5 Rental Properties As a College Student... With $16,000!!

10 Replies

Hi BP,

I write this in hopes to be an inspiration for those who have not started in the RE game either because they don't have a job, they don't have money, or they think they're too young. I am 21 years old and I started Real Estate with bigger pockets about 6 months ago. I had more drive than I could ever imagine. I have been getting up at 6am everyday, and have been diligently working to make my dreams a reality ever since. It all started when I made a simple post on BP, and a property manger reached out to me who was knowledgeable in the mobile home niche. Wanting to just get my foot in the door in some way, my first real estate investment was a mobile home for $5,000 cash... My property manger agreed to put the other $5,000 of rehab in out of his pocket, as long as I payed him back through the tenants rent month by month (It was a win win for him because I hired his property management services once the property was ready to go). After trying to wholesale properties for 4 months, I could not wholesale a SINGLE PROPERTY. I had many under contract, but it took me a while to be able to distinguish between a good or bad deal. I went back to the mobile home park 4 months later and looked for another mobile home to invest in. I ended up buying two mobile homes with owner financing. I paid $7,000 down, and the rest is being paid month by month (total purchase price of $18,500).

While mobile homes can be great for cash flow (they rent for $850 per month each), I really wanted to get into SFH to take one more step forward into the RE game. After hours on top of weeks of searching, I finally found a hard money lender who agreed to finance my properties at 100% LTV, at 13% interest and 5 points. Since finding him, I had bought two single family homes, one all in for $39,000, and the other all in for $35,000 (Out of my pocket was about $4,000 for both of these). Once I refinance, I will pay the lender back, and I will have roughly $50,000 in equity from both properties.

While this is certainly nothing to be crazy about, I am currently cash flowing $2,000 a month after all of my expenses and debt. Anything is possible if you're willing to put the work in, and I am very exciting to keep pushing and see what the future has in store. Proud but not satisfied!!

Congrats James, that's really an inspiring and motivating start. 

The entire website is gonna need the name and contact info of the HML lending at 100% LTV.

TIA. 

Originally posted by @James Gleeson :

Hi BP,

I write this in hopes to be an inspiration for those who have not started in the RE game either because they don't have a job, they don't have money, or they think they're too young. I am 21 years old and I started Real Estate with bigger pockets about 6 months ago. I had more drive than I could ever imagine. I have been getting up at 6am everyday, and have been diligently working to make my dreams a reality ever since. It all started when I made a simple post on BP, and a property manger reached out to me who was knowledgeable in the mobile home niche. Wanting to just get my foot in the door in some way, my first real estate investment was a mobile home for $5,000 cash... My property manger agreed to put the other $5,000 of rehab in out of his pocket, as long as I payed him back through the tenants rent month by month (It was a win win for him because I hired his property management services once the property was ready to go). After trying to wholesale properties for 4 months, I could not wholesale a SINGLE PROPERTY. I had many under contract, but it took me a while to be able to distinguish between a good or bad deal. I went back to the mobile home park 4 months later and looked for another mobile home to invest in. I ended up buying two mobile homes with owner financing. I paid $7,000 down, and the rest is being paid month by month (total purchase price of $18,500).

While mobile homes can be great for cash flow (they rent for $850 per month each), I really wanted to get into SFH to take one more step forward into the RE game. After hours on top of weeks of searching, I finally found a hard money lender who agreed to finance my properties at 100% LTV, at 13% interest and 5 points. Since finding him, I had bought two single family homes, one all in for $39,000, and the other all in for $35,000 (Out of my pocket was about $4,000 for both of these). Once I refinance, I will pay the lender back, and I will have roughly $50,000 in equity from both properties.

While this is certainly nothing to be crazy about, I am currently cash flowing $2,000 a month after all of my expenses and debt. Anything is possible if you're willing to put the work in, and I am very exciting to keep pushing and see what the future has in store. Proud but not satisfied!!

 Excellent James,

I've been studying people who are successful and who achieve results. It's great to see you are achieving results! It's definitely due to your determination and hard work.

Awesome work James!  I am 23 living in the same area as you, looking to mak my first deal in 2018. Keep up all the hard work, your story is inspiring! 

Congrats keep on grinding and growing in 2018!

James Gleeson

Congrats! How’d you find that HML lender?!

Congrats @James Gleeson !  You're going to be super successful!  Won't be long before you blow me out of the water...not that it will take much to do that.  
I remember suggesting we have a beer together...then having to ask if you were old enough to drink.  You came with a yellow pad filled with questions.  I was blown away by your ability to ask great questions.  That strength alone will take you really far.  I'm inspired by you and what you've been able to do already.  

That is really inspiring to a guy who is having trouble getting started and scared to take first step. Congratulations. 

Congrats on the success!

Where do you buy?

What is your purchase price point? 

What sort of rents are you collecting?

Do you mind educating everyone on the financial aspect of your success?

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