I’m 19 years old and very interested into real estate

7 Replies

I’m 19 years old and very interested into real estate, I’ve recently purchased the BNB formal and have been applying the information I’ve been shown into my approach to real estate. The only thing that I’ve been having trouble with is trying to find property to rent that will let me use there property for short term guest, if anyone is willing to give me tips or more information about short term rentals or anyone in the area could help that will be much appreciated.

Save as much money as possible. Fly to an area where you can buy properties for less than $10k purchase one. Fix it up and rent it out. City like Detroit, Cleveland or Memphis.

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Originally posted by @Keondre Taylor:

I’m 19 years old and very interested into real estate, I’ve recently purchased the BNB formal and have been applying the information I’ve been shown into my approach to real estate. The only thing that I’ve been having trouble with is trying to find property to rent that will let me use there property for short term guest, if anyone is willing to give me tips or more information about short term rentals or anyone in the area could help that will be much appreciated.

Switch gears. Instead of trying to rent a house from someone then sublease rooms buy yourself a large house or duplex using an FHA loan. You only need 3.5% down. If you don't have enough funds to cover that right now since it's so low you should be able to obtain them in short order by working a 2nd or 3rd job for the next few months. Now that short term rental income will be cash flow and more importantly help pay down your mortgage instead of the actual landlord's mortgage.

Hey @Keondre Taylor. Everyone here has given some good advice and I really like the idea of doing a duplex. At your age, it is an easier way to get rolling.

Rental arbitrage has a lot of risks and when you are just starting out can devastate you if things go wrong. There are people who do it and make money, but they are established and can take a hit. You can’t.

Once you start building out a portfolio, you could revisit the idea or just buy a nice vacation rental and then self manage. 

Save up a ton of cash. Be frugal until you have at least 25k. Then the sky is the limit and jump in. Read every real estate book you can get your hands on. Read as much as you can daily on bigger pockets and listen to their podcasts. I recommend listening to Coach Chad Carson podcasts too. He covers everything you can possibly think of regarding investing and strategies. Good luck.