 303 posts · 101 votes
    10y

    @Nigel Dollentas Online - you've found the gold mine. BP is the place you want to be. You really can learn a lot from this site. 

    Offline - your local REIA would be a good place to start. That way you can start networking with other investors and learn from the pros in your market.

    0Reply
  • Nigel Dollentas
    OP
    Helena, AL · Member since 2016 · 13 posts · 2 votes
    10y
    Justin Howe the offline place is neat. I never even heard of that awesome. But regarding the online, any more specific? There's a TON of information here, like what should I read first? I have no problem investing time educating myself, I just need somewhere to start.
    0Reply
  • Justin Howe
    Investor · Chandler, AZ · Member since 2014 · 303 posts · 101 votes
    10y

    @Nigel Dollentas The first step is deciding what niche you want to learn more about. Do you want to be a house flipper? Or do you want to build a portfolio of rental properties? Or do you want to wholesale real estate? 

    Figure out what niche you want to get involved in and then search BP for more information on that topic.

    When I first started out, I listened to a lot of podcasts. It was a great way to pass the time in traffic or anytime I had down time to learn something new. 

    Maybe start there and you'll find something that catches your ear.

    0Reply
  • Neil Schoepp
    Real Estate Investor · Milford, PA · Member since 2014 · 395 posts · 299 votes
    10y

    @Nigel Dollentas

    HELL YES!  

    Start with education.

    Read a few forum post a day.

    Go to the top and click on the education tab then systematically start reading each sub tab.

    Start looking to pick up some work with any of the following: CPAs office, attorney that works with real estate, title insurance company or my personal favorite a property management company. Maybe some work with a contractor. Couny clerks office is an option also, like the recorder of deeds.

    Most high schools have a work study program so you may be able to talk with a guidence counselor and get to leave school early to go to work. Imagine that learning about real estate while getting paid AND earning school credit talk about hitting the trifecta.  

    Public library could be another good source. 

    And when you just want to sit and chill, listen to a podcasts. They are up top under the education tab. Each podcast gives book recommendations at the end. 

    Above all else never be afraid to ask for help or post questions when you come across something you don't quite get. The answer to your problem is just a question away. 

    0Reply
  • Kiersten Vance
    Real Estate Agent · Redlands, CA · Member since 2016 · 253 posts · 115 votes
    10y
    Congrats on getting started early!! I closed my first deal a few days after graduation from college. I agree with the above posters. Read as much as you can here on BP and from your local library. I would suggest getting your real estate license as soon as you turn 18. You can probably start taking the classes now and then take the test when you turn 18. With your license you can make some money while still learning about houses and deals. It is amazing how much you learn by visiting hundreds of different houses and multi families just as an agent. This also allows you to make some money on the back end when you buy and sell your own deals. Save up the money from your first couple sales and use it for your down payment on your first house. Now you are an investor! Best of luck!!
    0Reply
  • Kenya Teague
    Charlotte, NC · Member since 2016 · 56 posts · 19 votes
    10y

    @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!

    0Reply
  • Patrick D. Roberts
    Property Manager · Baltimore, MD · Member since 2015 · 46 posts · 13 votes
    10y

    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!

    0Reply
  • Peter Vekselman
    Real Estate Professional · Atlanta GA · Member since 2015 · 615 posts · 225 votes
    10y

    @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

    0Reply
  • Brian Callan
    Saraland, AL · Member since 2014 · 10 posts · 4 votes
    10y

    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!

    0Reply
  • Nigel Dollentas
    OP
    Helena, AL · Member since 2016 · 13 posts · 2 votes
    10y

    @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 D. Roberts 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

    0Reply
  • Kiersten Vance
    Real Estate Agent · Redlands, CA · Member since 2016 · 253 posts · 115 votes
    10y

    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. 

    0Reply
  • Nigel Dollentas
    OP
    Helena, AL · Member since 2016 · 13 posts · 2 votes
    10y

    @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... 

    0Reply
  • John Patton
    Investor · Birmingham, AL · Member since 2016 · 315 posts · 206 votes
    10y

    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

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