Advice For A 16 Year Old Determined To Enter Real Estate

Chicago, Illinois
Real Estate Agent
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Advice For A 16 Year Old Determined To Enter Real Estate

Moe Bawadi
New to Real Estate · IL · Member since 2022 · 2 posts · 5 votes

Hello!

Introduction

I’d quickly like to introduce myself before providing my forum topic. I’m Moe, a heavily inspired teenager who is determined to create wealth and success. As a 16 year old, I have been career browsing and it’s not easy. Career browsing as a teenager is difficult since it’s one of the largest steps that you will take that will determine your life. After months of consideration and research, I have chosen my career. Real estate. Real estate is a field that would suit me best due to personality, mindset, work habits, and much more. Becoming a real estate agent is a risk I’m willing to take. Anyone could get a real estate license.. but can anyone succeed? I am willing to do whatever it takes to become financially successful, creating life changing wealth in the future.

Topic

One major tool used to create success is creating connections alongside using communication to contact others that have thrived in a position where you want to be in. I’ve done it all, read financial books, read real estate books, viewed real estate agent documentary’s, learned what it takes to become a real estate agent, but I’m missing one thing. That one thing is a crucial missing piece that needs to be found to solve the puzzle of success. Connections. I have never personally spoken to anyone that is or has been in the real estate field who is successful. I want to look up to someone who is something I hope to become in the future. I need the mentor that can help guide me to success. Opportunities and risks are always available in life, but some people choose to play it safe and not take them. I am the person who is willing to do the exact opposite and be unafraid from failure. All I’m asking is for an individual who could help guide me in my next step in becoming successful in real estate. My age may make individuals view me different since I’m young, but I believe that I’m a different teenager who is willing to do whatever it takes to set my goals. A lot of people talk with no action. It’s like that one phrase, “All Bark, No Bite” The dog is barking, but will it attack you? That’s the question I ask myself everyday. I’m all about action, and I will take the opportunity if I’m given to learn from a mentor is willing to assist me.

A small source of information about myself

I’m currently a 16 year old from the southwest of Chicago (Oak Lawn). I have been working since I was 15 years old of age, and have been saving every single penny I receive. I have never spent a single dollar on a want, always a need. I believe I have developed a smart money saving technique that most teenagers don’t have. Teenagers tend to spend. A lot. The more they receive, the more they spend.

I Apologize for the long paragraphs, I really like to communicate and couldn’t hold myself. For the person reading this, I hope you have a great day. If any real estate agent is looking to speak to me, it would change my life forever. It would be an unforgettable moment in my life I could not forget.

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Ben ScottPro Member
Property Manager · Oklahoma City, OK · Member since 2019 · 577 posts · 351 votes
4y

Congrats on your ambition! I'd look to find a mentor in your area that will let you job shadow. You can read all the books in the world but some good 'boots on the ground' lessons are valuable, as well. And look to start growing your network with REIs or other meet ups. You net worth is determinted by your network!

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  • John Warren
    Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
    4y

    @Moe Bawadi keep up the good work. I always wanted to be an entrepreneur, but growing up I didn't know anyone who was one! It took me 12 years in the work force to finally break free, and it was much harder to do since I had a family and a lot to lose if I messed up. I think a lot of young people should be encouraged to take risks when they are young. 

    While you are looking at real estate as a career, know that you have a lot of options. You can be in direct real estate ownership. You can pursue real estate sales, You can pursue real estate lending, insurance, etc. There are so many paths to creating a great life that are involved with or part of real estate. 

    Keep reading and learning. Try to read some of the mindset books that get people going like Rich Dad Poor Dad. 

    3Reply
  • Ben ScottPro Member
    Property Manager · Oklahoma City, OK · Member since 2019 · 577 posts · 351 votes
    4y

    Congrats on your ambition! I'd look to find a mentor in your area that will let you job shadow. You can read all the books in the world but some good 'boots on the ground' lessons are valuable, as well. And look to start growing your network with REIs or other meet ups. You net worth is determinted by your network!

    5Reply
  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    4y

    Hey @Moe Bawadi - Sounds like you are doing the right things!  Saving & learning...finish up school and dive right into real estate.  

    I highly recommend you keep reading & listening to BP, network and take action.

    We are always looking for growth-focused help.  Reach out anytime to chat more.

    [email protected]
    Quality Builders4.966 Reviews
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    2Reply
  • Bruce Lynn
    Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    4y

    If I was your age and wanted to do this long term....I would spend the next few summers and holidays working for tradespeople.  If you can work some during school that would also be good.  So I would spend one summer working for an electrician, one for a plumber, one for a carpenter, maybe one for a roofer or HVAC company.  You can make some great money and learn some skills too.  Even if you never use those skills in the future getting your hands dirty, you will have the knowledge to know how to do things, how much things costs, how to tell BS from the truth, where people can cut corners (either you or the trades) that can save you money or make them money.  You can learn how to do things right and the wrong way.   If you are not going to go to college, I would then get in one of the trade schools and get licensed and work for 2-3 years to get up to your master license in Electric or Plumbing.

