Atlanta, GA · Member since 2012 · 93 posts · 8 votes
I want to make sure I start my investing right. What should be my first step to investing in real estate? I'm 21. Am I too young to get any respect in this area?
Real Estate Investor · Phoenix, AZ · Member since 2012 · 19 posts · 5 votes
14y
No, you are not too young. I started at 23 and am 24 now. In my experience, people will be surprised and not take you seriously at first. Once you can get some rapport with people you interact with, I think there is more respect given to you because of the fact that you're starting so young. Ultimately, knowledge is power and you can compensate with your lack of experience by learning more, faster about what you want to invest in. Leveraging the experience on this forum to start would be a good idea.
If I was to do it over again, I would start by buying my first, primary residence as a multiplex, three or four units. Not only does it let you live for "free", but you get property management experience as well.
Real Estate Investor · Phoenix, AZ · Member since 2012 · 19 posts · 5 votes
14y
No, you are not too young. I started at 23 and am 24 now. In my experience, people will be surprised and not take you seriously at first. Once you can get some rapport with people you interact with, I think there is more respect given to you because of the fact that you're starting so young. Ultimately, knowledge is power and you can compensate with your lack of experience by learning more, faster about what you want to invest in. Leveraging the experience on this forum to start would be a good idea.
If I was to do it over again, I would start by buying my first, primary residence as a multiplex, three or four units. Not only does it let you live for "free", but you get property management experience as well.
Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
14y
Speaking of credit - do you have student loans to repay? Get educated on the particular area you want to specialize in. Start small and try to stay within 30 minutes to one hour from where you live. If funds are limited - get the book "Deals on Wheels" by Lonnie Scruggs and try a few mobile home or "Lonnie Deals" to see how they work out for you.
Real Estate Investor · Amarillo, TX · Member since 2008 · 547 posts · 214 votes
14y
Hell no! The earlier you get involved the better IMO!
I'd get ahold of Bryan Alenky either on here or facebook, I'm pretty sure he's I'm your area and a very successful investor for his age!
Good luck!
Wholesaler · Salt Lake City, UT · Member since 2009 · 1k+ posts · 401 votes
14y
Keela
Don't sweat the age, as I learned early, the deal does the talking. If somebody mentions the age thing just say yes I am, isn't it great to be able to do this at my age. I know of what I speak, my first deal was one week after my 16th birthday and I didn't even look 16. I teamed up with my brother that had just turned 19 and looked 16 but was legally married (the shotgun wasn't even loaded) so he could contract for real estate.
Back then you needed to be 21 to sign a real estate contract unless you were legally married. And the deal did the talking, a $100 bill from me at 16 looked just as good as one from someone much older as long as it was a legal transaction. And no one turned down my money because of my age, they might have hesitated for a second, but the money is what they were really interested in.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
14y
Hello Keela,
I also started in real estate at age 21 and there were definitely some bumps along the way. In the very early stages when I had absolutely no experience in the just received my license, it was difficult to convince potential investors that I knew what I was doing. If a potential client would allow me to sit down and discuss my methods with them a lot of those concerns when away.
It also helped a year or two later when I was driving a brand-new Cadillac Coupe Deville and had a Porsche Turbo Carrera as my backup car! If you're good, everyone will eventually know that so I wouldn't be too worried. The concern is that the top 10% in real estate are 90% of the money. Try and make sure that eventually you are in that top 10%.
You are very new on bigger pockets and welcome to the group. If you would like more information about this 21-year-old, you may find it interesting to research old posts or threads and methods that I used to become rather successful in real estate. Rich
Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
14y
Not sure who you think will be "respecting" you or not. Get educated about whatever kind of investing you want to do and get some money and you can play the game, too. Simple as that, really. I'm no big time investor like a lot of contributors here. I only own one rental house. But it does not require anyone to respect me. Well, maybe my tenants - but that's it.
If you are worried about other investors respecting you, just have some money, access to money or access to good deals and that's all you need. It's all about money. If a 5 year old could lead 20 investors to more money in their pocket, he'd be the most respected person at the REI group eating his boogers and all.
Atlanta, GA · Member since 2012 · 93 posts · 8 votes
14y
Thanks everyone!
I don't even know where to start. I'm learning slowly while I'm still in school but I don't know what are the different areas of real estate investing. Are there any books that can help me?
My friend is trying to sell her old home. It's a double wide trailor and it's nice on the outside, might need a few touchups but it's a deal. Should I go ahead and get started or wait a while and look for other opportunities?
Accountant, Enrolled Agent · Grayslake, IL · Member since 2011 · 5k+ posts · 2k+ votes
14y
Keela Chambers,
Research research research. You need to know your information and know if a deal is to be made. There are millions of opportunities; however, not all of them are a good deal.
Focus on what area you want to deal in.
The First rule of making money: Don't lose money.
The Second rules of making money: See rule #1.
The Third rule of making money: It is not what you know it is who you know.
The fourth rule: Use your connections.
Landlord · Seattle, WA · Member since 2010 · 3k+ posts · 1k+ votes
14y
My biggest regret in real estate is that I didn't start younger. Respect will come over time when you show that you are a doer and not just a talker. Nothing like have a few deals under your belt to prove you know what your talking about.
Investor · Scottsdale, AZ · Member since 2011 · 509 posts · 134 votes
14y
Im in the same boat. Just graduated college a few weeks ago. Moved out to AZ for my full time job which pays well. And now that im out of college I have a TON of free time to pursure my real estate venture. I plan on saving for 1 year, and within that 1 year purchase my first rental. Good luck to you!
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
14y
Welcome Keela..my answer is simple..if you do what you say you're gonna do people will respect that...i started young, and still look like i'm 16 when i shave btw..some people looked at me funny at first, and some still do..but when someone needs to sell a property, and you're there to buy it and close, they'll respect it and come to you again, regardless of age..similary, if they see you building a reputable portfolio of rentals, or a successful flipping business, they'll repsect that as well..i do honestly think it's a bit tougher for a younger person to earn that respect, but you can make it a lot easier on yourself by following through with every little thing....return phone calls, christmas cards to attorneys, lenders, etc. thank you cards..whatever it is...good luck :)
Atlanta, GA · Member since 2012 · 93 posts · 8 votes
14y
Thanks for the info!
I posted this blog about 2 months ago and since then I have been reading alot into real estate investing. I would like my first flip to be a single family home, however, I'm interested in rental properties also.
I'm also in the same boat, 22 just graduated, getting started in trying to flip REO's. Just got my RE license to help out. But your right, when I go to my local REI club, it feels like everyone is kinda looking at me like "what is this kid doing here", because I really look like I'm 17. But yea read a bunch of books, learn from others, and work hard and we should be good :)
Fort Worth, TX · Member since 2012 · 72 posts · 29 votes
14y
Learn as much as you can as quickly as you can. Try and shorten your learning curve and you will be just fine! Do a lot of research. The best way to learn is to do. When you are this young it is okay to make mistakes because you can learn form them and it is part of the experience. Don't be afraid to take risks, the older you get, the harder it is to take those risks.
Real Estate Investor · chicago, IL · Member since 2012 · 1k+ posts · 231 votes
14y
if you have any credit card debt, get rid of that 1st. you won't beat those returns - & it'll make it even tougher to get a loan.
buy a duplex with an FHA loan (3.5% down) & rent out the other side. when you wanna move up, rent out the other side & buy a small SFH for yourself. then, rent that out.