So I’ve noticed a theme between some of these introduction threads, and it’s that a bunch of us are all 25 or under and have realized that every wealthy person they’ve ever met is into Real Estate Investing in some form or another.
So, come on in, tell us your situation, and let’s learn from each other.
Sacramento/Bay Area of Northern California
Recent college grad
Just landed a career position but looking to develop multiple streams of income.
Looking at single and multi family units (1-4) using FHA loan
Also interested in wholesaling/bird dogging to network with other investors in the Norcal area.
Im currently looking for my first property. Hoping to find a good deal on a residential mutlifamily property. My plan is to buy and hold as many of these type of properties as possible to generate cash flow. Im thinking about maybe doing some wholesaling to generate more income in the meantime.
I am a junior Finance major at Clemson University. I’m twenty, and for eighteen of those years I have lived in Anderson, South Carolina.
I’m interested in SFH and multi-family properties as rentals and lease-options starting out. I don’t find it wise to start out with flips/rehabs, so I’ll stay away from those until I have enough experience and capital to better ensure success. My property preservation affords me a different perspective on REO’s, such as foreclosures that are currently not listed and those that require substantial repair that the banks have been sitting on for quite a while.
I don’t need a source for many of them. There are many recurring work orders for properties not listed on MLS, damaged or vandalized properties, etc. I’ve developed a relationship with the FNMA brokers in the area. They’ll tell you what they’ll list for and also what they expect the bank will take.
I have around $20k for start-up costs, but hopefully by the time I start I will have more and/or a financial backer from within the family.
Hey guys, I just found this forum yesterday, and I decided to register a few minutes ago.
So a little bit of background about myself. I’m a 22 year old male college student, have a part time job, and I “rent” in SoCal.
Have 1% (I just started reading about REI 3 days ago.) knowledge about REI, broke, and I don’t know where to begin with.
The book I’m reading is Rich Dad Education’s Guide to Real Estate Investing, which a freebie when one sign up to a 3 day workshop.
I have many questions right now such as where do I begin and where could I find investors and lenders…
Great topic for a thread, guys! My first bit of advice would be to get your student loans taken care of. Fortunately for me, I had three paid internships which allowed me help pay for school along the way. Once my loans were paid off at the beginning of 2010 (graduated in 2008), I began focusing my efforts on REI.
10/2010 - Purchased a foreclosed townhouse in Charlotte, NC. Put 20% down.
12/2011 - Purchased a short-sale tri-plex in Chicago, IL using a FHA loan. Currently living in one of the units.
The first property has been a bit of a unique experience. I purchased the unit so that my sister and her fiance could serve as my tenants. I’m renting to them for a rate below market, so they can get on their feet, but it’s been cash flow positive. I’m essentially leaving some money on the table, but it hasn’t been too bad.
However, I’m not sure if I’ll ever buy another condo/townhome again because the economies of scale just aren’t there. The way I see it, from a maintenance and management perspective, multi-family buildings just make more sense to me. Unless of course, I can purchase enough units in a particular development to have a favorable voting interest on the board or am particularly bullish in the development because of some sort initiative that will take place in the future (i.e. building a transportation line by the unit) that will allow for appreciation.
If you don’t have a lot of capital to get started, I would suggest trying to do anything you can to live for free. Maybe you buy a three bedroom condo, live in one bedroom and rent out the other two to friends. I was fortunate enough to be able to buy a 3-flat and rent out two units, which essentially pays my mortgage, taxes, and insurance completely. I traded about $900 a month in rent and utilities to a few hundred a month in utility expenses. This also excludes the equity I’m building and the tax benefits.
I actually met you at Four Shadows a few months back, Ryan. I’m still interested in WCRT. I’m currently in Old Irving Park.
Yes, my first deal was out of state immediately after my 24th birthday. I purchased the foreclosed townhouse for $38,000 so the 20% down wasn’t a huge deal. I purchased the multi-family last year shortly after my 25th birthday.