I’m from Canada, Québec. I’m Quebecer (french) so excuse my bad english, i’ll try my best! I am 16 years old and I always been interested in doing business and making money. One of my dream is to become a millionaire one day, not for buying super cars and things like that, but just because I come from a very average family (financially) and I would be so proud of me to have succeded and be something that a small percent of people can be.
I’ve been looking around the forums and downloading ebooks for almost 2 weeks but it is very very hard for me to understand “Real Estate terms” and just basic english. I found a site that explain real estate terms but I still don’t understand everything. I’m currently reading “Real Estate - Robert Allen - The Road To Wealth (Multiple Streams of Income)” and I think it’s so interesting. REI is definetly something I would like to do.
But there is something I’m a little afraid of, since I’m from CAN/QC, the laws are not the same so that means something I may learn may not work here? Or it almost the same as the United-States.
I’m very young but I’m willing to learn because I don’t want to be told by a boss what to do, I don’t want to sit in my little office and make 50k a year. I want to be very stable financially and be able to enjoy life.
I think what would be a good thing to do would be to save a lot of money and when I can get a CC (Credit Card) get a good credit and of course, always learn more and more about REI even thought it’s freaking hard.
So basically, what would be a good idea to do at my age?
Thanks for your time and good luck in your investment! :biggrin
Congrats to you, for being so ambitious. Tu fais qqchose que beaucoup de monde souhaite qu’on a fait quand on était jeune.
Anyway, I’m still learning, too. I’ve been going to the library for my REI books. I’ve also joined an REI club. What you could also do is call other investors and get information out of them. Try to build rapport with them and see if they’d be willing to be your mentor. Take down all the phone numbers that you see on ‘We buy houses’ signs on the road, or in the newspaper. Those are your Real Estate investors.
First of all.CONGRATULATIONS!. I wish I had that type of thinking when I was 16. I was too busy following the crowd and getting a job like everyone else. There were times when I was also interested in REI but only knew of the late night info-mercial gurus. I’ve since found books that really opened my eyes. Here’s my advice for what it’s worth.
Read “The Millionare Real Estate Investor” by Gary Keller ($25).
Also , “Rich Dad Poor Dad” by Robert Kiyosaki. Actually there a ton books that are inexpensive. But These two are a decent start.
Next I would suggest you use what you have to increase your knowledge and income. At 16, you should have plenty of energy to put to use. Find a local real estate investment club in your area or a landlord association and see if they’ll let you join. They will usually be more than willing to show the way. Just keep learning with books, talking to the seasoned vets etc… Work your but off to save as much money as you can. Lastly, and a very important part. CREDIT CREDIT CREDIT!! I should say GOOD CREDIT!. When you are old enough to get a credit card. Get just one at first. Use it for small purchases and pay it off every month. Gaurd you credit! Don’t screw it up like I did! It takes very little effort to keep your credit good. It takes a lot more to repair bad credit. I can’t say it enough. Boil everything down to 4 basic things.
education - Books tapes etc… You don’t need to spend a lot on seminars and guru products.
Save as much as you can.
Get a credit card with a low limit and don’t ever charge more that 40% of the limit. Pay it off and establish & keep good credit.
Network- Join your local REI club/landlord association.
Keep learning,earning & networking and you’ll be in good shape when you’re old enough to legally enter a contract and start investing… Good luck to you!
Your English is quite good. It is an advantage to be bi-lingual, so keep working on it.
The laws in Canada are different than they are in the United States. At least some of the Canadian provinces have very pro-tenant landlord tenant laws. However, there must be local investorsd who know the local laws.
When you run into a term that you don’t understand, come here and ask.
There’s something I never really understood, what is the difference between our “job” and RE agents? Aren’t we doing the same thing?
When I look for Real Estate in Québec I always find RE agent and nothing else… I tried to search for a club but I can’t find one. I’ll continue to look around!
I have to go to sleep because of school tomorrow but thanks again everyone!
Basically what RE investors are either doing it as a part or full time basis. You can view it as a “job” because aquisition & maint. of properties requires your attention. But the RE agent works for you. When you work at a job, your paycheck stops when you stop working. When you’re an investor, your goal is to own properties that produces enough cashflow to make you financially independent. If you were to become disabled, you’ll still earn an income. You can hire a propert management company to take care of the day to day issues. In fact, that’s my goal. I want to aquire enough properties to finance all my wants and needs. Always keep in mind that your team works for you. You’ll learn how to select the right team members to achieve your goals.
I’ll continue to look around!