What Would You Tell Your 25 Year Old Self?

5 Replies

Educate yourself!  (I would actually be telling myself to get that downpayment ready to purchase that duplex soon - bought my first property at age 27!  So, not far off from where you are.)  Best of luck!

Buy a cashflowing duplex in a nice starter neighborhood (not a single family).

@Julius Swolsky Buy a four plex, live in one side, and rent out the other units. Plus rent out the bedrooms in your own apartment. Buy in an up and coming area in the path of progress. Learn property management, business and real estate taxes all at the same time. Then, cash out and refinance 2-5 years later and do it again on another fourplex. Do this until you can not stand living next to others. By this time you will have 4-16 units that cash flow extremely well with out putting much money into a deal.

@Alex Olson is spot on. Buying a quad as your first property in the right location would be tremendous. As an alternative to his strategy, you could do a 1031 exchange into a larger property every 2-5 years to increase your number of units that way.

Hope this helps.