I'm looking to get involved into real estate after reading many books such as the Rich Dad Poor Dad Series, Real Estate Riches, Nothing Down and Real Estate Negotiating - but I have a few questions.
1.) If I apply for a loan, would the loan be in my mom's name or in both of our names?
2.) Where can I find my local real estate investing club?
Thank you.
2007-08-21 16:38:08 · 7 answers · asked by rob y 2 in Business & Finance ➔ Renting & Real Estate
You cant sign legal documents until you are 18, or emancipated. They would have to be in your moms name. All qualificaitons would have to be in your moms names. Her credit will be used, her income would be used to qualify etc.
Your name would be nowhere on the loan documentation or on title. Not until you are 18. Emancipated means you go before a judge and prove that you are legally responsible enough to be an adult. Its like getting a divorce from your parents. They are no longer responsible for you, and you have to prove to a court that you can legally be responsible for yourself. Income, Financial ect.
Sorry thats just the rules.
Good luck with your future in the investment business.
2007-08-21 16:46:20 · answer #1 · answered by financing_loans 6 · 0⤊ 0⤋
Your not old enough to sign a contract. Wasn't that in your books? I'm not sure about local investing clubs. We don't seem to have them here. But lots of luck. Just remember everyone can read a few books but if it was just that easy everyone would be doing it. There is a lot of money to be made in real estate and you probably have some good ideas but it's experience that is the true teacher. The people that wrote those books made their money by selling those books to you. If they made so much from real estate, they just be in real estate. Most everyone knows all the theories about buying the right property with the right things wrong and all those tricks for getting property with no $. In the end it still takes cash to pull it off. . .and a lot of hard work on your part. No one will do any type of work for you until you are old enough to be legally responsible if you end up needing help. Keep working on your theories until then.
2007-08-21 17:13:26 · answer #2 · answered by towanda 7 · 0⤊ 0⤋
I'm not sure about the loan but there are many sites to help you get started in investing with lots of different forums to answer your questions. The easiest way to find your local re investor meeting is to do a search on the internet by typing in your city then real estate investor club.
Some other good sites to look at are: the creative investor, I think its tci.com but do a search for it, uslandco.com, creonline.com, which I think has a listing of real estate investing clubs around the country, or try rehablist.com, which has a lot of good info..
If you go to meetup.com and type in your city and then real estate investing, you'll find people that get together to discuss real estate, but may not necessarily be a re investment club. This will still be a great way to network and maybe find a mentor to help you get started.
There's a lot of information which can be overwhelming but I think one of the best ways to get started with out paying a lot of money in seminars before your ready is to find a successful re investor in your area and ask them to let you assist them while you learn from them, that way it's a win-win for both of you. Hope this helps.
By the way, I commend you on getting started in investing early and if anyone tells you it's a bad time to get started, it's better to get started in a slow market than in the crazy market we just came out of. Good investors have ways of making money in any market condition.
2007-08-21 17:06:29 · answer #3 · answered by lp 1 · 0⤊ 0⤋
Being 16, you are unable to commit to a legally binding contract, including obtaining financing. Everything would therefore have to be in the names of your legal guardian(s)
As far as an investing clubs, call around to real estate offices,
accountants and attorneys. Someone will know. Then, if you can't find one, start one yourself.
2007-08-21 16:46:47 · answer #4 · answered by rlloydevans 4 · 0⤊ 0⤋
yeah it is possible to become a 16 year old real estate investor, but you have to do it through your parents, you'll just have to buy the real esate through a UGMA/UTMA account setup by your parents, that way when you turn 21 all of the assets in your account will go to you,.. look at jj bright, his website says he's a 14 year old real estate investor, but i think he's probably 15 by now, but anyway you can go to his website if you don't believe me, http://jjbright.com/
me and you should network by the way, go to my profile and send me an email, im 16 and i read some of Robert Kiyosaki's books too btw
2007-08-22 13:26:21 · answer #5 · answered by Money 2 · 0⤊ 0⤋
At 16, you cant sign a contract.
But all is good, it will be at least 2 years before the housing market comes back...
2007-08-21 16:50:27 · answer #6 · answered by Mike 6 · 0⤊ 0⤋
It is difficult to even imagine that a book can help individuals to change their fates however } countless males and females, people that they have benefitted in a huge
2016-05-16 13:43:04 · answer #7 · answered by Chloe 2 · 0⤊ 0⤋