Buying assets to cover personal expenses

[Cody Flicek]

Hey everybody! My name is Cody, I'm a 21 year old currently located in Lexington Ky. I am looking to buy small multifamily assets to cover all of my expenses and wanted yalls wisdom! I currently have about $3,000 in expenses. What would be your guy's first go to be in order to chop this number down? I do not have the capital myself to get started, however I have knowledge and TIME to provide sweat equity in a couple of deals. So how would you guys suggest I best use this time? 

I appreciate you all, thank you!

[Laura Navaquin]

Hey Cody! Love that you’re getting started at 21, there’s so much potential when you’re this early in the game, and time really is one of the best resources you have. First off, getting your expenses down while building your real estate portfolio is a smart move.

When we started, we didn’t have a ton of extra capital, so we turned to wholesaling to earn additional side income, which we then used for down payments to begin investing. Now, 10 years in,  we leverage equity, partnerships, and hard money to continue growing. We’ve also found a way to replace the six-figure income I left behind when I went into real estate full-time.

Since you don’t have the capital yet, leveraging your time and sweat equity is a great strategy. I’d suggest starting by partnering with someone who has the capital but needs the time and effort to manage or rehab a deal. You can bring value through project management, finding deals, or doing the legwork, which will help you get your foot in the door without needing capital upfront.

Also, you could consider wholesaling or brokering deals to generate cash for future investments. The key will be networking with people who are already active in the market and finding ways to offer value to them while learning the ropes.

If you ever want to chat about strategies that could work for you, feel free to reach out. Give me a follow back and we can stay connected as you start your journey!

Looking forward to seeing where you go with this!