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Updated about 6 years ago on . Most recent reply
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18yr OLD IN NEED OF REALISTIC HELP
Hello, My name is Anthony! I am looking for some realistic help and advice. Being 18 I have little to no money, and no credit. You see the problem in that? First off I am determined to be successful, I know a lot of people say that but, I TRULY MEAN IT. I don't want to work for anyone but myself, I understand I might have to in the beginning but, in the future I have no plans of that. I will become financially free, I am determined.
Anyways, I was looking at wholesaling to start. I did a ton of research, then of course came across the legality concerns with it. I personally believe that it is perfectly fine if you have the intent to purchase. I have no money or credit, so my intent would be simply to assign the contract or double close. Changing the wording of that to make me seem like i didn't lie to the seller would be lying. So, with that being said I'm lost. I have no money and no credit and i'm not going to tell distressed people that I plan on buying their house If there is a chance a buyer can back out and nobody buy their house. I know that I can get a contract to protect myself legally, but no contract will protect my image to the public or persuade my moral compass. If I had the money I could just close because I actually intended to buy the property and resell or flip it/rent it. Is there anyway to actually legally and ethically get started, without money or credit. I have a basic understanding of finding a partner but, I would not put a house under contract with no buyer guaranteed and if i was to market the house to that partner before being under contract would I not be acting as an unlicensed broker?(breaking the law)Should I get my license? Is there realistically any way for me to pull it off 100% legally and morally?
Most Popular Reply
If I was in this position and really wanting to get started in real estate I think I would find a way to save up money and just go get my license - that also seems to be the advice of most on the site. You would learn a lot through that process. As far as wholesaling - along with the moral issues you mentioned, the level of knowledge required, etc. - keep in mind that many people's homes are their largest asset, do you think they will readily sign this over to an 18 year old who is claiming to be buying their house in cash somehow? We do pay cash as the end buyer, and often people are still wary of who we are and take a while to trust we are not scamming them. I would just be realistic about whatever your plan is before you spend a ton of time on it and burn yourself out on something that won't go far.