20 year old son closed on his first house today.

16 Replies

He paid cash.  I am so excited for him.  

Good job. I plan to indoctrinate all of my children into saving every penny and buying real estate.

Congratulations.  I would have loved to have an investment property at that age.

Congratulations,  that is super impressive! 

Good parenting!

May we know more details about the property- location, purchase price, rehab needed, rental comps, ROI?

Very nice! I wish my dad could've seen me buy my first rental property. He did get a chance to see me buy my own primary residence though :)

the house is 1713 east 13th sreet in pueblo.  It is in a lower class area, but not in one of the war zones.  He paid $30,000 cash for it. They asked for more but LJ made a lowball offer and it was accepted. [thanks BP] 

The house is 3/1 and 864 square feet and is located on 4 lots [a third of an acre] It needs tons of cosmetic work inside, [ about 3 grand for materials]but the structure, foundation, wiring, roof and plumbing are all fine. Also there has been a small ammount of exterior work, xeriscaping. 

There are dozens of deep gouges in the plaster walls. Under the walls are blocks of cement. Any tips on best way to repair these as I can find nothing online about repairing plaster over cement. 

Just to have one thing to inspire me was putting faux granite on the kitchen counters,  It turned out incredibly beautiful and costs less than $50. 

Question, what is the best "real estate beige" that is on the light side and not greyish.  We had about 6 little tryer cans made up at home depot and none of the colors look good on the walls.Too dark, too pink, too grey, too looking like a very off white. Suggestions would be appreciated.

For plaster work.  I have some plaster work which needs to be done on my property, however it is brick then plaster and brick lath plaster in most areas.  I am about to purchase try using a product bought from lowes called descolite i believe its called.  Use that to fill the gouges almost level with the existing plaster surface, then fill in the rest with a nice even skim coat.  I have 0 experience in this but this is what i plan to do, maybe someone can offer details with more experience.

that's great that he is getting such a nice headstart and learning the value of money and investments at such a young age...i (and probably many other members) wish we got started this early!   It will be such an advantage for him to go through various real estate cycles when probably most investors can experience a few in their career

Originally posted by @Mathuw Chandler:

For plaster work.  I have some plaster work which needs to be done on my property, however it is brick then plaster and brick lath plaster in most areas.  I am about to purchase try using a product bought from lowes called descolite i believe its called.  Use that to fill the gouges almost level with the existing plaster surface, then fill in the rest with a nice even skim coat.  I have 0 experience in this but this is what i plan to do, maybe someone can offer details with more experience.

 Thanks. I cannot find descolite when I google. Does it perhaps go by another name?  TY

Congratulations! Gives me hope!

For the plaster work you can go to Lowes and ask them what they recommend.  They usually sell plaster mix in a bag which you can mix with water.  In the past I've used regular premixed drywall compound over plaster and have had no issues.  I usually repair holes in plaster walls with drywall because drywall is slightly cheaper and weighs less.  I also usually have some on hand and no one can tell the difference anyway.

Congrats to your son! I'm 23 yrs old and ready to pull the trigger on my first purchase aswell.

Congratulations to you and your son, how did he save up the money?  How much will the house rent for?

When LJ was 9 years old he decided that he was going to buy a house when he 'grew up" because we were sponsoring a child through "Save the Children," and when he found out that the little girl we were sponsoring slept on a muddy, dirt floor he decided that he would save up for a home so that he could keep "poor people" from sleeping on dirt floors. [ one Autistic super-power, perseveration] 

I  told him that if he wanted to do that then he should start saving money. He started the next day with a kool-aid stand and a pooper scooper business. He already had about $7,000 saved by the time he turned 13. He did use about a thousand to purchase some  vending machines.  Shortly after that is when he got sick. EXTREMELY sick. it is a lifetime [probably] problem but he has gotten so much better over the past couple years. 

He could barely work [or do anything] for most of the past 7 years. When he could, he worked at our auto repair shop.  We have an old trailer behind the shop and LJ c

Sorry, accidentally sent.  LJ would work for 10 or 15 or 30 minutes, check off the clock when he got sick, rest up [and smoke mmj] in the trailer for an hour or so and then check back in and start all over again. He saved every dime and he also received a few thousand dollars from social security that they owed from after his father passed away.

As far as rent, about $625 a month.

I just returned from spending a week straight working on the house.  I am tired but will write about it tomorrow.

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