I'm 17 and want to invest in real estate. How can I get a loan from a bank given than I am not employed full-time?
I’m 17 and want to invest in real estate. How can I get a loan from a bank given that I am not employed full-time?Don’t get a loan from a bank.Don’t even try. At your age, without a job that might qualify you, and with your lack of experience, you wouldn’t get the loan.But, beyond that, if you’re asking about a loan from a bank, you’re asking about the wrong type of real estate investing. You may be envisioning buying a rental property, renting it out, and making money on the positive cash flow and on appreciation. That’s a good strategy for many people, but not for you. Not now.I answered a similar question here on Quora that may be helpful.In brief, you’re going to be severely handicapped in your efforts until you’re 18. But that’s OK. In fact, that’s better than OK. That’s good. You have plenty to learn. Use that time to learn about the different ways to invest in real estate—the different risks, rewards, and strategies. Join a local real estate investment association (REIA). You can find groups on sites like MeetUp. There are also a lot of free, very useful online sites like Bigger Pockets. And there are plenty of books on Amazon dealing with real estate investing.You’ll learn better ways to finance deals than getting a bank loan. These may include:Seller financingPrivate money lendersHard money lendersJoint venturesEquity sharingAnd you’ll learn how to do certain types of deals with little or no money, such as:OptionsLease-optionsWholesalingGood luck.
Can I get into real estate if I am 17?
Honestly?? Understand that 90% of agents never make it thru the first year IF they pass the exams. My suggestion would be to pay your dues first and get into a management position with a big company or small company at some point and make steady money and save it like crazy. You really need to be very good with math and negotiating and have very profession writing experience. Getting into the real estate business is not something to do straight out of high school. There are so many things that you need to learn that they do not teach in the school. And the failure rate is incredibly High however the real estate school will never tell you. Plus please understand that most of us in the business wish we weren't. That's the God's honest truth.
I'm 17 years old. How can I get into real estate?
Just getting in is easy. Take the classes. Turn 18. Pass the test. You're in.Being successful is the hard part. Be prepared to work hard with little leisure time. As your business grows you will be able to adjust your schedule and have more choices but in the beginning you should be generating leads every available minute.Education is a huge piece of it. I'm not talking about the pre-licensing education. After the license there are designation courses, seminars and coaches. Do everything you can. Hiring a great coach will be paramount to early success.The next thing is your sphere of influence. Keep contact information for everyone you know that likes you or respects you. You'll want to keep them notified of your career and successes. Any time they think of real estate they should also think of you.Education and contacts are just the tip of the iceberg. Those are a fabulous start though.
Does real estate realtors get paid more than lawyers?
The top earner is most likely the plastic surgeon. With the realtor or the lawyer it depends. A realtor that can sell a lot will make more than an average lawyer. But this realtor will have to be pretty exceptional. You don't get a base salary as a realtor. Many people do real estate part time. The commissions are big, so they can live off of just a few sales a year. A lawyer has to be a good lawyer to get a good job. A lot of people get law degrees and don't necessarily go into law. A lawyer in good firm makes more money than an average realtor by far. Over all, lawyers make more than realtors.