Updated over 8 years ago on . Most recent reply
22 Looking for Advice
Hi, I'm currently 22 years old, I recently got married and even more recently found out my wife and I would be having our first child in August. My goal is to acquire rental properties and eventually be able to make a living off of them. I currently own and manage 3 rental properties that are bringing me about 1000/month for all 3 rentals along with having a full-time job in our local chemical plant. I'm seeking any and all tips and advice i could get from people who have walked these steps before, I want to be present in my marriage and in the growth of my children and I truly believe that real estate is the best vehicle for that. Feel free to give me any word of advice you may have. Thank you in advance.
Most Popular Reply
Congratulations Teddy on the marriage and your first child on the way! Very exciting.
My first piece of advice would be to make your next property a small multi-unit building and house hack. We recently published a piece on house hacking, give it a read.
First, it will expand your real estate portfolio. Second, it will remove housing as an expense in your monthly budget, allowing you to put away a lot more money to further invest and expand your portfolio.
My next piece of advice is to avoid lifestyle inflation. It's extremely difficult to watch your friends out living it up, partying, eating out all the time, etc., while you eat in and drive a beater, but if you can live on half your income and invest the rest, you'll soon find you don't need that 9-5 job at all anymore, and you can live off your rental income for your modest living expenses.
Best of luck!
Brian