19 and Starting my Journey with Real Estate

[Kaylee Loomer]

I'm 19 and one of my first goals in Real Estate is to start by house-hacking. I learned that this is one of the best ways to start out in real estate, and I do not mind having roommates at all.. in fact I am very use to living in crowded households. I just got my first car, and I just started 2 new jobs. 

I currently have a good amount saved up as an emergency fund. and as for how much I need for a house hack.. I am a bit unsure as to where I should be at with my finances. Are there any steps I could take right now to help bring me further to my goal? Is there anything I should be wary of when starting out? Any advice is greatly appreciated.

My dream is to eventually have financial freedom and own and rent out multiple properties. I've had an interest in real estate ever since I was 12, and I feel like I am finally the point where I can get started on this journey. 

I am also interested in having a mentor or even just someone to connect with and talk to about real estate. Feel free to message and connect with me! As I will be connecting with others as well in this field. I am so excited to start on this journey as owning my own home and owning real estate in general has been a dream of mine for so long.

[Michael Haas]

@Ran Iarovich @Kaylee Loomer way to get started early! Compound interest is one of the most powerful forces in the world, and the longer you give it to work the more the results will impress you. Invest early and often and you'll do great!

Kaylee, CA is like WA, where a combination of having roomates and having additional units can work really well. Brush up on the code changes in your part of CA - If you find a property with a large main house + a second kitchen (ADU or MIL) that could be a lot of rental income on your first purchase.
2. Definitely talk to a local agent and lender about first time homebuyer programs - we recently helped a buyer HouseHack in Tacoma, WA for just $3,500 out of pocket. If you take advantage of the programs available and owner occupy the property you can get started for less than you think! 

3. If you're willing to sacrifice a bit to put yourself on a solid financial footing I would start with very large houses - 3,000sqft + and 6 bedrooms +. There's less competition for these properties, and with some creative remodeling you can create multiple comfortable, rentable spaces. Establishing a short term rental / airbnb in part of the home is another great way to maximize rental income.

Cheers and good luck! And seriously, message me anytime if you'd like to talk more about house-hacking, it's definitely changed my family's financial life and the lives of a ton of our clients for the better! If you have ok credit, ok W-2 income, and just a little bit of savings buying a house hack is a financial no-brainer IMO!