Hello everyone. I’m 16 years old and love everything about real estate investing. I have read many books and really want to get involved. Any recommendations? Thanks alot
Bird dogging- being a minor its about all you can do without your parents signing for everything.
You could also find an investor in your area and get him to mentor you in exchange for doing some free labor for him…
Keith
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Become a member of your local REI club (if there is no age restrictions) and network, network, network. Get to know the real players and ask questions. Get recommendations on what they’d do if they were your age. Once you are old enough to do legal transactions, you’ll already have a lifetime of knowledge - and, maybe even more important, a network built - so that things will be a lot easier.
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Start building your cash reserve. No matter which facet of the industry you elect to excel in first (or only), having a cash reserve to start off with can always help.
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Keep reading/learning, and start to form an idea of what it is you REALLY want to do. To many people jump in, but have no earthly idea what it is they truly are after. Do you want to excel in tax liens, short sales, REO’s, note buying/selling? What will be your short and long-term goals? How will you achieve those goals?
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learn how to handle and save money (and not blow it on stupid stuff)
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learn how to manage projects to completion and success. join a local community service organize or club and take on some responsiblity; learning how to plan an event or activity and leading people are key skills for REI and life.
The last house I bought I had my 14 year old son do the mechanics. He searched the listings etc. until he found one he liked, he then researched it and did the due dilligeance, I bought it and he decided on the fix up list and helped pick the contractors. He is now screening the tenants. When the tenant moves in and starts paying rent I will let him decide where the money goes. He will decide how much to save for repairs, how much to invest or spend on Xbox etc. He has done a pretty good job so far.
Assuming that your parents handle credit well, have them get you on a couple of credit card accounts. They can check to see if the card issuer reports on others (I think additional assigned is the term IIRC). They don’t even have to give you the card, and I would recommend that they don’t.
If you are on an account which reports on the additional cardholders, and the account is paid on schedule then you will have a positive credit history when you turn 18.