Can a 16 year old make a killer living is real estate investing?

Question

My name is Joey Morsillo and I'm a 16 year old male determined to start his successful future as early as possible. I have been searching around and talking to friends of mine about how they made they're living through internet marketing and real estate investing, i have learned a tremendous amount in a very short period of time but my main question still has yet to be answered... Can i make a successful and healthy living at my age? For me cars mean everything to me especially a Lamborghini Huracan Lp610-4 with a Vorsteiner Novara body kit and I know for a fact that i can't afford that beauty now. That's why I am so determined to succeed at such an early age so i can prove my parents wrong, i can be a somebody and so i can afford my dream car. Thank you for leaving some advice and comments!

S. J. Gardner · Answer

https://www.biggerpockets.com/forums/311/topics/412326-my-12-year-old-bought-his-first-house

Charlotte Edwards · Answer

Education is important but I disagree that a degree is a safety net. I know too many college classmates working minimum wage jobs for one reason or another. I myself am not even earning my full time living from my degree. Yes, it's helped me and I got great value from college. But my years in 4-H, church activities and volunteer work did as well. Neither of my siblings went to college; both earn more than I do. And they're four and five years younger.

That said, some careers require degrees: teachers, doctors. If that's what you want, then do it. Save up and study hard to get through college with minimal/no debt.

If you are interested in a career that doesn't require college, then find a mentor who can help you be successful in that path.

So if you were my nephew (mine is 17), I'd say complete high school but keep learning about REI while you're at home with fewer responsibilities than you'll have in a decade (partner/kids/job). I think getting started young is an asset, but so is starting REI with a pile of cash with which to make deals.

Good luck on your future!

Jason Monroe · Answer

Hi @Joey Morsillo,

Those are nice cars. I was looking at one the other day on cargurus.com basically as of the 2/15/2017 they are something like 200k without a huge number of miles as the maintenance can kill you with those cars.

With cars you have

- Maintenance

- Brakes

- Tires

- Gas

- Detailing

- Payments

- Depreciation

All of those things equate to a PER MILE COST http://edbolian.com/how-to-calculate-exotic-car-co...  Calls out that it's about $3.XX - $6.XX  PER MILE

The payments on 200k is about 3.X - 4.5k per month JUST FOR payments insurance at your age would be a LOT.

DO you still want the car?

At 16 you most likely can't enter into legal contracts with anyone until you're 18 unless your emancipated.

If the answer is yes, go work with a flipper in your area or habitat for humanity so that you can learn a how to do a thing or two.

2) Go find deals and generate leads to fill investors pipelines so that you can generate the cash needed for the your first deal

3) The above jobs are a slow roll and don't pay that well you likely can't execute the contract by yourself and will have to use someone else and they will want a cut. You'll learn a LOT but it will be sparse. If you get into technology and can program you can turn that skill into many dollars by the time that you're 18 so you can get a gig and turn those gigs into your first deal by 18.5 or 19 years of age.

People that advocate degrees *might* be wise if you can qualify for LOTS of grant or full scholarship money. If not they only look to push indebtedness onto you.

The net effect is that you need skills to buy the Lambo so go out there and develop those skills. Sure new skills don't generally pay well until your a moderate to expert level.

Keep your Lambo visions they are important and help to provide a definitive reason for your hustle.

Arpan Patel · Answer

I agree with @Curt Davis in that focus on your education. You will get that nice car you are looking for but the name of this game is delayed gratification. Plus you will learn skills (mostly abstract skills) that will help you be more successful later on versus trying to get everything you want now. I agree and say stay in school, learn voraciously and then after you have your degree as a safety net, go out there and crush it!!!!

Curt Davis · Answer

I am glad that you have a big dream of owning such a luxury car. My personal opinion is that at your age it will be more difficult for you to be successful doing this.  I am not saying its impossible but will be super challenging.  The expensive car dreams are great for long term but I think you also need some more realistic short term goals as those are what will keep you motivated and hungry.

I think you should focus on school and college as real estate will be around forever.

When I was 16yrs old I was only concerned about what was going on that weekend, sports and girls, and getting my first car.  Hard to pick up girls on your bike!!!

Good luck

Can a 16 year old make a killer living is real estate investing?

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