OfflineHi everyone, my name is Drake and I am absolutely new to Real Eastate investing. I have just finished reading "Be A Real Estate Millionaire" and "Profit From Real Estate Now". I also have purchased the Automated Foreclosure Finder. I am really excited about getting started but the problem is I'm only 17 years old and I'm a junior in high school. With me being so young I have no idea how to get started considering I dont have credit, an income, and I'm not old enough to buy anything in my name. I do have $13,000 saved though to invest if needed. Please help me!
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Hey Drake! I was in your shoes a couple months ago when I first got started. I'm 19, so I had the exact same problems. I probably can't give you the advice/answers you are entirely looking for, but I can give you some ideas! In terms of credit, sign up for a credit card if you don't already have one-- and use it for some purchases, and then pay it off in full each month. GREAT way to boost the credit/get it started in getting an established credit score. In regard to the age, I partnered with my Dad, basically just so the bank could "come after him" in case I defaulted on the loan. I had money in the bank like you, but no income as a student-- which will be a red flag to the banks even if you could afford to buy/finance the properties with cash.
What really helped me was finding a great real estate agent. I got tired of sitting on the sidelines, and just walked into a realtor's office one afternoon, and told them what I was looking to do, and asked if they had anyone who would have the time/would like to work with me. To make a long story short-- I eventually met a guy whom I still work with and talk to everyday. We're so close now, it's actually pretty funny.
At our age, a lot of people might not take us seriously, but there are a handful that will get extremely inspired to see guys our age that want to make a name for ourselves, and are already s interested in real estate. If there's one tip I can give, it's that. Gradually build a team one at a time. Those people you meet that don't take you seriously-- don't worry about them. Just keep focused, and look ahead. After I bought my first rental house, there were two bankers who didn't take me seriously at first-- pretty much begging to finance my next projects. Be nice to everybody and keep your head up, and you can get started and achieve great results!