Depending on your ‘months’ into your 17th year, it may take you a while to get up to speed; thus you may be 18 when that happens and you got your groove going on.
But you also may want to check what your state requirements are. It may be possible for you to enter into a contract even though you are not 18. In my state, Washington, you can enter into a contract as a minor. Now, you have to find a willing seller that needs your help and is willing to sign, but it may be fine in your state also. In my state, it would mean the contract is legally binding on the seller, yet voidable by the minor; so there is a risk associated with the seller going into a contract with a minor. You want a motivated seller that does not care about your age, and more on your ability to help solve his/her problem.
I am a 17 year old high school student. I have been reading books about money and investing (Millionaire next door, rich dad poor dad, cashflow quadrant, etc) for a while now, and recently found cre online. In the past few months several things have happened that put me in debt (I joined my high-school hockey team, which cost $800 which I am currently working off, and would have had no problem with, until I had to pay $426.01 for a broken grille, then a fender bender costing $250…) Well, to say the least I have no available cash to put down. I am not interested just for the money, but I also think investing in real estate would be fun and challenging. I read one of the “success stories” about a 17-yr old who made his first deal. I am wondering how someone my age could start, considering the fact that you must be 18 to legally enter into a contract. Any suggestions?
Re: can a 17-yr-old invest in real estate? - Posted by Todd B (Va)
Posted by Todd B (Va) on January 16, 2003 at 14:17:16:
I think this topic has been covered before, you can check the archives. From what I recall you can enter a binding contract in most states, but the seller can’t legally enforce.
The problem is that many people won’t want to sign a contract with you under these legal circumstances, and also just because you are young. I did read about one 17 year old that specialized in out of state owners, that way he didn’t have to see them in person, and they didn’t realize how young he was.
Re: can a 17-yr-old invest in real estate? - Posted by Bryan-SactoCA
Posted by Bryan-SactoCA on January 16, 2003 at 13:54:25:
Your biggest obstacle is that you can’t legally sign a binding contract by yourself. Since you’re likely only a few months away from your 18th birthday I would say to pick a CRE technique and study it, get courses and such, and wait until your 18th birthday.
hmmm… well, my parents are sort of in a financial bind themselves, and they arent quite the risk-takers of the family… I would have to find a deal that wouldn’t require any money up front, didn’t involve too much money in the transaction (“Hey Dad, come sign these papers, I’m buying the empire state building!”), and would be pretty much “risk-free,” e.g. buying and then selling/renting/leasing at the same time. I guess that dwindles my options down a bit… any suggestions?
Let me tell you, I wouldn’t allow you to buy a car from me unless your parent signed the contract. Learn all you can and start saving some money, there will be plenty of time to buy investment property in the future.