Investor · Tampa, FL · Member since 2017 · 123 posts · 109 votes
I have a family member scheduled to graduate college this December, and he has his heart set on buying a rental property out of state (he lives in NY, looking at single family under 100k in OH) in 2021. His mother works as a loan officer at a large bank and has taught him the ins and outs of personal finance and saving, so thankfully he will graduate with less than $14K in student loan debt and one credit card he puts his entertainment purchases on.
His goal is to buy one property per year every year from 22-30, and "graduate" at 30 to larger projects as the first eight units begin to cashflow. His job out of college (he has accepted an full time offer in an NYC asset management firm) will bankroll much of his endeavors.
What advice would you share with someone at this age with this plan?
Investor · St Petersburg, FL · Member since 2014 · 231 posts · 221 votes
6y
Forget about SFRs. I was 23 or 24 when I bought my first one, and went for a nice 3/2 with a 2 car garage in the nice cookie-cutter neighborhood where all my friends had bought. My priority back then was living within a drunken stumble of my buddies, and I loved it! Looking back, I should have been looking for 2-4 unit deals.