Buying property at a very young age

[Alex M]

Hello all,
My dad just sold a commercial building so he has been shopping around for another building to buy. He has found one that he is set on buying but he says there's another one right across from it that would also be worth buying.

Now, according to him this property is probably worth around 2.5 million or it will be in a few years, and the guy is selling it for 1 million. And he's willing to make some sort of payment contract without banks being involved (I honestly know nothing about this so sorry for the lack of knowledge). My dad briefly outlined how the tenants alone could make monthly payments and such. So the problem I face is this: I am 17 years old (almost 18 if that counts for anything), I have very little money, and I don't know much about this kind of stuff although my dad has always talked to me about it. My question to you all is this... do you think it would be possible for me to acquire this building at all? Do you think it would be possible for me to somehow convince this guy to let me "buy" this building from him and make payments to him from the tenants rent payments? I would obviously need some sort of support and I have an uncle and a few other people who might be willing to go into this with me.

The idea of starting young excites me as this is what I have always wanted to do and an opportunity has presented itself. I just don't know if this kind of thing is even within reach at my age and knowledge level.

Thanks for any helps!
-Alex

[James H.]

Guys,

He said he is almost 18. Of course, when I was 17 and 1 day I was almost 18!

Any reason why your dad is not taking on the property? If he's not going after a good deal because of lack of funds, then he won't be of any help as a partner.

Who knows, the guy might be willing to owner finance. But in all reality, the owner would probably laugh (to himself at least) about the prospect of a barely 18 year old kid with no experience and little capital having the wherewithall to make the monthly payments.

BUT, if you have some partners (you said you have some uncles and others), can bring some cash to the table and have a (good) business plan prepared, you might just be able to make a deal.

My question to you is: What value are YOU bringing to the deal to make it worth everybody else's bother to partner with you? This is not a question to be rude, or discouraging. I can help with the answer. The main thing that you have is knoweledge - knoweledge of a good deal (if it is good). Now, this won't likely earn you a spot in a partnership, but you could bird dog the deal to someone prepared to take it on and earn a fee. Then the process of learning and investing can grow from there.