    If you plan to go to college, then you might also spend some time during the school year getting your real estate license...and working on the paper side of the business while you go to school...so that might be 2-3 summers and 2-3 years during school.  All kinds of things you can do part time while you are in school.  You could be the social media marketing person for a realtor.  Make them 1-2-3 youtube and tiktok videos a day.  You could work for a big wholesaler dialing for dollars.   You could be the virtual assistant for a realtor or broker doing all their contacts and transaction management.   Try to work for the most successful people you can find.  Be a great sponge.  Learn as much as you can.  Always ask for more.  Do quality work.

    Take this time to learn as much as you can, before you jump full force into a career.  Then when you finish with trade school or college pick the field you want to pursue.....You'll have 10x more skills and knowledge vs everyone else in the business.

    Set goals every year so you know what you want to accomplish...and review those goals frequently.

    I really appreciate that you have saved your money.  I still have money saved from when I was 14 or so....I started working at 7 years old...and have always worked....living below what you make will pay off huge dividends for you in the future.  Always save and invest.  You've got a great start.  Keep after it.

    One more piece of advice....pay cash for all cars.  Never lease (or get fleased).  Never get car loans.  Paying cash will let you buy what you can afford.  I see way too many people driving their retirement these days.  That will keep you poor.  If you want to impress people, do it with your assets, not your liabilities.   I want you to be the young guy that has 10 paid off rental properties by the time you're 25 and I don't give a flip if you're driving an Escalade or a Porsche with an $80,000 car loan on it.

    5Reply
  • Joshua JanusBusiness Member
    Realtor · Cleveland, OH · Member since 2021 · 1k+ posts · 1k+ votes
    4y

    @Bruce Lynn is giving you great advice. I'm 21 so close in age and here are a few things I am doing to set myself up. 

    1. Work 2 years in a row at a 1099 job so you can qualify for an FHA loan and house hack!

    2. Save, save, save. Cars, clothes and dinners are fun but not the same as a house that will pay for it versus your own sweat and man hours. Lower your friction in life!

    3. Read a book a week, month or on some schedule. I made a list of books I wanted to read last year and got through them. Reading is well worth your time.

    4. Act like you don't know anything (which generally we don't at this age) and open your mind and way of thinking so those good at what you want to do can fill it. 

    [email protected]614-502-5316Podcast Guest on Show From DoorDasher to $1.5 MILLION in Real Estate (All at 22 Years Old!)
    2Reply
  • Tristan Scott Zell
    Rental Property Investor · Bowdoinham, ME · Member since 2018 · 38 posts · 23 votes
    4y

    @Moe Bawadi

    Thats awesome that you are thinking very heavily about real estate and entrepreneurship at your age. I started my journey at your age too and I feel that I could give some valuable insight to you as what I did at your stage in life. Listen to @Bruce Lynn that is great advice on getting some sort of industry exposure in the trades, you could build connections doing that as you are very likely to run into somebody who is a real estate professional. His advice on whether going to school or not is great and something you should consider, as well as the car advice, I like that. From me, I would honestly take advantage of the BiggerPockets meetups, I went to my first one at 17 and was honest that I didn't know anything, I met my mentor there and that has been one of the strongest relationships I have today. Hope that helps. 

    3Reply
  • Liana HedbergPro Member
    Amery, WI · Member since 2022 · 14 posts · 4 votes
    4y
    Quote from @Tristan Scott Zell:

    @Moe Bawadi

    Thats awesome that you are thinking very heavily about real estate and entrepreneurship at your age. I started my journey at your age too and I feel that I could give some valuable insight to you as what I did at your stage in life. Listen to @Bruce Lynn that is great advice on getting some sort of industry exposure in the trades, you could build connections doing that as you are very likely to run into somebody who is a real estate professional. His advice on whether going to school or not is great and something you should consider, as well as the car advice, I like that. From me, I would honestly take advantage of the BiggerPockets meetups, I went to my first one at 17 and was honest that I didn't know anything, I met my mentor there and that has been one of the strongest relationships I have today. Hope that helps. 

     New here. Not sure exactly  how I “quoted” this reply but now I can’t delete. Please disregard. 

    1Reply
  • Moe Bawadi
    OP
    New to Real Estate · IL · Member since 2022 · 2 posts · 5 votes
    4y

    Hello everyone! I wanted to thank every single person who replied on my forum from the bottom of my heart. The advice I have received is life changing and will impact me forever. 

    1Reply
  • Tim DelaneyPro Member
    Buffalo, NY · Member since 2018 · 790 posts · 530 votes
    4y

    @Moe Bawadi congrats on getting started early, if you follow Bruce’s advice you’ll be set up well whether you want to be an investor or be an agent - knowing those skills will help immensely.

    While I think it’s great that you are taking your future so seriously at 16, I also think you don’t need to commit to any one career as a teenager. Most people switch careers multiple times in their lives, so don’t feel pressured to pick something now. That said, choosing something that you control your life, like real estate, over working a 9-5 for someone else is definitely the way to go.

