This post is long overdue but I'm finally taking the time to give my testimony and thank God that I've been blessed to be in my position.
My real estate journey began February 18, 2018 when my best friend (since 7th grade... we're now both 22 year old business partners) @Alex Kamunyo recommended I read Rich Dad Poor Dad. I hadn't even read a book since 8th grade but this one was so mind changing that I finished it in just 2 days! From there my obsession with BiggerPockets and self-education began, and after listening to over 150+ podcasts (averaging 2 a day) and reading 10 books (2-3 per month) I was ready to take action! We both graduated from college in December 2017 and started working W-2 jobs in January. I was able to save $1000-1500 a paycheck and put it away over the course of 6 months before leaving work and going to graduate school. I thought that this would be the perfect time to House Hack instead of renting thanks to @Scott Trench 's book Set For Life! I used BiggerPockets to find an agent in Indiana, while working in Maryland, and @Patrick Hermans recommended me a GREAT agent to use. I flew out to Indiana one weekend in search for a multiplex but had no luck due to the scarce market. Most people would've quit there but I just thought, maybe I can buy a house with a lot of bedrooms and rent out the rooms the same way (little did I know this was already another version of house hacking)! Even though I wasn't able to view anymore properties in person, I looked through new deals that came on the MLS EVERYDAY until I found my 4bd 2.5ba SFH and had my agent Skype me while he walked through it! I was able to get it by putting down only 5% and co-signing with my dad (due to my "young" credit history.. P.S. I HIGHLY recommend anyone piggybacking on a RESPONSIBLE person's credit for an instant credit boost). I closed on June 29 and had 3 of the 4 rooms rehabbed and rented out by the end September! The last room is the one that I live in, and I now live rent free and pay my mortgage/utilities with my tenant's rent money! I went through over 200+ different prospects before getting my 3 qualified tenants and now I live passively while going to graduate school (where I also get a monthly stipend as a graduate student!!).
However, the story doesn't stop there! Me and Alex also started an LLC in Houston with my parents where our primary focus is buy and hold as well as flipping. We closed on a house in north Houston on July 31st and gave it a full rehab and have it on the market now, expecting to make a profit of over $30K! I've learned soooo much along the way with just these 2 deals and we're looking to move towards multifamily to quickly start scaling, especially after we make our profit from this first flip to use for our next deals using the world famous BRRRR method!
A HUGE thanks goes out to @Brandon Turner for the inspirational webinars, podcasts, and books including Investing In Real Estate With No (And Low) Money Down, The Book on Rental Property Investing, and the book with his wife, The Book on Managing Rental Properties! Also, thanks to @David Greene for eliminating the fear of investing at a distance with his book Long Distance Real Estate Investing. Undoubtedly, I gotta thank @Joshua Dorkin for having the courage to start this empire and growing it to what it is today! The entire BiggerPockets team has been an inspiration to me and I love using the knowledge I've gained to inspire others to do the same! It's not about being rich and quitting your job, it's about being financially independent to do what you want with your time! Time is invaluable and too precious to spend 40 years of it in the Rat Race. Keep an eye out for my name, you'll definitely see it again in the future!
Marlon, congrats on your success and jumping in! Keep it going and I wish you continued success.
Thanks @Brandon Burgoyne !
Awesome! Did you end up keeping your rental in your name or did you transfer the deed to an LLC?
Thanks for sharing! If you don't mind me asking how much did you put into rehabbing it? Or was it a turnkey property? Do you plan to sell when you graduate or continue renting?
Pretty cool to hear this - Im in a very similar boat. Grad school starts in 6 months, currently searching for an investment property to live in, and rent out like you are doing. Congrats and hope everything goes well!
Congrats and way to build the momentum and keep it going!
Great story @Marlon Walls , you're on an ideal path especially at an early age. Are you making Houston your home base for now?
@Mikael Lickteig that's actually next in my plans, I was just recommended to do that by a fellow investor in my area.
@Thomas McQuitty thanks!
@Drew Blankenbecler for the most part it was a turnkey property for the sake of lack of time during grad school. I did paint the bedrooms, install fresh door knobs and electrical outlets though. However, @Alex Kamunyo did do much more rehab on his House Hack than myself if you'd like more info on that. On my plans afterwards, the market will more so dictate that, I know that renting my room out will result in roughly $300 in cash flow per month, so it's a promising option. Just gotta build connections with good property managers. In short, we'll see!
@Michael McCoy thanks! I plan to let the snowball keep gaining momentum even during grad school and especially after!
@Jerry Villa yes. For the most part, our LLC will be where the bulk of our deals go through so it'll be in Houston. I'll most likely move back there after grad school to be more impactful.
@Marlon Walls Sounds like a plan! I have 3 buy and holds in OH and am pursuing Mult-family as we speak to step it up! Good luck in grad school.
@Michael McCoy great choice! Multifamily is definitely the move to scale!
Congratulations on your success my friend. Excellent tip on the method to boost credit as well. It's nice to see other young guys out making it happen.
What an inspiring story! Congrats on pulling the trigger!! I wish I didn't struggle with analysis paralysis for 15 years before I started!
Did you buy in Lafayette, near Purdue? I am from Fort Wayne, IN and went to IU in Bloomington. I moved to Chicago after graduation, but have two properties here and three in Fort Wayne now. I also got a huge kick start by buying a 3-bedroom condo in Chicago and renting to roommates who pay my entire PITI. It's amazing how quickly you can snowball your savings when you live for free.
Congrats on getting started--I'm sure you are hooked now.
@Brandon Frulla thanks, good luck to you too!
@Jodi Paulovich always better late than never! You're still ahead of the game.
@Derek Luttrell I did buy my owner occupied property about 15 mins away from Purdue. That's awesome to hear about your condo cause you are able to save money MUCH quicker when you don't have a mortgage or rent payment! I love it!
i guess lol
congrats! It’s a very inspiring story. I wish I could do the same.
Congrats Marlon! Very inspirational!
That is a great and inspiring message Marlon. You said you worked in Maryland, where in Maryland do you work. I am a student at the University of Maryland College Park.
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i am going to keep this in my followed folder for aspiration and motivation.
congrats! I'll be posting a summary of my first live in rehab house hack soon! Working on getting a quality tenant in and I'll be into my second deal hopefully
@Juvian Maga thanks, I assure you that you can do something very similar. Don't just wish for it, take action and make it your reality!
@Milton Rivera I worked at APL (Johns Hopkins Applied Physics Laboratory), I no longer work there since I now am in grad school in Indiana.
@Marlon Walls Keep it going!
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