Keep this in mind, im 18. I was working the other day and i saw my co-workers working and they all are older, much older. I decided right there and then that i will not be working the rest of my life, at least not that kind of work. I thought to my-self “what can i do”. That’s when i saw RE signs out on lawns. I researched online what it is and how you go about doing it. I also bought Dulf De Ruse(sp) cds and it did help get me educated for the most part, but i need to go out and do it my self. I feel that i am ready, but i do not want to go bankrupt or anything. I have great people skills and have self motivation. I have checked local properties and i know what i want to do with them as far as renting, selling, and also if im buying preforc and so on. The part that i need help with is the paperwork, mortgages, contracts, etc. What i can do is find the properties, call, get information, but as far as getting banks to give me money, taxes, contracts i can t do. The same goes for when i sell. Any advise?
Yes spend lots of time at the library and bookstores (don’t buy them just sit in those comfy chairs) and lots of time getting your credit score at least around 720 if not higher. For the latter become a credit score “guru” at creditboards.com and fatwallets.com. I spent a year doing those two things. I’m young too, you got the time.
Join your local REI club TODAY and network, network, network. You may even find a seasoned investor there who will take you under their wings.
Bump for NMD!
Join your local REIA and network. Sponge of the “do-ers”
and learn from them. This could lead to future JV’s as well.
Best of luck,
Jeremy Blunt
So for now what you are all saying is to network and build credit. Is my age going to affect me? What are someway so surpass that? What are ways to look and sound sincere. How can i get info on local clubs/groups?
;D
~Lui~
Reading and networking with people who have been there and done that will build your knowledge. Credit scores are good but it also takes a little money to get in. Maybe, you could find a private investor to help get you started, a family friend, family member, etc…the more knowledge you have on the subject the easier it will be to secure money. At 18 years old (i’m assuming no saved reserves), you’ll need a steady job with little debt requirements. If you haven’t already…ignore the ads for that fancy car you want to impress the ladies and instead buy a property. Your friends will purchase ipods, cars, parties, dinners, etc., but you’ll need to stay strong and make the investment. In 5 years you could rent them their apartment while you head down to FL for vacation. Read, network, train your finances, and make a smart first purchase…
Cheers.
I started looking into real estate at 17. I had some cash reserves but becoming a landlord at 17 wasn’t a good option. My parents helped me build credit by co-signing on a credit card. Simple purchases and paying them off in time helped. Several years later I have a high high score in the 700’s.
I would suggest doing what I did. Get to your REIA and network like everyone has already said. You may also want to look into wholesaling because that is the most risk free type of way to work with real estate.
Good luck.