I just wanted to see where I am in the grand scheme of things here...how old were you when you purchased your first property? I am 26 and will purchase my first property later this year (December time frame).
Also, if you could go back and do it again at my age what would you change? Would you invest differently? It seems like entrepreneurs are hard-wired to spread success to other people, and it is always fun to learn from other people's experiences!
Thanks for the response!
I was 23 when I bought my first duplex. I wish I still had it. I really started getting serious about REI in 2011. If I could go back and change anything it would be not increasing our living standard so rapidly when income increased for the years 2010 -present. If our lifestyle would not have increased until now we would have double the properties making money and the compounding effect would allow more financial freedom. Our business is now buying properties with profit but we could easily be 1 - 1 1/2 years ahead of where we are today.
Welcome! Good link here to a very recent discussion on the same topic:
I was 26 - it's the place I still live in and since we got in at such a great time, I have been able to access the positive equity in it and am now closer than ever to finally realizing my goal of owning my first investment property within the next couple of weeks!
You are the same age as I was so I'd say you are doing great! But if I could have I would have been investing in smaller (also cheaper - in the sense that they cost under 75K, not cheaper as in run down or beat up) property, primarily duplexes or SFH, because it allows you to gain valuable experience and learning lessons while not necessarily having too much on the line, or "skin in the game" if you will - However, when you move across the country to live in Los Angeles, extra money is kind of hard find the first couple of years - but I made it through and here I am!
@Bobby Hoyt I was 22 when I bought my first property, and 23 when I bought my first pure investment property.
I wouldn't let a year pass without buying at least one more property if I was your age again.
I also wouldn't let being a part time REI stop me from being a Boy Scout dad with my oldest son or stop him from being a Boy Scout.
I was 23 and bought my first investment property with 25% down, conventional financing. I am currently closing on 4 more units and an additional SFH and duplex by year's end.
My advice? You are young. Take more risk. You have your entire life to either 1) reap the rewards or 2) build yourself back up. Do what you feel comfortable with!
I'm 17 now and will be investing in my first property as soon as I turn 18 :)
I had just got out the Army and bought my first home at 26 years old for 65k. I lived in it for a while never intending to get into the rental game. Long story short I came back into the Army after realizing the economy sucked...I had no choice but to rent that house out because I didnt want to sell it.
Once I did, I realized I was onto something. I seen I was making money every month and as soon as I put it on craigslist my phone began blowing up. Since 2006 Ive only had 3 people in that home, everyone has rented for a good period and they were good tenants. I hear war stories of people and tenants and ive never had that issue.
If I could do it again, I wish I had a better job from 2006 until now so that I could have bought more properties. Now I am back in the Army and have a very stable income it will be easy to buy more properties, where before I didnt have that option. Now I plan on building my empire over the next 5-10 years. I have learned so much since 2006 until now...And Im still learning.
I was 21 when I bought my first duplex in which I lived in the lower ajd rented out the upper. I bought my first pure investment property about 9 months later before I turned 22... Looking back I would have loved to start a couple years earlier :) the biggest advise is learn like crazy. Study landlord tenant law. start learning how to repair things and what different projects and updates will cost. That is really it, be passionate, get dirty, dive in and learn...
25, then dabbled in a few flips and a rental through my thirties, but stepped it up in my forties.
I'm 25, and haven't bought any property yet. I'm still educating myself, and my first buy will be next year.
20. I bought it for $14,000 and resold it 2 years later for $36,000 after putting maybe $5,000 into it.
I was 19 when I bought my first property for investment. It was a 2 year planned flip (for capital gains reasons).
My biggest advice to you is, do not quit your day job until it is infringing upon your ability to make further investments, and make sure you have the appropriate amount saved to do so. The flipping market is extremely market sensitive and can turn on a dime. If you are looking for true wealth building, look further into the buy and hold market. Flipping is a job, and a hard one at that. B&H is the way to build true wealth. Im 28 now and have completed a few profitable flips but I am finally realizing the potential of B&H. Im sure I will do a few more flips but B&H is my strategy now.
Good luck to you in whatever avenue you choose!
I was 23 when I bought my first property. Bought the second one at 28, and the third 6 months ago. I'm currently 32 and have two income producing oroperties along with my primary residence. You'll find that financing can get a bit tricky by the third one, but it's well worth it! Best of luck!
I was 21, purchased a 3 unit property for $185k, just sold it 20 years later for $550k and that 1 house allowed me to but 6 others through equity and cash flow...wish I had bought 20 of them...trying to get back into it now !
I was 23 when I got my fist property. And I was 26 when I got my investment house. Two years later looking to buy the 3rd one. Looking back I wish I would have taking the chance I wanted in flipping a house I know that's what I'm finally doing.
I bought a primary residence at 25, but didnt really buy my first investment property until last year at 32.
sounds silly, but i guess I am old as far as starting.
Bought our first house at 20. first rental property SFH at 28.
Advice. Buy investment property before you buy your personal home. Buy a personal home when you have enough cash that your next investment property doesn't need that cash. You will always benefit from putting your money where it pays you, as opposed to where it just reduces your expenses or is a personal asset for you to use.
I'm 26 as well, ramping up to buy my first property. Best of luck!
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