Updated almost 7 years ago on . Most recent reply
Im 16 and I wanna do wholesale
Welp I just turned 16 and I decided to read “Rich Dad, Poor Dad”, and thought about how can I generate a passive income. I did some research and came across wholesale and it seems absolutely great for someone like me with little to no money. So the last week or so Ive been doing research on it (What is wholesale?, How to find buyers?, How to fill out a Purchase Agreement and an Assignment Agreement?, Is wholesale legal in Maryland and the laws around wholesale in Maryland? ext). Only thing is idk if I can do it at 16 and I dont have any actual experience with wholesale. So if you can offer any tips or advice please do so! Thanks!
Most Popular Reply
@Jason Credle Jr
It’s awesome that you are so ready to invest in your future at such a young age. I wish I would have read Rich Dad Poor Dad when I was 16, it may have saved me some student loan debt.
In any event, wholesaling may be tough to do at this point. My understanding is that minors cannot legally enter into a contract. **Im not an attorney. Perhaps someone on BP who is can chime in on this point**
You may need to pair up with an investor who is of legal age and do some bird dogging. In the meantime I suggest that you do all the research you can and save the money you earn so that when you turn 18 you are ready to launch on your own.
Good Luck!!