I'm interested to know how old you were when you bought your first investment property? How did you obtain the financing and credit needed to buy a property, especially if you bought a property when you were really young and had little to no credit.
We bought our first property at 23 and 24 respectively. We used a VA loan and a lot of "sweat equity". We bought our second and third rental at 24 and 25. We got our free wet with personal properties since they were the easiest. Now we self manage our properties. As discussed on our website our business model is about self management, turning personal properties into rentals when move or transfer and managing class A propeties. We buy houses we can manage long distance long term as we are hoping to use the money for early retirement at 42 and 44.
I'm interested in also starting out with personal properties. You two must have a great plan for your business to retire at such a young age!
Age 26: I bought a triplex and then bought the duplex next to it 6mo later. I wrote my own 5yr business projection plan with supporting data to get the loans. I had always kept good credit on smaller loans and I had a good job in the field of my study. I have owned them now for over 10 years.
I was 23, but I was working with my dad and he provided the financing so I'm not sure that counts.
26.....but it's never to late to start. Colonel Sanders didn't fry his first piece of chicken until he was 60. Now look at KFC!
I was 21, my wife was 20. It was purchased as my primary residence. I tried to buy a house earlier, around 19-20, but I could not get a loan. I've owned this one for almost 10 years now, plan to hold it for a long, long time.
I had decent credit, around 700 and my Debt to Income ratio was more than adequate.
Excuse the yard, this was taken during a bad drought in Texas a few years ago.
I was 31 when I bought my first rental and 22 when I bought my first personal house.
24 - lived in it for a year and a half before renting it out fully.
I was 26
If all goes according to plan, this year I will have a multi-family in the NYC Metro area. I'm 21 fiancee is 20. But only time will tell.
I guess technically 20, though I didn't think of it as an "investment property" at the time. I bought a chunk of raw land and spent the summer cutting trees (and selling firewood) to clear a building site and got the curb cut approved and driveway in. I sold it in October, which was the plan all along. I cleared just about $8000. Serious amount of work.
Jean Bolger, 33 Zen Lane | http://www.solidrealestateadvice.com
It was an owner hold & I rented every room including the back screened in porch to pay it off.
Got my first one last year at 29. I have great credit and had 20% to put down so I went with a conventional loan.
24 when I purchased my first flip property using conventional financing. 25 When I purchased my 2 triplexes using conventional loans from funds I saved up and the flip profits. Trying to keep on moving forward.
I was 23--called every bank until I found one that didn't have a minimum loan amount. I bought it at $25,000, put 25% down, and now it cash flows about $300/month.
I'm impressed with the amount of people that bought their first property in their early twenties. Did you plan on it being an investment property when you bought it?
I was 27 I think. I assumed a FHA mortgage. No qualifying. The video story is here.
36 guess I was a late bloomer
I just watched the video. A video response was unexpected, but I really enjoyed it!
I bought my first property when I was 26. I gutted the entire house and completely renovated it by myself on nights and weekends. It now cash flows $607/month and I have about $93k of equity in the property from the appraisal due to renovations.
I bought my first flip at 21. I lived in it, and did the rehab. Had been told I needed to live in it for 2 years in order to beat capital gains, so that is what I did. Switched houses every 2 years. Did 5 of them(31), and then we bought a house to flip that we ended up living in for 12 years. I did other flips during that time as well. 1 of those flips was in 2007 when market downturned, so I turned it into a rental. Make about $400 a month cashflow on it and I was able to cash out refi for what I had in the house.. Still have it.
I worked in family owned businesses when I bought the first one, so went to the bank and got a loan.
I got my first loan when I was 13. I wanted to buy a 3 wheeler. I walked over to the bank, asked the bank manager if I could get a loan.. He thought it was a riot. Called my parents. They laughed, and informed him that I worked for them in our True Value Hardware store, and that I did have verifiable income. They gave me an unsecured 12 month loan for $1300 and I bought my three wheeler, and paid it off on time.
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