I am trying to create an animated text that I can overlay on videos. I finished the animation and saved the file as a .AEP. Watched a tutorial that said to save it as an animation preset, but as you can see I have all the items in my comp selected but 'Save Animation Preset' is greyed out.
Not sure what I did wrong.
You probably need a couple-three more looks at that tutorial. You can NOT save an AE project as an animation preset.
When you animate properties and effects on a single layer, you can save all that stuff as an animation preset.
If you're editing in Premiere, you can just import your AEP and lay that over your video. If you want to be able to edit or adjust it a bit in Premiere, look into creating a Motion Graphics Template. It's one of the most useful new features in the recent release of AE and Premiere.