    Lastly, if you intend to get into investing start working on your credit immediately. Since you have a job hopefully you have regular direct deposits going into a bank. If you don’t, set that up immediately. After there is a bit of history go and talk to that bank about getting a credit card or at least an overdraft line of credit. This will establish your history. If they do give you a credit card use it for one small purchase a month and then pay it off every billing cycle - do not carry a balance.

    Podcast Guest on Show How to Buy Yourself a 6-Figure Income Stream
    0Reply
  • Dan SheeksPro Member
    Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
    4y

    Hey @Moe Bawadi

    You should definitely check out this book from Bigger Pockets: First to a Million: A Teenager's Guide to Achieving Early Financial Independence. It is your roadmap for where you want to go and it's just for teens like you!

    [email protected]Podcast Guest on Show #179
    1Reply
  • Tyler Stewart
    Real Estate Agent · ME · Member since 2022 · 3 posts · 4 votes
    4y

    I completely agree with @Bruce Lynn. I am 19 years old and have been in real estate for about 8 months now. Coming from someone your age, you have to make a very important choice very early. Are you willing to stick with real estate, no matter the outcome? Judging simply based on your post, I believe you are. It's not going to be easy though. People are going to question your knowledge and skills, simply because of your age. Being young and in real estate, a point of advice that I can give you is to embrace it! You can't control your age. It will change over time, but for the time being, embrace your age and eagerness! Let me elaborate.

    Real estate agents vary in age, from 18 to 70+. Although someone older will have more experience and knowledge when it comes to real estate, is that someone who you want to work with? Especially if you're younger? Today's market is extremely competitive. People need an agent who is willing to do whatever it takes, and an agent who will be aggressive in their advertisement, marketing, and negotiation. They just might not realize that that is what they need. Personally, I decided to market my age. In my "elevator pitch", which I highly encourage you to start working on, I immediately address the concern that I know they have; my age and experience. The way I word it is simple. "Yes, I am young and new to real estate. And yes, I might not have the experience of someone who has been in the business for years. But I am determined. Being young and new to real estate, all odds are already against me. I am willing to do whatever it takes to prove myself and make a name for myself. Let me ask you a question. Do you want to work with an agent who has 20 other clients at the moment, and as a result of that, you are just another client to them? An agent who does not provide immediate communication because they are so busy? An agent who has so many other ongoing deals, that they are not 100% committed to getting you into your dream home? Or would you rather work with someone who is willing to do whatever it takes, and will provide you with their undivided attention, because I don't have 20 other clients that they're working with? An agent who will bend over backward for you. An agent who is willing to do anything and everything to do right by you?" Something along those lines. Market your age man! Turn the one thing against you into the one thing that's going for you! Market your determination and eagerness! Don't let your age be a weakness. Let it be a strength!

    That doesn't just apply to if you choose to be an agent. Any career path you choose is going to be the hardest when you start because you are competing against people with years of knowledge and experience. Whatever role in real estate you pick, I strongly advise that you pick a company that will provide you with the most support, even if that means losing out on a couple of extra dollars. If you choose to be an agent, pick a brokerage where everyone is like a family. Not a brokerage where no one will talk to you or help you because everyone is competing for themselves. 

    Oh and one more piece of advice. Whatever company/role you pick, once you're established, reach out to the top agents/dogs. Offer to do showings or open houses for them. Ask if you can shadow them. Some agents are so busy, they are looking for someone that they can pass deals off to. If they see that you are willing to learn and are eager to get a deal, they might just help you with that:) 

    Please feel free to message me, as I am always open to helping provide guidance and answer any questions that you might have! You're on the right road. Just keep doing research, and start trying to get your name out!

    2Reply
  • Dwayne Poster
    Investor · Van Isle · Member since 2021 · 455 posts · 226 votes
    4y

    I personally would not jump too far too quick. You have some school years left and they can provide invaluable development potential. 

    Look at it this way, you are surrounded by tomorrows economic drivers. Relationships built now may serve you well for years to come. 

    Something you can do right away. Some one in your institute will have similar desires in building wealth. How can you find them, approach, and have a meaningful discussion. Do you advertise, put yourself out front in social gatherings, create an interest group, spread the gospel one on one, maybe a bit of everything. Can you commit to introducing yourself to 3 new persons a day, if not just to say hello. Can you speak comfortably In front of a group. Can you seek out persons that may benefit from knowledge that you've acquired.  Ask yourself honestly, and don't be afraid to ask others, how are you perceived by others. Are there aspects of your character that can be leveraged, or improved. 

    Once you start this journey, which can start today, it should never end. It will serve you well throughout life.

    Good luck.

    1Reply
  • Jerry Medlar
    Rental Property Investor · 405 Indian Point Ln Glide, Oregon 97443 · Member since 2009 · 2 posts · 0 votes
    4y

    @Moe Bawadi - I love your enthusiasm, dedication, and plan. My favorite real estate agent so far was a fairly young man that was excellent at what he did. He was a pleasure to work with and sold my investment home quickly and for a good price. Sounds like you are on a good path to enjoying life and being successful in whatever field you decide to pursue. Best wishes to you!

    0Reply
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