Ok as I said I'm really young. Try 15 years old! I want to get started wholesaling as soon as possible do you think this is plausible? I'm not just getting into this because it will be a quick money thing but I want to start building up for financial security. I know, why should a 15 year old already be thinking about financial security right? Well, I want to be prepared just in case to support myself when I move to go to a large conservatory and the ones I'm interested in are very expensive. I also want to make money so I can invest into index fund and build up with a diversified profile and what not.
I read that you have to meet with the buyers and sellers when you want to wholesale and I'm wondering if they would trust me if a 15-16 year old came up to their house offering that he would sell their house in 30 days or less. Even buyers would be a problem! Would you think they would take me seriously if I found them the property? I really believe I can do this and I'm really reading up on it. I'm already in the know of being negotiate savvy and I believe I'm responsible enough and I'm really up to it! Ultimately I can't drive (I know, right?) but my parents are backing me up all the way they said. Should I wait to a certain age before I start this so people would take me more seriously or should I just jump in knowing the process of wholesaling?
Maybe you could find and refer properties to investers, for a flat fee? Then they could pay your mom, if needed. You could e-mail the name of the city, but not give the actural address to investers. Make sure you state how much under market value the property is. The check could be made out to your mom, if that is a problem. I think its AWESOME that you are motivated and ready to go. I have a daughter almost 19, and she seems to have no drive. If no one with great experience will help you, let me know and I’ll do the best that I can.
no - legally you may be too young but talk to your gaurdian - let them know of your intent but my golly - i wish at the age of 15 i had half a brain to get started - - TRY 30 and im just getting started - i think if you do it now- you will be very happy with your lifestyle - i say go for it -while you are passionate - good luck - but i don’t think you will need it
You can’t contract, you can use your mom, but no matter what the profit would be hers. You couldn’t sue for i but to have ground to stand on you would need a contract, again a problem b/c you can’t contract. You can always say “My mom ouldn’t do that”, but I am only a few years older than you (19), and trust and believe people will go to extremes over money. I already had credit when I was 18 (thankfully not horrible), because my parents used me to finance their cars, co sign on loans, and get credit cards. My mom alsokept almost 10K, of an inheritance that I was supposed to get when I turned 18, my dad keps and cashed over 30 $100 US EE savings bonds. And believe it or not I had good parents, went to good schools, (so did my brothers and my sister), and I graduated in the top 10 of my class when I was only 15. So, you never know what your parents will do. What you may be able to do is form an LLC, and try to contract behind it but, I am not too sure about that. And if all else fails and your parents are really behind you, get emancipated. In Louisiana if you are a 15 year old male all, they have to do is sign a paer saying that they are willing to emancipate you, and have it notorized, and that is it, you are an adults.
Hi Rufus,
I know that you will go far in whatever you decide to do!
I think that you should just Birddog until you are old enough to contract by yourself. Until then, read all the books and get as much knowledge as you can. You can find an investor that will pay you a referal (known as Birddog fee) Just let someone know the state you are in, and I know someone will help you. Good Luck and let me say this: It would be a real shame if you can’t trust your own Mother. You know her and you would know that for yourself.
Hi There!
Well, since I don’t know your 19 yr old it would be hard to say how to get them interested. I found that with my children, I could usually light a fire under them with money!
Bird Dogs usually make 500.00 and up, on every deal they find and work with an investor on. All they need to do is know a little about real estate and be able to talk to people. We always had a saying for someone out looking for real estate. We called it “Wakin and Talkin”.
That is probably the best way to find good deals. And the trick is not to ask the person whose door you knock on if they want to sell, WHO DO THEY KNOW THAT REALLY NEEDS TO SELL, OR IS HAVING A HARD TIME. Its amazing that no one will admit to trouble but will tell on everyone else!!
Good Luck,
Linda