Interested in Real Estate at 15 years old

[Joel Coffman]

READ FIRST: At 15 most people would say I’m too young to start getting into Real Estate, and I should be more worried on “School” or my “Social Life” without having no insight on my life. If you’re really interested, I’m excelling in school and my social life is at its peak.I also consider myself super mature. Now that that’s out of the way, lets start...

Hi! My names Joel, age 15 from Seattle, Washington. I’ve been interested in Real Estate lately, specifically, buying, flipping, and either selling or renting houses. It would mean a lot if you could read my current situation;

My parents have an owned and paid off house in a nearby city that they let people rent and I’ve talked to them about letting me sell it later on to help pursue a Real Estate career, and they were interested.

I’m thinking about attending some classes at a nearby community college during the summer (Tacoma Community College) to get some more knowledge on the subject, and well, it’s free.

What do you guys think I should do? Thank you so much in advance!

[Ryan Luby]

@Joel Coffman Welcome my guy!

I'm glad you're here and asking good questions. 

First things first, don't sell your parents rental.:

- If it's paid off, you could potentially leverage this house (take out a Home equity line of credit by making the house your primary residence temporarily, or refinancing to take out a new mortgage)

- Then rent out the house to cover the cost of the debt you just took out

- Utilize the debt to invest in another property (Ideally a single family or small multifamily BRRRR deal)

- If you do it well enough you can pull all of your capital out of the second deal to invest again... even if you don't do it great you could end up with two properties paying down one loan.

Just my opinion, but as of right now you're homeless and hungry (15, with no money). You have a chicken that's producing food (A paid off rental house that cash-flows). That food (cash-flow) is enough to eat some scrambled eggs everyday, forever if you want. If you sell your chicken to another farmer you could afford to buy pizza everyday for a month.. but after that you have no more money or food... you have to find another chicken (investment property) somewhere, and find more food (capital) lol Don't sell your chicken, figure out how to get that chick (rental property) to mate with a rooster (lender)... and become an egg farmer (get cash-flow for life)... catch my drift?

Children's book coming soon... j/k

For now, just keep learning, be patient, read great books like:

So Good They Can't Ignore You - Cal Newport

Thinking In Bets - Annie Duke

Rich Dad, Poor Dad - Robert Kiyosaki

The One Thing - Gary Keller, Jay Papasan

Principles - Ray Dalio

Spontaneous Happiness - Dr. Andrew Weil

Man's Search For Meaning - Viktor Frankl

and much more like these..

If you keep learning, and working hard to become rare and valuable, these efforts will compound into massive results. It's up to you weather the results equate to a meaningful life or not but you're already on a great path

Best,

Ryan