14 year old looking to build capital
Yonkers, NY · Member since 2017 · 506 posts · 95 votes
@Account Closed - Love your ambition, Michael. At 14, you are thinking the right way. Your age shouldn't stop you from going after what you want.
1. First, consume as much information on real estate as you can. Podcasts, forums, books, etc. At your age, people will question your ability to know anything. Be as educated as you can.
2. Network. Uber to a real estate events if you have to. Surround yourself with bosses who get things done. This will help elevate your game and get you into deals.
3. Volunteer your time to a realtor or flipper or someone with lots of deal flow. Real experience is the best reference to have. Reading can only get you so far. Work for free if you have to. It will pay off in the long run.
Do these things and your world will open up. You will find yourself in opportunities and ways to make money. Over time, someone will take a chance on you. Chase your dreams buddy. I'm rooting for you.
This last post is not only to Michael, but to everyone. It is said that our most valuable asset is time. Once you spend it it's gone.. you can't get it back. Yet, I can't help seeing that people post the same things over and over again. Then Michael has to take the time to read and reply. We must remember that he's still in school, probably has tons of homework as well as other activities. As for ways to make money, there will be many opportunities, just have an open mind and keep your eyes and ears open. Michael, don't waste your time just because you have plenty.
Be wary of anything or anybody you see online... just like they won't know anything about you, neither will you know anything about them.
Saving money can also mean not spending it... take care of what you have so that you have it longer. You don't necessarily need the latest i phone if the one you have still works. I had my desktop for 15 yrs. before replacing it with my laptop which I now have for 6 yrs. There are many free OS's online that you use to give extra life to an old computer. By learning a little about how computers work, I have been able to fix mine whenever there is a problem, saving tons of time and money.
Many young people who are still in school, have made money from making apps for i Phones, etc. Sometimes they are discovered by major businesses and they sell the apps for lots of money.
In the future, the meaning of "work or job" will be entirely different from what it is now. The idea of a 9-5 job is already on the way out. That is the direction you must take...
@Account Closed for someone who just joined BiggerPockets a couple of days ago, you sure have a lot to say, yet you show little to nothing about yourself on your profile. You say you want to bring people down to earth as justification for your negativity but you really don’t understand the culture of BiggerPockets.
Are you even a real estate investor or did you just find this site and want to spout off your opinions like any other fool on social media? Because if your goal is to look like a fool, then you nailed it.
Before continuing to spew negativity and unwanted opinions, why don’t you let the community know who you are and what your experience in real estate is so that we can know whether to listen to you or not. Here I’ll show you how it is done, my name is Shiloh. I am a husband and father and I am a respected child and family therapist in my community. I have been investing in real estate over the past 7 years. I have several businesses and I own 40 properties with a current monthly revenue of over 25k. I hold meet ups in my community of Mesa, Arizona free of charge to share with others how to get started and be successful in real estate. I use BiggerPockets to network, learn, and encourage others to be successful in life. Everything I have stated is verifiable through an internet search. There, now that you have seen it done, why don’t you share with us more about yourself before you continue to comment.
Michael, I can understand you not wanting to go to college. But even that has changed. Many great universities offer open or on line courses. Most of the lessons can be done at home and you may only have to show up for exams. You do have to pay something to enrol as well as books... but you save on accommodations and transport. The idea of sitting in a classroom for hours is also on the way out. Most subjects related to business, investing, finance. can be done online ... assignments are emailed in. Students participate virtually, using Skype. You get the whole experience and knowledge without the high costs. This has been around for years, and used to teach students that for many reasons can't attend either due to distance, or even health issues.
Michael Kantar anybody who is telling you as an entrepreneur to get an education “just in case” is lying to you. Don’t listen to what other people are telling you to do in terms of education, you are an entrepreneur and you don’t need a college education. I’m in a 5-year program and in my fifth year and have learned more reading 4 books on real estate/personal finance than I have in the past 15 years of school. People telling you to find a backup plan are assuming that you won’t make it as an entrepreneur and also are people who have given up their dreams or goals of being one. Block them out, hustle and get money whatever ways possible (legally, of course) and use the money for low money down investments. Maybe even get your parents or somebody to invest for you as a joint-venture operation.
Best of luck to you and always remember - those who condemn the hustle are the ones who’ve given up on the hustle themselves.
You sound like my peers when I was a teenager. The ones who wanted to get into music school but couldn't read music. They'd all say "Buddy Rich couldn't read music!" But Buddy Rich was a world class drummer DESPITE the lack of reading skill. Not because of it.
