Teenage Obsession With Answers Needed!!

Salt Lake City, Utah
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Teenage Obsession With Answers Needed!!

Apostoli S Hillas
Real Estate Agent · Salt Lake City, UT · Member since 2019 · 10 posts · 4 votes

I am a teenager who is in dire need of help before I decide my future!

I do plan on going to college at the University of Utah as I have excelled at school and am going to pay for college with scholarships and parental aid. Although I plan on going to Law School, I really want to start real estate investing as soon as I can which is probably before I graduate. I would really appreciate some advice on my college pursuit and if there is a better suited degree that will actually help me in my real estate desires (more than a JD). Also I am curious if there are any real estate related jobs out there for me, as a 17 year old, to gain knowledge in the game. Although I do plan on getting a mentor, I would like to have a job, mentorship, and college pursuit that could help me get ahead in real estate early. Any feedback, positive or negative, but honest, will be very appreciated and personally acknowledged.

Another problem I am starting to run into is getting started in investing in real estate as an 18 year old. I know what area of real estate I want to pursue already (rental properties), but am unaware of what steps I need to take to being able to purchase my first rental by the time I am 20. I already read books, listen to podcasts, help my dad with his real estate, etc.. but I need to know the more technical details of getting started such as raising my credit, qualifying for loans, potential tax deductions, and any thing else I should know to be qualified to invest in my first property. So I would also really appreciate any tips on what I need to start doing now to be ready to invest in the near future. 

Lastly, for my AP Research class for high school, I am required to conduct my own research and come up with a new solution/idea of any research topic of choice. I am going to be spending a lot of time during and away from school, so I want to focus on a business or real estate related topic that will actually benefit me for my future. If anyone has any problems they constantly run into or know of suggestions for a research topic, I am open to listen.

Thank you for taking time out of your day to read my post! Again, any feedback, positive or negative, but honest, will be very appreciated and personally acknowledged!

-Apostoli Hillas

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Filipe Pereira
Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
5y

Hi @Apostoli S Hillas, 

First off, you should check out this post. It's kinda sorta similar to yours, and there's some usable advice there for you: "Real estate investing. I am 19 year old with $20,000."  https://www.biggerpockets.com/...

@David M. posted really solid advice above, and it would be wise for you to read that post over a few times. 

As far as this:  "I need to know the more technical details of getting started such as raising my credit, qualifying for loans, potential tax deductions, and any thing else I should know to be qualified to invest in my first property."

They really should teach this stuff in school, but they don't. 

It's a lot of information to type out, but I'm happy to get on a call with you and discuss. Basically it comes down to having the income, credit and debt to income rations necessary. Banks care little about the rest if those 3 things line up. 

Best of luck, go get'em dude!

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  • Forrest Faulconer
    Real Estate Agent · Oklahoma City, OK · Member since 2020 · 471 posts · 462 votes
    5y

    Hi @Apostoli S Hillas, cool name! I went to school a little later in life but managed to work hard and finish with very little debt At one point I was getting paid to go from scholarships! So definitely take advantage of a paid off education, as it will pay off (see what I did there).

    Once you are in school full time you should hopefully be quite busy. I went to school for engineering and barely had time to work my part-time barista job. So focus on school and do we while you are in it. Seek mentorship and learn what you can. Once you become a lawyer you should have a decent salary allowing you to invest wisely!

    In the meantime I typically people your age to look into house-hacking. Buy a single-family home and rent out the rooms to other college students. You may be required to live in the dorms your first year or two, so I would start saving and building some credit. My first credit journey came from buying a new set of tires from Les Schwab and paying them off over the course of a year. Get your credit going, save up what you can, keep learning, and you will be on your way.

    Best of luck!

    Forrest Faulconer

    0Reply
  • Apostoli S Hillas
    OP
    Real Estate Agent · Salt Lake City, UT · Member since 2019 · 10 posts · 4 votes
    5y

    @Forrest Faulconer

    Thank you so much for the advice! It really does help and mean a lot to me!

    0Reply
  • David M.
    Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
    5y

    @Apostoli S Hillas

    Honestly, focus on your education.  You'll need it to get a good paying job to afford to get financing later in life. As you read through BP, many discussions threads on what to do if you don't have the income to get a loan, or the cash for that matter.

    If you have time to work a part time job, again you might want to consider something along the lines of your future legal profession.  You'll need it anyway in law school when you do your clerkships.

