Help an 18 year young man get his first property? Helpful Tips

[Alejandro Stewart]

I have a goal to get either my first duplex, triplex, or fourplex this year. My intention is to house hack so that I can build my foundation from there. I’ve been reading books and learning about real estate since I was 15 (I turn 18 next month). I have a plan, but I’d like to see other people’s viewing on what I should do along with tips along the way. Please help if you have the time.

[Evan Polaski]

@Alejandro Stewart you best bet is to save, save, save.  No vacations, no new cars, no fancy apartments or tvs.  Pay off credit cards, if any. Put your money away into a money market and "forget about it".  Personally, I feel like the stock market is going to correct soon, so I am avoiding that market.  Getting started, your credit score is going to make or break you too.  So put utility bills in your name, pay on time, in full.  And work your butt off.  Go to school, learn all you can, meet as many people as you can, and work, work, work.  Everyone says "make your money work for you" but that only works once you have some.  Until then, you hustle to make more money and network. 

When I was 18, I was calculating how many hours I needed to work to afford the next thing I wanted.  And guess what, at 37, I don't have any of those things anymore.  Some good memories, yes, but nothing I couldn't live without.  

A 2-3-4 family is a great option.  I personally don't want someone living IN my space, so renting rooms was never an option.  I recommend something that is a little rough around the edges that you can fix up, quickly or over time.  That will help create more equity.  After a while you can borrow against that equity to be the downpayment on your next property.