Sure, you can be successful without getting a college education. But it will despite your lack of education, not because of your lack of education. A college degree will open more doors, as well as a military background. At 14 --or even 20--it is easy to go to college. And if someone recommends that path, it isn't because they don't think you can be successful otherwise, it's because they are older and realize that life throws things at you that makes everything harder. Kids. Relationship problems. Illnesses. Depression and anxiety. Just other people being jerks and screwing up yoir plans.
So if there are things you can do while you are young to make the path to success easier, definitely do them. You never know what you will need.
Judith Sullivan hey I was reading your post and being a veteran I noticed you mention string first on government contracts. Would you mind sending me information regarding it? Thanks in advance for any help!
hi! go to https://www.fbo.gov/ which is Fed Biz Opps . They post open contracts there. Look at the "Getting Started" tab. Good luck!
@Account Closed
Slow your roll little dude. Get a job and save your money. Learn as much as possible before you are 18 so once you can do real estate activities you will not need to catch up with the learning aspect of it. See how much of an entrepreneur you really are...perhaps start a business that employs your buddies (like cutting grass and having them do it for you) or flip shoes on ebay, or buy things at goodwill and put them on ebay. Start small and build your momentum.
you have the right idea on you. Love that you are thinking big at such a young age.
As most people said, you should spend these early years doing very well in school. This will hopefully lead you to scholarships saving you more money and perhaps an awesome 9-5 that will give you the backbone to investing.
For now though you should keep reading everyday and learning as much as possible. The market is always changing so keep up on the trends.
Once you're 16 you might be able to land an internship at a boutique financial firm or something but only if you're extra smart. I do like the buying/selling idea you had but remember you're going to be competing against people twice your age who do that. but idk, maybe you have secrets I don't know about
either kudos for starting now :)
@Judith Sullivan You're just confirming my point that the "older" people that "realize life throws things at you" that are "depressed or have anxiety" are the people who aren't actually meant to be entrepreneurs or have given up on their dreams/goals/aspirations whether it was too tough, or they made a lousy excuse like "I have kids" or "I don't have time." It's the real world, everybody else has the same 24 hours you do, everybody has issues and heartaches and the Grant Cardones of the world beat out everyone else in everything they do because they simply do not make excuses, they don't play victim, and they go all out 110% every single day. And these people making all of these excuses and not producing are the ones who are trying to tell this kid how to live his life. Quite frankly I don't even consider him a kid, he has the entrepreneurial spirit now it's time to let him put it to the test. He doesn't need people putting negative thoughts into his head like "what if I fail" because that is exactly what will cause him to fail. I'm honestly just sick and tired of hearing adults that have given up on their dreams and aren't obsessed with being successful that are trying to give "advice" to a kid that has completely different goals, has higher ambitions and most likely has a stronger work ethic because he hasn't had people hating on him. Quit putting your victim mentality into his world, he doesn't need it.
@Account Closed Personally I would tell you that instead of going to college to "stay safe" and "protect your future in case you fail," that you should go find a job in sales, which is the only category that DOESN'T need a college degree and can produce the highest amount of income. I call salespeople rainmakers because they can go from $30,000 a year to $300,000 a year in no time flat. As opposed to a business degree that goes to work for a bank and is making an average salary living an average life with average expectations with an average bonus and work that isn't based off production and is based off other people's salaries and tenure. You don't need a college degree to make great money and college is pretty much a scam in any major except the STEM related ones.
I'd highly recommend he learn how to sell first, read books on sales, go to Sam's Club/CostCo and buy gum or candy and upsell it at school to kids and make money that way, start a landscaping business, sell anything and learn how to sell well, then start trying to sell stuff online and figure out what it is that you have a passion for that you can sell and provide value to people's lives. Keep hustling, risk what you have right now so you can't make excuses saying you don't have time or have kids and put in the effort. You're a world class swimmer because you work towards it all day everyday, now go all in to being successful in business and put in the same effort you do swimming and you will be great.
@Account Closed,
One of the best things you can do, especially at your age, is to begin building your networking skills. Learn to go out and meet people who can help you later on in your quest to be financially independent.
One of the key networking skills you will need is to learn how to attract and engage private lenders. If you never heard of that before, private lenders are folks - mostly older, well established in the work place or their professions - who have funds such as retirement accounts for which they are seeking safer haven than Wall Street can offer as well as better returns.
I personally know of two South Korean brothers in their 20s - immigrants, along with their parents who couldn't even speak English upon arriving - who, in the past three to four years, have developed a "stable" of private funding sources with $5+ Million available to them for their deals. One of their main contacts is also a mentor of mine.
Building those relationships is key! You'll learn why as you begin your research.
