Im 18 and defiantly want to get into real estate, however im not jumping into it right away im going to wait about a year to learn a little more and get my license. however im wondering how much money do u need to jump into such an endeavor? Im in school currently and i also have a job but can only work part time, I can probably save a few thousand "3-5K" between now and when id like to make my 1st investment. Is that enough to make a real estate deal? also what types of real estate deals r the best, flipping houses, foreclosures, ect... any advice/references would be much appreciated. Please don't tell me im to young, i've heard it b4, i don't belive your ever too young to try and better your life with a higher income, why wait?and i know the market is bad right now but im sure its still possible to make money from real estate. even in these conditions im certain there are plenty of people making good money in this market.
Yes, you should hire a business coach who would guide you and help you build your real estate empire. Look for qualified coach in your local area.
First attempt to uncover any individual you already know and believe. Whether they're a dealer, agent or lawyer. Just b/c they're this sort of 3 does now not robotically avoid them from being the proper individual for you. You have to suppose at ease with them. Keep in brain for the duration of all of this, that they're running for you. If they don't seem to be running however simply accumulating a paycheck, uncover any individual else. Everyone of the aforementioned persons can and can make a enormous amount of cash should you select to paintings with them. Further, so much markets within the US have tilted closer to the purchasers aspect to some degree. This method you're now within the drivers seat. Everyone within the truly property enterprise demands purchasers. Best of good fortune. Joe...
Find a local mentor or someone' who is doing the kind of real estate transactions you want to be able to do and intern with them. Learn how to do the legwork from them. After watching a few transactions, see if you can invest a few thousand in a transaction in one of their transactions with them as a jr. partner, to see if you really have the stomach for it. Consider what ever you invest is in some since put at risk. ... My main piece of advice is don't risk more than you afford to lose. This is true for any 'investments', real estate, stocks, options, etc, etc. Also don't 'chase a deal'. There will always be another deal coming by sooner or later. So if it seems 'to good to be true', it probably is. After a while you will develop a 'gut feel' for the deal. Once you get experience to see if you should follow your gut or not, then you can go for it. I have had friends that tried to 'avoid the tax man'. Don't do that. Keep ALL transactions above board. Pay the tax man what is due (even if it seems like an undue chunk of change). That includes local, state, and feds. As a younger person, I will not tell you that you are 'to young'. My suggestions above are to help you get the experience and understanding. I hope this helps, and I am glad to see someone wanting to be a go-getter!
