Advice On A Young Investor Looking To Get First Rental Property

Honolulu, Hawaii
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Advice On A Young Investor Looking To Get First Rental Property

Jacob Lorenzo
Realtor · Honolulu Hawaii · Member since 2023 · 6 posts · 1 vote

I'm certainly new in the Real Estate investing side. Im a 19 year old Real Estate Agent in Hawaii. And I would love to get some advice on what steps should I take to secure my first rental property. Thank you!!

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Jaron WallingPro Member
Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
2y

@Jacob Lorenzo Buying rentals at a young age in Hawaii is a monumental challenge. I'm saying this to inspire because you have to climb the mountain and it's a long journey. Your market is brutally expensive. It's not going give you any favors. You have to out hustle your peers or you won't find a property that works as a rental. 

The best way to grow and find good deals is by offering value - for next to nothing in return. Big or small, young or old, everyone has value. When you talk to people see if they have any problems and BE THE SOLUTION. When you do this opportunities will come your way. You'll be around the right people, ask the right questions, and boom someone wants to sell a property you can't pass up, sub 2, or partner with you. 

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  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    2y

    @Jacob Lorenzo Buying rentals at a young age in Hawaii is a monumental challenge. I'm saying this to inspire because you have to climb the mountain and it's a long journey. Your market is brutally expensive. It's not going give you any favors. You have to out hustle your peers or you won't find a property that works as a rental. 

    The best way to grow and find good deals is by offering value - for next to nothing in return. Big or small, young or old, everyone has value. When you talk to people see if they have any problems and BE THE SOLUTION. When you do this opportunities will come your way. You'll be around the right people, ask the right questions, and boom someone wants to sell a property you can't pass up, sub 2, or partner with you. 

    1Reply
  • Ke Nan Wang
    Developer · St. Augustine, FL · Member since 2018 · 311 posts · 384 votes
    2y

    I'm not an affiliate nor I'm Pace's students, but I think Pace Morby has some nice free programs for young and hungry real estate people. 

    I'm part of his free Facebook group and also I watch his Youtube videos to brush up my real estate skills. I think at the minimum, people need to be aware of the skills he's teaching. There are a lot more opportunities out there than most people think. 

    Just be very mindful about sales pitches and other bad apples in the free community where unfortunately in this world, there are scammers everywhere. Just keep in mind, when doing real estate transactions, do not ever send money to individuals, always send money to a title company you know/trust and you should be fairly safe to start. 

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  • Preston DeanBusiness Member
    Realtor · Fort Worth, TX · Member since 2021 · 779 posts · 368 votes
    2y
    Quote from @Jacob Lorenzo:

    I'm certainly new in the Real Estate investing side. Im a 19 year old Real Estate Agent in Hawaii. And I would love to get some advice on what steps should I take to secure my first rental property. Thank you!!


     Kuddos to you Jacob!

    Step 1 would be to get your finances in order and know that to buy a straight investment (not living in it) you are going to need 20-25% as a down payment.

    Step 2 would be to think about house hacking your way into your first rental. IE purchase a duplex or 4plex with the intention to live in it for at least a year & then rent out the other doors.

    Step 3 find a realtor & begin your home search after you have a pre approval

    step 4 go under contract and preform your due diligence during the inspection/option period

    step 5 prepare to close - don't open any new accounts or make any large purchases over $500 until closing

    step 6 move in a screen tenants. I use this website - https://www.tenantbackgroundsearch.com/

    Best of luck to you and keep on moving forward!

    [email protected]817-480-9452
    United Real Estate DFW Properties 564 Reviews
    WebsiteView Page
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  • Dan SheeksPro Member
    Rental Property Investor · Denver, CO · Member since 2016 · 621 posts · 362 votes
    2y

    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
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  • Mackaylee BeachPro Member
    Real Estate Agent · Kansas City, MO · Member since 2020 · 1k+ posts · 495 votes
    2y

    Hey Jacob, congrats on wanting to get dive into the real estate industry at such a young age!

    Investing is a great way to obtain financial freedom and generation wealth. I would first recommend for you to have a clear understanding of what your financial goals are. I'd be happy to share the endless opportunities the Kansas City market has to offer if you ever decide to invest outside of Hawaii.  Best of luck to you as you embark this new journey! 

    [email protected]
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  • Jacob Lorenzo
    OP
    Realtor · Honolulu Hawaii · Member since 2023 · 6 posts · 1 vote
    2y
    Quote from @Jaron Walling:

    @Jacob Lorenzo Buying rentals at a young age in Hawaii is a monumental challenge. I'm saying this to inspire because you have to climb the mountain and it's a long journey. Your market is brutally expensive. It's not going give you any favors. You have to out hustle your peers or you won't find a property that works as a rental. 

    The best way to grow and find good deals is by offering value - for next to nothing in return. Big or small, young or old, everyone has value. When you talk to people see if they have any problems and BE THE SOLUTION. When you do this opportunities will come your way. You'll be around the right people, ask the right questions, and boom someone wants to sell a property you can't pass up, sub 2, or partner with you. 

     Thank you for the advice and motivation. I will keep in mind!!!

    1Reply
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