Dustin Heiner is a seasoned real estate investor who retired at the age of 37 and makes roughly $15,ooo a month in passive income from his rental properties. On
Can I become a real estate investor at the age of 16?
What is the threshold for being able to invest and make money? The truth is, there isn’t one. There is no age or degree or amount of money that is required in order to begin investing and enjoy the income. There are ways to begin investing now if you understand the market.
Your Worries and Their Solutions
The first thing that came to my mind when learning about investing was “I’d love to invest but I don’t have any money.” And while it’s valid to say that you need to spend money to make money, you don’t need a huge amount to invest. Just a little bit. There are different things you can do with “small” amounts of money. 1) You can apply for aloan and only need to pay a down payment of 3.5% to obtain a property. The property could be a flip which you live in first, fix it up and then sell it. 2) If you can’t live in the property, which means you won’t qualify for the loan, get money from a hard money lender and obtain the property and materials to fix up and flip the house yourself. The FHA has program which means you can get funds to purchase and renovate the property.
Another worry is the lack of education, knowledge, and time you have. Well, it’s 2016 and we’re swimming in resources. You’ve taken an interest now rather than later and you’re clearly doing your research so good for you! Educating yourself about this field and smart investing has been simplified for this generation. There are so many online sources that can teach you about investing or anything else for that matter, at your very fingertips. Once you do decide to invest, there are numerous tools to help you optimize your investments. For example, able to predict the future numbers. It allows you to perform a and gives estimated costs, incomes, returns and strategies for making the most out of your investment.is becoming widely used because people want to be
As for time, you need to know two things. First, the right time to invest is now if you understand the market and never if you don’t. Secondly, you have more time now than you will in the future believe it or not. Actually, starting sooner means being able to earn more over time. It also means having time to recover from mistakes. The most time you’ll ever have is right now.
Things to Start Doing Now
If you haven’t already, start building your credit. If your credit is messed up, start fixing it by taking advantage of the credit repair resources. It is during that time you can fix up properties or work in. These types of activities don’t necessarily require high credit scores. Wholesaling can actually be a very good solution if your credit and financial situation are not doing well, but to make money, persistence is required.
Another developmental step is building relationships and networking. Finding mentors and maintaining your relationships will teach and help you more than you think. Observation is the easiest and sometimes the best way to start. You can get hands-on training by watching landlords and real estate investors work. If you can’t get the face-to-face interaction, you can network with real estate experts online asking and answering questions on certain platforms.
You’re Off. . .
The most important thing to any goal is staying motivated and staying open to learning more and more. Don’t get discouraged if investments don’t work out well or if you see others excelling while you’re not, baby steps are good. Take advantage of as many resources andyou can get to help you before and after investing. You will get more comfortable with making decisions and expanding with time and with every step you take. Good thing you started early.