Hello everyone,
I am a 17 year old male that is looking into real estate investing and rehab. I have read many books by accountable sorces and I am still wondering the best way for me to start.
I am planning on working untill I am 19 then I plan to buy my first peice of property. Chances are that I will not have very much money in my name. So, how should I work to start. Should I take a loan out from the bank?? No money down?? I am in a tough spot. ???
Are you working in a related field to rehabbing?
How good are your skills/knowledge in estimating repairs?
IMO, I would start off wholesaling…get them under contract and assign them to a rehabber/builder. Do this collecting a nice 2-5K per deal, then when you have the knack for accurate estimates you will be able to hand pick your deals.
Happy Investing
Dave
I would say start by continuing to educate yourself on the REI arena as a whole. There are so many facets to it.
While doing this, attend the local REI clubs and look for those actually doing stuff. Talk to them to find out what help they need right now and offer to fill that need for them.
Well guys,
First off thanks for the already given advice. 
Second. My father owns his own landscaping company and I have ben helping him for about 8 years so I have the knowledge about the landscaping and yard part. Also, my stepdad and gradfather own their own construction company that builds home from the ground up. So, I have a lot of knowledge from that aswell. They would help if I ever needed it. The problem I am having is everyone I know says the best way to do something like this is all on your own so they will not loan me the start up cash. So, how can I make this my business without money to start?
I was planing on working a fulltime job to pay off my truck and save for the house untill I am 19 then taking out a loan while still having a fulltime job. (I will work my A55 off but it will reward me) So, does this change anything?
you should work on establishing your credit over the next two years, so that you will have lines of credit to work with. there are a couple things you can do.(i guess you might have to wait until you are 18?). first, you could get a credit card, secured by a deposit. use it for your everyday purchases at the grocery store and gas stations. actually get 3 credit cards, if you can. you should also consider depositing cash into a cd at a bank. ask the bank what the least ammount of money you can borrow for 6 months via a personal loan is. suppose they say you can borrow a minimum of 500 for 6 months. deposit 500 into a cd at the bank, and ask for a personal loan for 500 secured by the cd. it should be fairly easy to get the loan since its secured. deposit the money you borrow into an interest bearing checking account, and use the account to make the payments on the loan. the total cost of doing this will be the interest on the loan, minus the interest on the cd plus the interest on the checking account. once the loan is paid off in 6 months, repeat the process with a larger loan ammount, and cd if necessary. also, ask for an unsecured line of credit, after repaying the personal loan. borrow the maximum ammount on the line, and repay it within a couple months. every time you pay the line off, try to get the bank to increase the line. you might consider following this strategy with 3 different banks. after a couple years, you should have a strong credit history and lines of credit at three different banks, and of course some credit cards. lines of credit can be one of the cheapest ways to buy a property. 
Thanks Wil,
I did need that information. I was just thinking about taking out loans and repaying them, not butinh them into a intrest baring account. Good-advice!
But how should I buy my first property? I live in a turist attraction where foreclosure is everywhere and the price value of land is always on the rise. I have been looking at this little 2 br 1 bath in the paper for 23,000 It is in a little sad shape on the outside(siding and yard work), and could use new carpet and paint on the inside. I estimate that I would spend only 5000 on the rehab. So that is 28000 I need to come up with and I might have 4000 by then after paying off my truck. How should I buy the home?
Join your local investers club, and network your A$$ off.
You will find several Hard Money lenders…they look at the investment first, then who is taking the loan.
Yes you pay more in fees & Interest…but if it gets you into a deal that will make you even more money…DO IT.
Okay. You said you’re 17 and plan to work until 19. Then you’ll buy your first property. However, in your last post you say you have your eye set on a property now, but don’t have the means to purchase it. I’m not sure which is correct.
Regardless, as someone else said, in most states you need to be 18 in order to sign RE contracts (check the laws in your state, or ask a RE broker). Flipping is generally the best way to generate cash reserves when you don’t have a lot of steady cash coming in from other sources.
Create a plan on what you want to do very-short term, short term, long-term, and very-long term. Do you want to do RE investing full time, or is this going to be a stepping stone for another business? Look at the big picture, and then divide-n-conquer.
imho, the best way to buy the property would be with cash. youll prob have to wait till youre 18 anyway, so just be patient and look for peeps to borrow money from, and build your credit asap