If you’re a teen and want to start real estate investing, you may be wondering where you can get started. In this blog post i will talk about whether or not it’s realistic for someone under 18 to invest in real estate and if so, what kind of efforts you should take.
Lets say you inherited a good amount of money and now your curious as to what you can do with it. Real estate could be a great option for you! Below is a few things to keep in mind before you get started.
Get Some Experience First (Get a mentor)
Even though you are under 18 it doesn’t mean that your completely out of luck. There’s always something you can do to get experience and learn about investing in real estate. If your serious about getting started, find a mentor who has been successful with their investments so they can teach you everything there is know about making money in real estate.
Getting started to fast is a good way to lose a lot of money. A lot of people lose money on their first deal because they didn’t do their homework.
Don’t Expect To Get Rich Quickly
We all want to make money in real estate, but you have to be reasonable with your expectations . It’s not realistic for someone under 18 years old to expect a huge return on investment right away. Be patient and focus on long term success. Don’t get caught up in the hype of “get rich quick scams” or anything that promises easy money because its just not true! Being successful takes time , it doesn’t happen over night!
Read Real Estate Investment Books
Its always a good idea to read books by people who are successful in real estate. Reseasrch the very best books and find one that best suits you and your investment goals. This will give you the tools, knowledge and insight needed to make money in real estate.
Attend Real Estate Conferences and Events
Attending real estate conferences and events is a great way to learn more about the industry. You’ll be able to meet other investors, professionals in the real estate industry and get advice from those who have been successful. Its also a great opportunity to network!
-Get experience through apprenticeship or internships
-Look for people with experience to mentor you
-Start off by investing in lower risk properties
-Don’t invest all of your money at once
Invest in Real Estate ETFS in the Meanwhile
If you don’t have the money to invest, or if your parents won’t let you use their money; consider investing in real estate ETFs (Exchange-Traded Funds). This is a good way to get started and learn more about the industry without having to spend too much of your own money.
It’s always important that before making any investment decisions , we take into consideration our long term goals. No matter what they may be it will certainly help us determine which strategy we should follow for success. If you’ve been thinking about starting with real estate this could be the perfect opportunity! It doesn’t not happen overnight so stay patient and remember its all about taking small steps one day at a time. Set realistic expectations and enjoy every moment.
Just remember to do your homework and possibly see a financial advisor before investing.
Learn Wholesaling Real Estate
This is a great way for someone under 18 years old to get started in real estate. Wholesaling is the process of finding a good deal on a property, getting the contract signed and then selling it to another investor for a profit. This can be done without ever owning the property!
-Research what’s happening in your local market
-Find a deal on a property
-Get the contract signed
-Sell the contract itself to another investor for more money than you paid for it.
This requires little money and gives a young person to understand real estate a bit more.
Keep Your Money In A Safe Place In The Meanwhile and Save Extra Money
When your not investing in real estate you should keep your money secure so its there when you need it. It may be a good idea to open up an account at the bank where only YOU have access to this savings so no one can take your hard earned cash!
Real Estate Contracts Can Be Difficult Under The Age Of 18
You have to be legal in order to sign real estate contracts. You can use a guardian to do it for you as well. We suggest to use this time to be careful and learn as mu as you can. There are a lot of different things that go into real estate contracts.
Make Sure You’re Investing In A Good Area When The Time Comes
You don’t want to invest all your money in an area thats not doing well, this is just asking for trouble. Do your research on the areas where you plan to invest and make sure theres potential for growth. Also be aware of any risks involved with the area (such as natural disasters) so you know what to expect ahead of time!
You May Want To Establish A Career First
Its best to establish a career and get some experience under your belt before you start investing in real estate.
Conclusion:
These are just a few things you can do when starting out as an investor under 18 years old. Keep in mind that its important to stay focused on your goals, educate yourself and always do your homework before investing any money into the market.
You are already one step ahead of most people. A lot of people don’t even think about this stuff until the age of 25-30.
So figure out what you have to do to own your first piece of property by 21-22 and you will be off to a better started than 90% of people.
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