Can a 16 year old collect Finders Fees?

Question

Here's my idea. I legally cannot qualify for any sort of loan (I’m only 16), but I CAN help Investors find good deals right? So lets say I set up a lead generation system to find distressed properties, analyzed them, then sent them over to an investor in turn for a finders fee (1% of the values property, so if the home sold for 100,000, the finders fee would be 1,000) That way I could build relationships with investors, build up money to start investing myself, and get my feet wet in the RE world.

Again, I could be completely wrong as I still have lots to learn, but I'm eager to start making things happen and I would love to hear your thoughts!

PS - If you know any Real Estate Agents or Brokers who understand how Finders fees/Commissions work, I would love to talk to them to find out more, or work for them any way possible, Thanks!

Chinmay J. · Answer

I love your enthusiasm. Tells me how smart kids are today. I would have never been able to conceptualize at 16.

Personally, I think that at such a young age, you should strongly consider working for an investor who can coach you through work assignments. This will teach you basics of real estate investments and different aspects of it, and give you much needed experience.

You are young... LEARN ! LEARN !! LEARN !!!

Good Luck kid...

Lucas Taylor · Answer

I totally think you could do this! There are some issues you may face; the largest one being executing a contract so that you get paid for your services. But like everything else, if there's a will there's a way. You could probably get your parents to enter into contracts on your behalf, but a lawyer would be the one to ask.

Nick Pierce · Answer

@Chinmay J. Thanks a ton for the input. I’m also trying to network with investors in my area right now to see if I can land any sort of jobs, as your spot on for it being a good opportunity to learn the basics!

Nick Pierce · Answer

@Lucas Taylor I like that idea of having my parents do the contract part as they are more likely to be eligible for that sort of thing, I’ll also make sure to find a lawyer I can get in contact with, Thanks!