Age

[Matt Beans]

I have a silly question, but i am interested 9very interested) in investing. However, i am only 17. I have been researching and reasing a TON though becasue education is important. Anyways I was wondering if i need to be 18 to wholesale real estate property... or at what age can i legally get my feet wet and start my own deal. Also, if i cannot do deals yet, what more can i do passed the reading and researching stage of wholesaling?

[Bill Gulley]

Matt, it's great you have an interest in RE at your age. Legally you can't contract until you are 18. So, you have some time to study!

You'll read here that I have said many times that new investors need to begin with RE basics and not with systems or programs in specific areas. I suggest you get a text book, Principles of Real Estate, there are several with that title and many are very cheap on Amazon, you might find one at the library too.

Next, know that financing is the key to the doors in RE. In the financial arena, there are several topics you need to be familiar with. RE, insurance, banking, accounting and investment are all under the financial umbrella and each is a specialty that eventually you'll need to have a basic understanding of, not just in RE, but in life.

If you see anything that has to do with business law I suggest you check it out. Law is what binds everything we do in areas of finance and RE together, a good understanding of contract law is important.

You can go to a school for RE agents and get the text and workbook for those classes, these will give you not only a great insight to RE matters in your state but also show you what agents can and can not do. At some point, you'll be working with or through a RE agent. If you ask them to do something that is illegal for them to do or that is unethical, they may steer you in the right direction, but it also tells them things that they may not want to work with you. Your reputation is the most valuable thing you have in any business so I suggesst you know how not to spoil it by understanding what is cutomary in your area and how things are done.

I have never seen a guru book or any guru system that did not include or imply things that are either questionable, unethical or illegal, that's usually because the goal of these authors or gurus is to sell thier material. Many include very good marketing concepts or show methods used to transact business, but following anything to the "T" without double checking can get you in trouble. That's why I suggest you begin with the basics, knowing how things are done and accepted in your area before you begin looking at these materials, you'll have a better idea of what is real and what is not. Ignore the hype as well.

Another tid bit for you at your age. Youth is great and you have already shown a great deal of wisdom being interested in RE investing, I'm sure you have other interests, but you're looking ahead. It will be tough at a young age approaching some old guy like me, initially you may not be taken seriously, but keep at it. I'd say that if a very young person approached me (no knowing me) and began "telling me" how they could do something I'd probably ignore them. Now, if I were approached with an indication of interest and a more reserved approach not telling me what they could do but asking perhaps how they could do something to be involved and create a win-win transaction, I, or that older person would be more likely to open up. After setting the stage and injecting your real knowledge of conventional RE transactions, not some wild idea thing, you can spring your proposal. Hope that makes sence, in other words, take a slower conservative approach and come in the back door rather than attacking the front door, because doing that will bring more attention to your youthful nature and may not be taken seriously. IMO, such an approach will help overcome this initial disadvantage, but don't give up, you'll learn that real knowledge will overcome youth and often the lack of money. Best of luck to you! :)