14 year old Entrepreneur

[Keiyon Wayne]

I’m a 14 year old trying to be a Entrepreneur who owns a house at the age of 20. Is there any tips for me to achieve that? I want to have rental properties and make passive income. One more question I have is how do I start to make enough money for my own house?

[Ronan Donnelly]

Hi @Keiyon Wayne, kudos for you for taking a long term strategic view and looking towards your future.

If you start with the end in mind, you can reverse engineer the steps required for you to buy your own home.

So, start with the methods by which you can buy a home

1) Traditional - save a down payment and apply for traditional financing - you will need to figure out how much capital you need and how much salary you need to qualify. If you buy this way you can make some passive’ish income by renting spare rooms etc

2) Less traditional - seller financing, partnering on a deal, house hacking a multifamily property - all of these are options

3) Wholesale - good if you have time but not capital and you can use this to build capital

4) Flipping - get good at finding and analyzing deals and you should be able to use this strategy to generate the capital that you will need to ultimately buy and hold.

There are a multitude of options so I would suggest narrowing your focus to a strategy that works for you and then execute against that. Also, due to your age you have likely got time and energy so you should look to partner with someone who has got experience and capital but little time so that you can learn and focus on improving your skills.

Ronan