19 and Starting my Journey with Real Estate

Riverside, California
Starting Out
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19 and Starting my Journey with Real Estate

Kaylee Loomer
New to Real Estate · IE, CA · Member since 2022 · 3 posts · 6 votes

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.

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Michael HaasBusiness Member
Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
3y

@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!

[email protected]408-439-7873
HouseHack Seattle | Michael Haas & Team572 Reviews
WebsiteView Page
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  • Anthony Greenwood
    Realtor · Palm Springs, CA · Member since 2019 · 6 posts · 1 vote
    3y

    Hi Kaylee! 

    These are all great questions and you’re already on the right path by being apart of BiggerPockets at your age! I would say to always read, listen to podcasts and continue to learn on Real Estate/Finance. Check out the podcasts & books available on here they’re absolutely are great resources for you. A couple of my favorite podcasts to listen to is The Real Estate Rookie, The money podcast from BP and House Hacking Success. 

    Also, stay with the jobs as long as possible especially up to 2 years so when it’s time to shop for mortgages it shows you have work history followed by savings. 

    House Hacking is a really good way to start out in Real estate especially if you can find and invest in a small multi property like a duplex or a home with a smaller guest house together on the same property. Then when you have great tenants in your first property you could begin searching for your second home and completely rent out your first home to earn cash flow! 

    Please fill free to reach out with any questions or stay connected. 

    Best of luck!

    Anthony 

    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Kaylee Loomer:

    Go to BUILD YOUR TEAM at the top of your screen and you can search for other MEMBERS or LOCAL MEETUPS. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

    The DIY Landlord Book4.7248 Reviews
    WebsiteView Page
    0Reply
  • Owen Dublin
    Real Estate Consultant · Philadelphia, PA · Member since 2017 · 11 posts · 1 vote
    3y

    Hi Kaylee,

    You may be able to purchase a home right now.  You can contact a lender to learn about lending process and determine if you can get a pre-approval for an owner occupied multifamily property to get an idea of your purchasing power.

    0Reply
  • Ran Iarovich
    Real Estate Agent · WA · Member since 2021 · 254 posts · 173 votes
    3y

    Hey Kaylee, 

    I'm in the same shoes. 19 and based in Seattle, Washington. My eyes really opened up about the possibility of real estate when I was 15 through some YouTube videos. I decided to get my real estate agent license and try to learn the industry from the ground up. I would agree with @Nathan Gesner. Get your dream team from local meetups and forums in your area. That way you can get a mentor or a few trusted friends in the space who can refer you to their trusted connections and build from there. Remember the old adage - "show me your friends and I'll show you your future". All the 5 people that you hang around with should be better than you in ever metric regarding real estate. You should feel OUT OF PLACE. That way, you have no choice but to level up your skills and ability to reach your goals faster and with more confidence. 

    Feel free to reach out if you have any questions about the space and if I can help with starting out on your journey, 

    Hope this helps,

    Ran 

    2Reply
  • Michael HaasBusiness Member
    Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
    3y

    @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!

    [email protected]408-439-7873
    HouseHack Seattle | Michael Haas & Team572 Reviews
    WebsiteView Page
    3Reply
  • Jake AndronicoBusiness Member
    Realtor · Reno, NV · Member since 2019 · 1k+ posts · 938 votes
    3y

    @Kaylee Loomer

    Congratulations on being so young and having these goals!

    I purchased my first property at 22 and was able to house hack into another one, and then move out of both of them and run them as full time rentals in about 4 years. 

    It does not take that much to be financially free (a few paid for properties), and if you're able to purchase a property every 2-3 years and continue living with roommates, you can completely change your life in a relatively short amount of time. 

    Would be happy to share anything I can to help.

    415-233-1796
    0Reply
  • Elisa Michals
    Flipper/Rehabber · Member since 2023 · 32 posts · 16 votes
    3y

    @ Michael Haas- I'm looking to get something -'super-hackable' in the Roy, Yelm region of Washington approx 40 ish minutes or less to JBLM. Would love to connect. I tried filling in your contact form... and it didn't seem to like my email or my phone number? Maybe just a glitch.... Look forward to hearing from you :) 

    0Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y

    Congrats on getting started! There's three steps I would do:

    1. Talk to a lender - They can tell you what you can afford with your current home

    2. Talk to other investors - They can tell you how to be successful house hacking in your market

    3. Learn how to analyze deals - BP has some webinars about this. There's a ton of youtube videos about analyzing house hacks.

    Best of luck!

    1Reply
  • Dan SheeksPro Member
    Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
    3y

    My advice would be to read the Bigger Pockets’ book First to a Million (and the workbook). It’s written for young aspiring investors just like you.

    [email protected]Podcast Guest on Show #179
    1Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    3y

    Welcome aboard Kaylee and best of luck investing!

    Podcast Guest on Show #121
    0Reply
  • Belen Gamarra
    New to Real Estate · Member since 2022 · 9 posts · 6 votes
    2y
    Quote from @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.


     Hey Kaylee! As someone in similar shoes, just interested to see what progress you've begin to make? Although we're on different sides of the US, It'd be cool to connect!

    0Reply
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