21 and First Investment Property
BP,
I just wanted to share a success story that I have been blessed with having. I was in the military and stationed in Lemoore, CA. Lemoore is a town of 25k people and they are expanding the base and adding about 5k billets to it. Supply and demand I knew it would be a good time to buy.
Tons of people tried talking me out of it but I still bought my first home at 21 for 186k. The cash-flow that I'm getting from the property is just about even right now which isn't the best thing, it's actually more of a learning experience. Although, this is including my property management company too.
I was able to get the home rented in about a month of me moving out and the process was stressful but relatively smooth.
In about a year I have about 12k in equity and not to mention all the tax incentives I'll have from the property. Furthermore, with a property management company that is GOOD, I hardly hear a thing about my property. I just get a check for $1102 every month and my mortgage is $1112.
The point is I bought a house young and am seeing the benefits of owning a home now. I hope to soon be able to get a LOC on the equity in the home and buy another investment property in the Columbus area by June 2017.
Just thought I would share a little success from a young investor, thanks BP!