Singing Pig

I'd like to see some of your opinions on how/if this is possible. I'm 17, soon to be 18, and rather than going to Uni then starting the rat race, i want to start and finish in property development/investment.

I have looked at and am interested in almost all ways of making it in property, but i wanted to see if you had any advice on my first steps.

 

P.S. I have read SP front to back!!!

 

Thanks

Tom 

Here it goes, for what its worth!

I believe its very hard to get going in property without a decent war chest (cash reserve).  At 17 I'm guessing that you just about have two hands to scratch yourself, and little else!  To pursue a career in property to the exclusion of all else at this stage would be bullish, if not unrealistic.

Having said that, you show admirable foresight and 'outside the box' thinking.  Your reluctance to get caught in the rat race is admirable, but I think your best way forward is this:

Read SP back to front again!

Then make it your business to find and engage some investors.  Then, using every ounce of drive / enthusiasm you undoubtedly possess, start sourcing BMV properties.  By now you have probably learnt something of how to do this thro' this forum.

If and when you successful, pass on the deals to your investor contacts for finders fees, and start to amass your war chest.  After months / years of very hard work and unwavering persistance, you will be in a position to avail of the opportunities you source yourself.

Keep us informed of your progress, and if we can help at all, we will.

Keep it goin'

I must suggest caution at coming into this business right now,your young enough to wait till the dust settles as we are in turbulent times right now,either go to uni and get educated in a property related field or get a job in the industry manual or estate agent but if times get tough this year neither jobs will be secure.Sorry for the cold water but its well intentioned

Zulu has some v.good points here.

Education is not to be sniffed at. So if property is the field you want to dedicate your 'life' to (to be successful involves a huge ammount of dedication, passion, patience & the ability to bounce back from knocks on the way), then I also recommend you educate yourself in the property field, such as in EA's, chartered surveyor's, etc. This will also allow you to develop your 'people skills', as this industry requies you to be able to interact with many people, from a wide variety of backgrounds/situations.

Your investing/developing can then start as a side line, so you are learning on the way, with the security of an income to begin with.

This business is for long term growth, and you have the advantage of being so young. So don't rush in, and see how the market unfolds.

Hope this helps...............

hursty,

if you have the ability and motivation to go to Uni ... you should.  i put off going to Uni for a year, just to make sure it was what i wanted to do.  it was also a year of work and saving, to make sure i had some cash before i went (my parents are fairly skint as i'm one of 8 kids!)   i've got a Uni get-together next weekend ... and was just pondering on how much i got out of going to Uni.  those 3 years were superb.  but, if i had my time again, i would use all that free time to better effect ... maybe by project-managing BTS projects for employed friends/investors (it would be tricky to get finance while studying!).  or maybe by doing all the BMV work for a business partner in whose name the property purchase went ... etc.

you don't need to join the rat race ... why not learn a trade at Uni & then go self-employed?  why not choose to study something you really enjoy?  work saturdays in an estate agents office? 

it's a decision you need to be happy with, but the best antidote to any concerns about "the rat race" etc ... is to choose a profession/career/job that you actually enjoy. 

good luck. 

 

For what its worth, I agree with most posts here

Get Educated in a field you enjoy. If you're passionate about property then become a surveyor or take a building trade as an apprenticeship if possible. That way you learn the ropes while earning a crust and trying to build those assets. Read everythinng you can get your hands on, after all knowledge is power (everything except playboy that is). Keep asking questions on here, we're here to help

Oh... and good luck

 

P&K

P&K wrote

* Read everythinng you can get your hands on, after all knowledge is power (everything except playboy that is).*

I dunno, some might say Playboy was very educational!!!!

 On a more serious note, sound advice allready but I would say educate yourself first, at 17 you have plenty of time. One important thing I will say is apply the principles of financial education first, don't live beyond your means, save so you can have a decent warchest.

Perhaps university can be a good way to get into property, instead of renting why not buy a place or get your parents to. Stay there and rent the rooms out perhaps?

Property is not a get rich quick scheme, it is like starting a business where in the beginning it can be tough, it takes hard work and persistent motivation. I spent 9 months just reading various sources including SP and books before I decided that property was for me.

 All the best.

thanks for all the comments here.

I have taken them all on board and will spend the next couple of months considering my options. 

 And P&K, the idea you mentioned regarding buying a property and renting out rooms is one I have considered already but as my parents will not fund this, and I cannot get a mortgage, it seems unrealistic.