Hello everybody im new here and im looking for help on what I should do to get started.
I am 16 years old, and I am from Peru, Indiana. Ide bet 30% of the houses in this town are for sale(no jobs, no nothing really). I cant buy any property due to my age, but I am anxious to atleast do something in Real Estate. My question is, would bird-dogging work in this extreamly dead town?
Does anybody have any tips of what I should do?
Iv’e read like 4-5 Real Estate books, and im extreamly interested in investing in Tax Liens, but again, i cannot buy at my age.
Hello from another Hoosier (bloomington). Im not sure since you are so young if subject to or lease options are open to you, you might look into that.
Aww your from Bloomington, you lucky dog. My dream is to live in Bloomington, huge IU fan. CKS!
Anyway, how is the market for buying apartments up there, I would love to get into buying/selling apartments for IU students. Whats the price range for like a 4 unit apartment up there?
Im not sure I dont do anything other than SFH. Im a college student myself and to be honest the best times of the year here are from May to August when they are all gone
Not possible for a minor to sign a legally binding agreement.
Our aspiring investor could go Hollywood on us and seek emancipation…
Actually he’d be signing a voidable contract. It would be binding on the other party but not on him once it’s discovered that he’s a minor.
This would not be good for the other party, but would tend to favor the minor because they can always get out of it just by saying they’re a minor. Or if it’s a good deal, they can just keep quiet and go through with it.
Kinda hard to really pull off though because you’d need a pre-approval and that would mean giving out info that would make it apparent that you’re a minor.
I’d say one way to start is to build up your credit and save some money. As Warren Buffet said and many others, just spend less than you earn.
Here’s what I’d start doing if I were you:
Get a job working for a local contractor (if the laws in your area allow a minor to do so) and learn as much as you can about construction. You can work all summer long and learn a lot.
Take that money you make and spend only what you absolutely need to, save the rest.
You can also get a job working at a local realtor’s office and maybe learn a little about your market. Sure realtor’s generally don’t know squat about investing but you will learn about local market value and trends. You will also get to know some of the contracts used in your state, etc.
You can also get a job helping out as an assistant to an appraiser or home inspector.
You can also bird dog for successful investors in your area. They can work with you to tell you what they are looking for, then you find what they need and get paid.
Construction or bird dogging will give you the most cash to put towards your investment capital, they will also be the best to help you learn what you need to be successful.
Unless you have carpentry experience it’ll be really tough to get a job working for a remodeling company, which IMO would be ideal. If you go for a construction job, go work for an electrical company. (Residential, duh!)
If you work with a plumbing company, you’ll learn plumbing. If you work with a HVAC company, you’ll learn HVAC work (probably only running ducts) and a tiny bit of plumbing. If you work for a framing company you’ll be the crew’s beeotch all summer long, but you will learn some framing. If you work for an electrical company you’ll learn electrical work, plus all of the above.
The reason is is because electrical work is done last, after all the other trades are done so you get to see how everything else is put together, and work around them sometimes. If you do residential electrical work long enough you will truly become a jack of all trades. Plus, nationwide it pays a little better. HVAC pays the best if you’re an experienced mechanic working for a service only company.
Thanks for all the advice guys! :biggrin
I was in the same boat a few years ago. YOu might jsut have to wait it out until you are 18, or find a parent or friend to do the deal with you.