Where should I start?

Question

Hi everyone I’m 17 years old and I have learned a lot and am continuing to learn about real estate properties. When I turn 18 I would like to get started? Where should I start and what can I do now to make myself more successful?

Brad Hammond · Answer

Hey @Tanner Sheehan, congrats on getting into real estate at such a young age. You will be handsomely rewarded later in life. I think the first thing you need to do is gain a working knowledge of the industry. Think about what type of investing you want to do and find a job in the industry. For example, if you want to flip try working construction. You could also wholesale, become an agent, work for a title company or property management company.

Also, try and save up as much money as possible for your first deal. Best of luck to you. You got this!

Also, try and save up as much money as possible for your first deal. Best of luck to you.  You got this!

David Richter · Answer

Hi @Tanner Sheehan,First, I would find someone who is where you want to be and offer to work with them for free to see what they are doing and see if they'd be willing to partner with you on big deals after providing a ton of value to them. This will give you connections and experience very quickly and the opportunity to get to your goal.Second, I would suggest reading a lot of real estate books. Here are two books that have made a BIG impact on me:The first book is Profit First by Mike Michalowicz. This is the “how-to” book on paying yourself and setting up an actual SIMPLE system to manage your finances. If you are starting at ground zero and know nothing about finances or if you are running a multi-million dollar business, this book can help you and change your life.The second book would be Accounting for the Numberphobic by Dawn Fotopulos. If the title doesn't say it all, it is literally for people who are scared of numbers.You want to be educated but make sure to dive in as soon as you can.

The best experience will be doing a deal and actually getting your feet wet.

Justin Reed · Answer

Hi @Tanner Sheehan and congratulations on getting started early! I wish I had gotten in the game at your age (don't we all?)

This might be an unpopular opinion, but if I had to do it all over again I would get in the land business. Now. If you want to fast track it, get an education program. You can definitely do it yourself and learn the long way, but these people have tried (and failed) to learn the right way to do things and package it up in a nice, concise format.

Get in early and you'll be much further along than any of the rest of us. Good luck!

Dan Sheeks · Answer

Hey @Tanner Sheehan

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/

Canesha Edwards · Answer

@Tanner Sheehan

Congrats on getting started early.

You start by making a plan- then taking steps to execute.

Since you’ve been learning about real estate you should a solid idea about what type of investor you wish to be. Long term holder- flipper- etc.

Start working on saving money and your credit. You won’t be 17 for ever. Build good habits now and you’ll be golden by 30.

The next thing you need to is build your skill set in your strategy. Let’s say you want to be a long term investor.... skills you can work on

1. Finding deals- cold calling buyers- driving for dollars

2. Become a master rehab evaluator.  Investing is all about the numbers.  Hang out at Home Depot and talk to some of the workers. They are great sources of information as well.

3. Pick up handy skills. A $8,000 flooring job can be cut in half if you know how to properly do it yourself.  The great thing is you have time to learn and master your craft.

4. Become valuable to others.  The more valuable and helpful to others- the faster your business will grow.  Offer to help others in their business if possible.

5. Network. Go to meet ups- get active on BP.  Put yourself out there as someone who provides value but is also willing to learn.

6. Learn your market. Are you in a hot or cold market?  More renters or buyers? What’s the flipping activity like in the area?  How many days does a property stay on the market? Is it a sellers or buyers market currently?

An investor will be more willing to work with a newbie who has knowledge and skills vs someone who they have to break down everything.

Happy Investing!

Canesha

Where should I start?

Most Popular Reply