Thoughts and tips at starting very young

[Jed Forster]

Hi everyone, my name is Jed Forster from Antigo Wisconsin, a small town in northern Wisconsin. I'm relatively new to the site and a newbie, I am actually only 16 years old but already interested in real estate as I have always had an entrepreneur spirit. I am a hard worker and have about 10,000 dollars saved that I wish to start out with. I am looking to start out in land, my strategy will be to direct mail to owners behind on there taxes and purchase their land for cheap. As for exit strategies I will either sell it to home developers for new construction or rent it out to mobile home owners for a place to keep there homes. I am asking for any tips for this strategy and for any tips for someone who wishes to start out very young. I appreciate any replies and thank you all. 

Jed Forster

[Scott Schultz]

Hi Jed, 

   This is great!!!  You are well on your way,  I own 2 properties in Antigo, 1 in Birnamwood, 2 in Elcho, 1 out in Lily, 2 in Merrill and the bulk of my properties are in Rhinelander. $10K in hand you are light years ahead of your peers,  in Antigo specifically, a very small percentage of your classmates will have $10K set aside ever in their life, much less at your age.  Fortunately for you, Anitgo has a low entry point for rental real estate, rents also are low and tenants are odd there compared to surrounding markets but none the less there is still opportunity.  the 2 i have in Antigo, I paid $7,400 for a 2 bedroom single family, and I paid $23,900 for a 3 Bedroom single, both in the past 4 years, I did have to stick quite a bit in to them, but my point is you can get deals there.  I recommend you set up a meeting with a Commercial lender at Peoples State Bank in Rhinelander Ask for Stacy Timm tell her I told you to call, and ask to meet with a Commercial lender and you are interested in Learning!  One of them will be happy to take the time to teach you about what they do, and how you may partner to achieve your goals. dont hesitate to reach out any time!