Young & WINNING! 10 Tips to Success in Real Estate

How to get started at a young age with no money. So I got a great question from one of my YouTube viewers. Love you guys. Exon, who wrote in to say, hey Evan, first of all, I love your videos and I watch them every day. You're a role model for me and you inspire me a lot every day. Thank you, Exon, that's great. I'm almost 20 years old, I live in Germany. My question is how to get started in the real estate business, especially in the house apartment rental business. I'm learning, studying every day about real estate. It's my passion I found for myself. How do I get started at my young age without having a lot of money? Because buying a house requires a lot of money, as you know. I know I could work in a business, as you've told us in one of your videos, to get some experience, but how do I get started in that business at a young age without any money? P.S., keep doing what you're doing because you inspire me. You're doing great in what you do. Evan, love your videos. They push me forward and I learn a lot from them. Bye, Exon. So this is great. I love your enthusiasm. I love your passion. I love that you found what you love to do and you're pushing forward on it. Listen, you need to go get some experience, okay? Your best bet now is not just to read and not just to watch the videos. I mean, keep watching videos, that's great, especially if you love them. But go find somebody who's doing exactly what you want to do, who is building these kinds of businesses, who is buying up the apartments, who are buying up the houses and has built a business doing it. It's not just an individual investor, but has a business and has a team and go work for them. Go learn the ropes from them. Have this person be a mentor. So you know what it takes. You know what it looks like to run a successful company doing this. You know how they evaluate a property, how they finance it, how they bring on investors, how they market it, right? Who's on their team, how they make decisions. All of that stuff you want to learn as quickly as possible and as low risk as possible. Because if you're out, you go— you don't have a lot of money, right? You go buy your first house, you go buy your first apartment. If you make a mistake on it, You're sunk, man, right? Like that first one, that's important stuff for you. And so you want to make sure that when you're out there doing it yourself, you're not making mistakes. Go make your mistakes by learning from somebody else, okay? The education you're going to get from them will also shortcut your path. So instead of you taking 10 years to figure this all out yourself, you're taking somebody's knowledge from the past 20, 30 years of their experience, and in 3, 6, 8 months you're bringing it, absorbing it, because I get the sense you're going to absorb this stuff pretty quick. You're internalizing it, so when you go out and make decisions, you hit the ground running. Okay, so go out and find that person, even if it's part-time, just to learn and get that mentorship. The other thing to keep in mind is this doesn't have to be all your money. Okay, you don't have a lot of money, you don't need a lot of money. A lot of these guys, they get investors. So how do you then find investors and have the credibility, right? You're not even 20 years old. How do you have the credibility? And how do you have the confidence, right? If you're going and asking people for money and saying, "Hey, you're gonna make a great return on this," you gotta know that it's gonna work. How do you get that confidence when you've never done it before? That's why getting the experience, even a little bit of experience, working with somebody who has a track record, who will teach you things so that when you're ready to go launch yourself and you find a great deal on an apartment or a house, Maybe the first one is a split joint venture with, with your mentor. Or maybe when you go out and you start looking for investors, it's not just your name but also the mentor's name on top of it. So there's extra added security on it, right? It doesn't have to be all your money. You can break out of that mindset because if you're starting from nothing, it can take a long time to build up to getting enough to buy an apartment complex, right? That's a lot of cash. But again, a lot of these guys don't use their own money for everything. You may put a little bit of your own in, then you get investors, and then you charge your management fee. You charge your management fee on top of everything that comes in. So you're earning an additional percentage or two, or whatever it is, you figure it out. There are best models to practice, to look at, but the money doesn't always have to be 100% yours. Again, you gotta decide, are you in this just as a passive, you know, investment thing on the side? Where you're off then having a job or doing a different business, or do you want to turn this into a business? Right? Do you want to have lots of houses, lots of apartments, a management team to run everything? Because if you're going to do that, then you got to look at how do I get capital? And breaking out of the mindset that it all has to be your own is going to help you explode this business forward. So those are my two bits of advice. Again, recap: go find a mentor, work for somebody who's done this, make, make your mistakes on somebody else's dime, let them teach you the ropes. And then 2, when you find your first place, bring on investors, charge your management fees so you're not just doing it all yourself. You have some experience using other people's money and whatever you have for yourself, and you build it up from there. I'm excited for you. Good luck. Let me know how it goes. Keep me posted with your progress and believe. For those of you watching, let me know what you think. If you've done anything in the real estate business, you have something to add to this video, please leave it in the comments below. It'll help inspire other people as well. You like this video, give it a thumbs up, and you can click on my face to subscribe to the channel, see more videos like this. Thank you so much, I'll see you soon.