As Coronavirus restrictions begin to ease and our world gradually gets back to normal, it can be complicated (and intimidating) for young people to get started in real estate investing. During the pandemic, the investing world experienced trends and adjustments that had never been seen before – many of which may be shifting yet again as the pandemic lets up, interest rates rise, and inflation continues to climb.
As members of BiggerPockets, we understand and respect the passive income generating and wealth-building aspects of real estate investing. And we may have some young people in our lives who we would like to see begin their real estate investing careers. So how should an aspiring young investor get started?
It’s common knowledge that the best way to get into real estate investing is to surround yourself with people, opportunities, and wisdom related to the industry. So why not get the student in your life started by encouraging them to get a job that will introduce them to the real estate world?
By working a job related to real estate, they will be doing what Robert Kiyosaki calls “working to learn, not to earn.” That is, they will be learning things that can help them in their future endeavors while earning a paycheck at the same time. But the main benefit is what they will learn, not the money they will earn.
In most cases, your student could start by searching for the types of businesses listed below in their neighborhood. Parents and mentors can also ask people they know in the real estate industry if they might be hiring. You never know if that agent who helped you buy a house two years ago might need some office help or if your property manager is looking for an intern.
Here are five strategic jobs young people can use to help them get their feet wet in the real estate investing world.
1. Real estate agent/broker assistant
Real estate agents could always use more help. Offices that house several agents need even more help. And in today’s real estate market, where the demand for properties is far great than the supply in most areas, agents definitively need help finding sellers. As a real estate broker assistant, your student may be following up on leads, posting on social media, creating and editing promotional videos, posting property listings, filing documents, greeting clients, answering the phone, and assisting with property closings.
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2. Office assistant for an escrow agent
Escrow agents guide real estate clients through the escrow process. As an office assistant, your student may provide clerical support, create and edit correspondence and documents, maintain files and records, and provide services to clients.
3. Property manager assistant
Property management companies house several property managers who usually have more work than they can handle. Property managers need help showing properties to prospective tenants, handling marketing campaigns, fulfilling maintenance requests, addressing tenant complaints, and often dealing with stressful situations.
4. Work for a contractor
There currently is an extremely high demand for quality contractors, so much so that contractors are turning down jobs and projects they would love to take on. That’s why contractors around the country are looking for quality help, even if it’s just a part-time beginner who is motivated and willing to learn. If your student is handy, this could be an excellent fit for them.
Related: 6 Money Lessons to Teach Kids at Home During Coronavirus
Are you ready to invest?
One of the most frequently asked questions in the BiggerPockets forums is “How can I start investing in real estate with no money and bad credit?” The answer? You shouldn’t. You need to fix your situation and invest from a position of financial strength.
5. Work for a mentor
There is no better way for your student to learn the ropes than to work for someone who does exactly what your student would like to do someday. If your student wants to invest in real estate, maybe your family knows a real estate investor looking for an intern, apprentice, or mentee. Or maybe your student wants to work in banking or finance. Do you know a local lender who might need some extra help?
ThesThese five jobs have a wide range of duties and skillsets. Hopefully, there is one that will pique your student’s interest so they can gain some valuable knowledge while also making some extra money.
What other jobs do you think young people can learn a lot from doing?
Share in the comment section below.