Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
After months of frustrating exchanges between the agent, seller and I. I have finally closed on my first property. I'm 21 years old and am very excited to begin my journey into real estate.
Love it man !! Starting with the quad really speeds up your snowball effect exponentially when starting out plus starting at 21 is great, sky's the limit.
I really took to your post as we are in a similar situation. Purchased a quad as my first property several months ago. I'm not "house hacking" the property but just getting started as well with a quad. Would love to stay in touch and watch our business/investments grow while challenging and motivating each other !! the only problem is I'm 28 so you will have a few years on me when we both retire in 10 or 15 years !! ha
Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
10y
Currently living break even after mortgage, and utilities are taken out. All 3/4 units occupied... Used an FHA loan, so i'll have to live here for a year. I'll be moving out in a year and renting the last unit upon which I will cash flow around $400/mo. Then my plan is to use my own capital + private money to purchase a 12+ unit property.
Investor · Atlanta, GA · Member since 2016 · 7 posts · 2 votes
10y
Congrats sir! I just started the journey as well with a quad. I wish I had started at your age. Lol. I'm based in Atlanta if you ever fall through we can grab a bite and talk shop.
Congrats sir! I just started the journey as well with a quad. I wish I had started at your age. Lol. I'm based in Atlanta if you ever fall through we can grab a bite and talk shop.
Hey man definitely appreciate that! I wish you luck with yours as well! Definitely will have to get together next time I'm in the area.
Virginia Beach, VA · Member since 2016 · 16 posts · 5 votes
10y
Congrats, that is a nice looking property and it sounds like you will have a place to live for free and then will have additional income when you're able to move. Can't beat it!
Cincinnati, OH · Member since 2013 · 1k+ posts · 1k+ votes
10y
Congrats @Rosston Smith! At 21 years of age, you have a bright future ahead and you're laying a great foundation. Love the plan to live in this for a year and then move on. Will you have 20% equity in this place after one year? While you're young, you may want to consider getting another 4-unit with FHA financing if you can quickly build enough equity in the first property. Getting a couple properties under your belt will make the private money conversations much easier.
@Rosston Smith This is awesome, nice work! What are your thoughts on Macon as an investment area?
Thanks! Macon has a lot of low cost properties in premium locations. The best properties i've analyzed have been nearby colleges and are usually snapped up pretty quick. From the agents I've talked to, there are quite a few out of state investors snapping up properties (Some even I was interested in but were put under contract within days)
Congrats, that is a nice looking property and it sounds like you will have a place to live for free and then will have additional income when you're able to move. Can't beat it!
Congrats @Rosston Smith! At 21 years of age, you have a bright future ahead and you're laying a great foundation. Love the plan to live in this for a year and then move on. Will you have 20% equity in this place after one year? While you're young, you may want to consider getting another 4-unit with FHA financing if you can quickly build enough equity in the first property. Getting a couple properties under your belt will make the private money conversations much easier.
This is most definitely my idea. I really want to get started off right. I am debating if I will get another quadplex as my second property. Here in 6-10months I'll have a much better idea of what I'll do. That is a great idea though. You speak wisdom!