Once you have funding, the doors are open to you. Get the "my own cash and credit" concept out of your head as early on as you can. It will help if you never let it in - most "rich" people did not get that way using their own resources. They did it investing other peoples' resources and providing them a return beyond their own profits.
My $0.02 ... Hope this helps.
I don' t know if this is relevant. But referring to necessary skills for rehab. It is in my home state MI, but maybe there is something similar in other states.
(http://www.detroitnews.com/videos/news/local/detroit-city/2017/11/19/students-learn-skills-build-tiny-house/107862860/) Tiny houses are all the rage. They are easy to build, don't cost much. And by building one you learn skills that could be used for larger projects.. everything starts small.
You're just confirming my point that the "older" people that "realize life throws things at you" that are "depressed or have anxiety" are the people who aren't actually meant to be entrepreneurs or have given up on their dreams/goals/aspirations whether it was too tough, or they made a lousy excuse like "I have kids" or "I don't have time." It's the real world, everybody else has the same 24 hours you do, everybody has issues and heartaches and the Grant Cardones of the world beat out everyone else in everything they do because they simply do not make excuses, they don't play victim, and they go all out 110% every single day. And these people making all of these excuses and not producing are the ones who are trying to tell this kid how to live his life. Quite frankly I don't even consider him a kid, he has the entrepreneurial spirit now it's time to let him put it to the test. He doesn't need people putting negative thoughts into his head like "what if I fail" because that is exactly what will cause him to fail. I'm honestly just sick and tired of hearing adults that have given up on their dreams and aren't obsessed with being successful that are trying to give "advice" to a kid that has completely different goals, has higher ambitions and most likely has a stronger work ethic because he hasn't had people hating on him. Quit putting your victim mentality into his world, he doesn't need it
Smh.
It seems that you need to know a bit more about me to get my point:
I'm 30. I have 4 kids under the age of 8. I've run 4 successful (read: money making) businesses since I was 21. From age 13-21, I primarily made a living as a performing musician playing gigs with a "for profit" band.
By the age of 19 I completed 2 associates degrees. I transferred to a university and completed 2 MORE degrees (in Music Education and in English). I graduated ahead of schedule Magna Cum Laude.
I got married at 21.
I enrolled in an online master's degree program in Library Science right before getting married.
I moved to another state because that's where my husband's job was. He already owned investment properties.
At age 21.5, I found out I was pregnant. Finished my master's ANYHOW.
Became a freelance writer and completed over 300 articles for the company wisegeek.com and stayed home with my little boy.
Quit wisegeek to be an assistant to a real estate agent. We have 3 investments bomb big time, back to back. I was pregnant with my second kid by this time.
Also played music in church and sang in a barbershop choir for fun. Had to quit because hubby had to take a second job to cover investment loss. I couldn't take a "regular" job because of my little kids.
I discover the magic of Ebay.
Resell the crap out of women's clothing I buy from thrift stores. Husband quits his second job because my income is great.
Pregnant with #3. Yay!
Life is better now, easier with the extra income, we recover from the DEVESTATING loss of investments gone wrong. But we're gun shy. I'm overworked and overwhelmed. Three little boys is no joke, even though we definitely want a big family, there is nothing that can prepare you for the job of raising kids.
2015--we talk about investing again.
2016--We pull the trigger. I go full time into real estate investing. Yellow letters. Talking to sellers. Overcoming FEAR and lots of negative talk from friends. People yell at me over the phone for sending them a letter in the mail because HOW DARE I (lol) and we buy 6 properties in 6 months. BAM. All this while breastfeeding BABY #4. And since then, we've added five more.
So dude, don't tell me I have a victim attitude or that I clearly am one of those people who gave up on my dreams. You don't know what you're talking about.
Having an education has given me MORE opportunities, not fewer. It's not a cop out, it's broadening my path to success.
I'm just sorry I didn't squeeze in a tour of duty. Man, I'd love to have added "veteran" to my list :) So many more doors would open.
You're just confirming my point that the "older" people that "realize life throws things at you" that are "depressed or have anxiety" are the people who aren't actually meant to be entrepreneurs or have given up on their dreams/goals/aspirations whether it was too tough, or they made a lousy excuse like "I have kids" or "I don't have time." It's the real world, everybody else has the same 24 hours you do, everybody has issues and heartaches and the Grant Cardones of the world beat out everyone else in everything they do because they simply do not make excuses, they don't play victim, and they go all out 110% every single day. And these people making all of these excuses and not producing are the ones who are trying to tell this kid how to live his life. Quite frankly I don't even consider him a kid, he has the entrepreneurial spirit now it's time to let him put it to the test. He doesn't need people putting negative thoughts into his head like "what if I fail" because that is exactly what will cause him to fail. I'm honestly just sick and tired of hearing adults that have given up on their dreams and aren't obsessed with being successful that are trying to give "advice" to a kid that has completely different goals, has higher ambitions and most likely has a stronger work ethic because he hasn't had people hating on him. Quit putting your victim mentality into his world, he doesn't need it
Smh.
