51 Units at Age 23 (& Counting)!

115 Replies

@Abraham Anderson when you refinanced our your 20 unit, you say you pulled out 163k (33k more than you initially invested). Did you save up 130k to put down on the property along with your financing? I am trying to get everything in order so I can take down my first multifamily 

This post has been removed.

@Abraham Anderson

Awesome post and continue to focus on growth!

@Angelo Bruno

@Chris Pittman

The "save and buy" method is a stale, non-practical approach to investing.  It's about finding various ways to leverage so you can purchase multiple properties.  Now what type of leverage depends on your specific financial situation.  I highly recommend researching and attending various networking events so you can meet others in the real estate investment world.  Best of luck!

@Aaron Moayed

My apartments I (still) own in my own name, with a large insurance policy. The MHPs I own in an LLC.

@Victor Rolon

I've went through Jake & Gino's training courses, and Mobile Home University's courses. That, plus thousands of hours of podcasts & reading books.

My initial thoughts on going into my first deal were, if I ran into anything I wasn't prepared for, I'd learn as I go. As long as you do the big things right (choosing the right property, not overpaying for it, getting the right financing) no mistakes you inevatibly make will hurt you too badly.

@Tony Castronovo

If you are wanting to grow, I would definitely look at refinancing & rolling that capital into the next deal. Interest rates are at historic lows so now is a good time to pull out capital & lock in a good rate.

@Angelo 

To buy a $750K deal you only need 15-20% down. I had that from personal savings & from refinancing another property I owned. Read my first thread which I linked to in the OP for more details, and feel free to ask on here any questions.

@Damon James , see the link to my first post in the OP.

@Chris Pittman Correct. On my first deal, I put down 10% + used equity in an office building I owned as the down payment.

@Abraham Anderson just want to say congrats on your early success. I am glad you found your niche early in life. Hope to learn from your post im going to head over there and read it now. If you have some advice for someone just starting out please share. I do have a unique situation due to my job.

Whats great, Im sure your parents are proud. I wish I was that young again. Keep up the good work.

Updated 6 months ago

Thanks for sharing your story and tips. I hope that your parents are proud of you. What kind of classes did you you go though. Keep up the good work.

Wow man! This is so inspirational! and you are so young which makes it even better. Congratulations on your success and thanks for sharing the progress. If you are ever in Riverside, Ca. let me know to get together for dinner and drinks.

That's a great report! I'd be interested to know how the performance of the apartment building vs. mobile home park turns out. Why the switch from apartments to mobiles? 

@Abraham Anderson Thanks for sharing your story.  It is always so inspiring to see other people succeeding.  I am a beginner, and in the learning phase.  One of the things I have read is that for multi-units above 4, the financing changes to commercial and generally lenders want to lend to people with experience.  Do you have any advice on how a beginner might approach getting into there types of larger properties?  Thanks for your help!

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here