can anyone help me i am 16 year old very ambitious i want to be a real estate guru can?

Question

i have read rich dad poor dad from robert kiyosaki, he changed my life, i want to start in real estate because i want financial freedom the problem is i dont know how to start ( is their websites that can help, book, movie , anything would be great)

Answer 1

Here's advice I've picked up along the way which has helped me be successful.

Write your plan for the next five, ten, or twenty years on paper. Then break the big pieces down into smaller pieces. Then set goals in obtaining those smaller pieces. Consult your list often. Mark those things you have completed and decide which pieces to tackle next. There is not single path to success, but disorganization is a path to failure. Make a plan, work the plan, stick to the plan. (Of course, if something clearly isn't working, modify the plan.)

Go to school and learn about finance. The more you know, the more you are in control. You will run into a lot of people - bankers, attorneys, and sellers - who will try to intimidate you by making you think they know more than you when it comes to money. Prepare for this by learning all you can. (Believe it or not, I think I read this in an interview of Trisha Yearwood and, if I remember correctly, she got the advise from a Reba McIntyre interview. But I internalized it because it is so basic and true.)

Don't let anyone tell you that there are things you cannot do. Not your family, friends, business associates, or, most importantly, yourself. Even when you have small bumps on the road, concentrate on the plan and you'll be successful in the long run.

Keep a positive attitude. People like doing business with people they like. And people like people who make them feel good about themselves. Your attitude is contagious. If yours is good, others will pick up on it, want to be around you, and want to do business with you. And the biggest beneficiary of a good attitude will be you. You're happier when you're happy than when you're complaining. Right??

Good luck!

Answer 2

Save your money. Thats the first step. Secondly, know that as a minor you can legally purchase and own real estate but you will be very hard pressed to find anyone to loan you money or give you a mortgage because legally you are not liable to pay any of it back. Hence, save save save.
Go to your local sheriff and get a list of sheriff sale properties. These are typically homes that are up for sale because the owner didnt pay property taxes and its then auctioned off. High bidder gets the property and usually they go relatively cheap. Some of the homes may also be lender foreclosures that the lender has allowed the sheriff to auction and the same thing applies.
Call a local realtor. Many times you will get snubbed because you are looking for low cost homes but perserver because there is someone out there that realizes a paycheck is a paycheck regardless of the amount of it and they wont turn you away. And too because of your age some wont bother to take you seriously.

Realtors do however have access to thousands of homes both privately owned and those that are bank owned from foreclosure. I once sold a home valued at over $250k for a mere $40k. It was the best offer the bank received and they were in a hurry to rid themselves of the property. While that may still be out of your reach look for homes valued at say $80-90k and offer $5-10k.
Also dont go wasting your money on those programs offered on TV. Any realtor worth her paycheck can tell you and show you how to get into a home no money down, get money back in your pocket at closing, show you creative financing options and so forth. However again this may not apply to you right now because of your age.

If you drive around and notice homes that appear vacant the owners may well be interested in selling and doing so at a loss to get out from under the upkeep of the property and taxes and so forth. A trip to your local court house to see the assessor, recorder, and treasure may be useful. They can tell you who the recorded owner is and the pertenant mailing address if its different from the property address.

Also contact some of your local auctioneers. Many times they are auctioning homes that must be sold for legal reasons, divorce, or because of probate and its a good way to get property inexpensively.
The goal here is to buy property that has or will have more value than what you paid for it including the cost of some minor repairs of course. Then you have immediate equity you can borrow against to do even more transactions or sell it and take the profit to use towards your next transaction.

Answer 3

16 is a bit early to get started as a RE investor. Legally you can not sign contracts until you are 18.

A few suggestions as you can certainly prepared and take steps that will be useful later.

1. Get some credit cards or other credit accounts. Given your age your parents will need to open the account with you on it. Or have them add you to their account. This assumes they are responsible and pay their bills on time.

A friend's mother put him on her accounts when he was 4. This means that by the time he was old enough to start investing he has a long and deep credit history.

It takes time to build up a history and 3 years is important.

Note a am not suggesting your borrower a lot. Just accounts that have some activity and which get paid off all the time. That way you have history but not debts.

2. Continue reading. Get to the library and read info that is online.

3. Consider attending a local RE investor club if there is one in your area that you can attend. Most likely the meetings will be in the evening or on the weekends. Hopefully they have a reduced charge for students.

4. Start learning the math behind investing. You will to understand amortization. A financial calculator is nice to have (HP 12c). At this stage you can do just fine with free online took and a spreadsheet.

5. Find older people (family friends and others in your circle) who have a similar interest. Maybe you can help with projects that they have going on. Or find an investor (local club, internet search) who need some extra labor. Stick to jobs that are safe for your age as it is illegal for you to be using certain power tools. Gets your hands dirty, learn how things are built, etc. Or consider a job at a hardware store where you will learn. Maybe a smaller store is better so you get to spend more time talking to people who are working on projects. Notice who keeps coming back.

6. At the same time as the above focus on getting your schooling sorted. Depending on where you live this could be a high school diploma. You can also plan to attend university but with a finance or business focus. Something that is related to your interest. You will be more successful is you are well read and generally educated. As a RE investor you will be dealing with a lot of people so being well educated will help you relate.

7. Assume lenders will lend when you do not need the money. Hence it is best to have a good paying job so you can show income unrelated to the real estate. Kiyosaki and others all had real jobs with real income that help bootstrap their investing.

8. Consider using the internet to network with other investors. People you can trade email with. People you can have in your network so you can contact them later (even if there is nothing in the short term that makes sense). Learn to build your contacts locally and more broadly. As someone who is young you will be more open to social networking tools so learn to use them but in a professional way. LinkedIn.com is a business site. Avoid the completely odd behavior some people seem to post as it will be too easy to look you up later.

9. Consider getting a law degree or other professional focus as real estate at the high end depends on such people. It would make you more in the center of the field.

Answer 4

You could do worse than to follow the advice of Sarah Beeny. www.sbeeny.com She is english so some things will be irrelevent for an american market (I'm assuming your american) but a lot of her general advice is very useful. My husband and I have just made a 35% pre tax profit on our first project and have another property rented out and that's just the beginning.

Good luck

Answer 5

be a kid 4 abit,wait until u cna get enought money 2 get on the property ladder

Answer 6

Write to donald trump