It seems that you need to know a bit more about me to get my point:
I'm 30. I have 4 kids under the age of 8. I've run 4 successful (read: money making) businesses since I was 21. From age 13-21, I primarily made a living as a performing musician playing gigs with a "for profit" band.
By the age of 19 I completed 2 associates degrees. I transferred to a university and completed 2 MORE degrees (in Music Education and in English). I graduated ahead of schedule Magna Cum Laude.
I got married at 21.
I enrolled in an online master's degree program in Library Science right before getting married.
I moved to another state because that's where my husband's job was. He already owned investment properties.
At age 21.5, I found out I was pregnant. Finished my master's ANYHOW.
Became a freelance writer and completed over 300 articles for the company wisegeek.com and stayed home with my little boy.
Quit wisegeek to be an assistant to a real estate agent. We have 3 investments bomb big time, back to back. I was pregnant with my second kid by this time.
Also played music in church and sang in a barbershop choir for fun. Had to quit because hubby had to take a second job to cover investment loss. I couldn't take a "regular" job because of my little kids.
I discover the magic of Ebay.
Resell the crap out of women's clothing I buy from thrift stores. Husband quits his second job because my income is great.
Pregnant with #3. Yay!
Life is better now, easier with the extra income, we recover from the DEVESTATING loss of investments gone wrong. But we're gun shy. I'm overworked and overwhelmed. Three little boys is no joke, even though we definitely want a big family, there is nothing that can prepare you for the job of raising kids.
2015--we talk about investing again.
2016--We pull the trigger. I go full time into real estate investing. Yellow letters. Talking to sellers. Overcoming FEAR and lots of negative talk from friends. People yell at me over the phone for sending them a letter in the mail because HOW DARE I (lol) and we buy 6 properties in 6 months. BAM. All this while breastfeeding BABY #4. And since then, we've added five more.
So dude, don't tell me I have a victim attitude or that I clearly am one of those people who gave up on my dreams. You don't know what you're talking about.
Having an education has given me MORE opportunities, not fewer. It's not a cop out, it's broadening my path to success.
I'm just sorry I didn't squeeze in a tour of duty. Man, I'd love to have added "veteran" to my list :) So many more doors would open.
@Judith Sullivan I'm not saying you at all, I'm talking about most of the others posting on this trying to tell the kid what to do and acting like their life is tough. I've seen your profile and posts before this and god bless you for being a mother of 4, I can't imagine what it has been like for you (because having a lab puppy is a handful enough for me at the ripe age of 22 - not to mention it might be a wee bit frowned upon if I put a child in a crate to go to work on stuff) and I can tell you are one of the few who truly put in the efforts to do whatever it takes but I'm referring more or less to the people who claim depression and anxiety and ADD and all these other "diseases" stop them from achieving success and financial freedom and try to put a burden on others and tell them how tough the world is. Sure, you need to realize there are difficulties but putting negative thoughts into a young kids mind that may deter him from his goals is not ideal, which is what a lot of people have posted in reply to his original. Keep kicking *** and taking names because you and others like you are the people that I and other "newbie" investors look up to for advice!
@Account Closed,
I haven't read everyone's thread, so this might be repetitive, but I'm strictly a buy/hold investor, and let me just say, part of our success has come from the fact my partner knows basic/intermediate plumbing, HVAC, electrical, drywall, etc.. Everyone thinks of how glamorous flipping is, but if you do buy/holds, ya know what's glamorous? Paying $10 for parts instead of $200 to a plumber! Our rentals look AMAZING, because my partner knows the basics, so we can take a wall down for $200 instead of $1500, so it's a competitive edge!
You are in the learning phase now, and since you legally can't work for a company, now is the time to volunteer! Find one of your friends whose parent does it, and ask to come shadow and help for free. A lot of people talk education, and that's great.. a college degree is wonderful, but if you can have a career, without debt, and in a complementary field in home renovation, that goes hand and hand IMO! Start reading, and teaching yourself skills now! If you were in VA, I'd show you how to lay tile! Your brain is your biggest asset-- remember that's what separates you from everyone else. Think about trade school, and how it can help you!
Whether you do flipping, buy/hold/selling, everything will benefit from a strong knowledge of renovations!
@Account Closed I want to hear your business plan. Possibly we can make something work. Keep up the hustle! Never let anyone tell you no! A friend of mine made his first 6 figures at 17 years old online if he can do it so can you!