    During school, when/if you rent a place, that in it of itself is a good learning experience (as a youngster)....

    Start building your credit history (its called a "history" for a reason...).  Get a student card to get started.  Pay for your essentials, and whatever, but always pay it off in full each month.  You don't need debt to built a credit history, just use credit.  

    Otherwise, other job areas kinda depends on your inclinations. Maybe on your summers off work construction/electrical/plumbing... Maybe you can shadow a home inspector.. Maybe even work for a real estate attorney... or some of the larger attorney's that handle lots of foreclosures and REO listings.. Or, maybe the Title companies helping with Title searches (probably not since that requires licensure I think) or doing the Closing Agent function (not all Title companies do it and there are some companies that just do Closings I think). Some of these you might be able to handle as your part time job in school.

    If you want to chat, feel free to send me a direct message.

    1Reply
  • Tanner Stoddard
    Rental Property Investor · Salt Lake City, UT · Member since 2017 · 11 posts · 1 vote
    5y

    I'm not the most knowledgeable about the RE realm yet but I've been doing the same. I've worked in the financial industry for the past 7 years. Get a credit card as soon as you can. Use it smart and let the balance sit for 3 weeks and pay it off. Most credit cards have a 25 day no interest period. Check with specific cards. Thats a good start to getting credit. You may have to open a secured card. Really depends on who you're looking at opening one with. If you have a pre existing relationship with a bank or credit union, usually go there first. Other than that, save save save anything you can! Good luck to ya!

    0Reply
  • Dan Gustavson
    Rental Property Investor · UT · Member since 2014 · 127 posts · 68 votes
    5y

    @Apostoli S Hillas - I agree with others, focus on your education and learn what you can about real estate with your downtime. If I could start over young, I would buy a 2-4plex and house hack while going to school. That at least gets your feet wet with little down while you pursue your law degree. Good luck!

    0Reply
  • Filipe Pereira
    Property Manager · Windsor Locks, CT · Member since 2016 · 1k+ posts · 1k+ votes
    5y

    Hi @Apostoli S Hillas, 

    First off, you should check out this post. It's kinda sorta similar to yours, and there's some usable advice there for you: "Real estate investing. I am 19 year old with $20,000."  https://www.biggerpockets.com/...

    @David M. posted really solid advice above, and it would be wise for you to read that post over a few times. 

    As far as this:  "I need to know the more technical details of getting started such as raising my credit, qualifying for loans, potential tax deductions, and any thing else I should know to be qualified to invest in my first property."

    They really should teach this stuff in school, but they don't. 

    It's a lot of information to type out, but I'm happy to get on a call with you and discuss. Basically it comes down to having the income, credit and debt to income rations necessary. Banks care little about the rest if those 3 things line up. 

    Best of luck, go get'em dude!

    2Reply
  • Apostoli S Hillas
    OP
    Real Estate Agent · Salt Lake City, UT · Member since 2019 · 10 posts · 4 votes
    5y

    @David M.

    Thanks for the advice! Gives me a whole new approach to my next few years in life and especially with getting a job and internship in the law and real estate fields. I’ll really take that into consideration. But thanks again and I’ll be sure to reach out if I have more questions. Thank you!

    0Reply
  • Apostoli S Hillas
    OP
    Real Estate Agent · Salt Lake City, UT · Member since 2019 · 10 posts · 4 votes
    5y

    @Tanner Stoddard

    Ok thank you so much! I’ve see some YouTube videos suggesting similar things to you and will be something I will start shortly!

    0Reply
  • Apostoli S Hillas
    OP
    Real Estate Agent · Salt Lake City, UT · Member since 2019 · 10 posts · 4 votes
    5y

    @Dan Gustavson

    Yeah I’d really like to do something like that as well with my primary focus on college. Thank you!

    0Reply
  • Dan SheeksPro Member
    Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
    5y

    Hey @Apostoli S Hillas

    Congrats to you for your ambition! I work with a bunch of young aspiring real estate investors just like you (in a free online group), and I am willing to help you out with some advice or even chat on the phone if you wish. But I first recommend you read this article I wrote for Bigger Pockets titled How to Invest in Real Estate Before Turning 21. Once you've read it, let me know your thoughts and if you have any questions. I am a high school teacher in Colorado and I am always looking to help young people get started in real estate investing or help in any way I can. Let me know if you want to chat sometime. https://www.biggerpockets.com/

    [email protected]Podcast Guest on Show #179
    0Reply
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