22 Year Old Looking to Take the Rich Dad Approach to Life

22 Year Old Looking to Take the Rich Dad Approach to Life

Rental Property Investor · Allentown PA, United States · Member since 2016 · 567 posts · 442 votes

Hello,

As you can see by my subject title, I too like I'm sure many of you do are looking to build long term wealth for themselves and their families. I currently reside in Suffolk County Long Island, New York and have been learning as much about real estate(books, podcasts, forums etc.) as possible in my year off before I attend Physician Assistant school in Philadelphia. I am reaching out to the BP community for any advice or guidance from experienced investors on how to get my feet wet before diving into real estate in the coming years.

My thinking was to reach out to some wholesalers or flippers on long island to see if there is anything I can do to help their business such as driving for dollars, direct mail, or taking calls in return for them teaching me about the business before I head to Philly in 8/17. 

House hacking has intrigued me as well and I was wondering if anyone knows if I may be able to qualify for a 3.5% down owner occupied multifamily unit to get started in the Elkins Park or Jenkintown area while in grad school. If not, I would possibly be looking for guidance or partners to do my first deal as I have good credit, a good salary currently(although not once I'm a full time student), and some savings; although most likely not enough for a full 20-30% down payment on a multifamily on my own from a traditional lender.

I'm young and ambitious and know it won't be easy or handed to me, but any tips from you guys on how to set myself up for success for years to come would be greatly appreciated.

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Dave VisayaPro Member
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Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
9y

Hey @Bill Goodland welcome to BiggerPockets! You came to the right place to learn more about real estate investing. You certainly on the right track learning more about real estate and you should check out the podcast coming out this Thursday, a guy who invested in his 20s is nailing it. :) 

BiggerPockets
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  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hey @Bill Goodland welcome to BiggerPockets! You came to the right place to learn more about real estate investing. You certainly on the right track learning more about real estate and you should check out the podcast coming out this Thursday, a guy who invested in his 20s is nailing it. :) 

    BiggerPockets
  • NYC, NY · Member since 2013 · 50 posts · 22 votes
    9y
    Keep reading man. Lots of great information here to soak up. Go online and look at properties, schedule viewings and understand what's around. It's just like shopping- at some point you'll find an excellent deal. Best of luck.
  • Agent · Columbus, OH · Member since 2014 · 77 posts · 23 votes
    9y

    Hey @Bill Goodland,

    Congrats on getting started. House hacking is a great way to dip your toe into investing and see if its going to be what you expected. If you have a job it might be a great time to get started with a multi family and you living in one unit.  This would also subsidize your living for your year of school you'll be completing. 

    Let me know if there is anything I can do to help.

    Justin

  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    9y

    Great intro @Bill Goodland! You sound very focused and motivated. I would remain active on the forums, look out for investors in your area and just reach out to them. Offer value the same way you did on this post. 

    I recently started by just D4D and sending out handwritten letters. I bumped it up to printed yellow letters and I work closely with a local wholesaler who offered to partner up in exchange for experience... ALL through learning and networking here on BP! Just get active at REIAs, BP and don't be afraid to reach out personally. Let people see or hear that enthusiasm and you'll get what you're looking for.

    As far as loan qualification Q's, I would reach out to a local lender (also easy to find on BP!).

    Best of luck to you!

    -Abel

    REbuild Team - eXp Realty5239 Reviews
  • Investor · Indianapolis, IN · Member since 2014 · 2k+ posts · 601 votes
    9y

    Hi @Bill Goodland , 

    Rich Dad Poor Dad definitely influenced a good number on BP. There are REIA and BP meetups in the area and you can connect with investors there in person on top of what you're doing online. I'm not familiar with your area, but I've been involved in the strategies you've mentioned and they all work. Just have to learn the ropes, put in the work, and get your feet moving. All the best! 

  • Patchogue, NY · Member since 2016 · 1 post · 0 votes
    9y

    I just wanted to say hi and welcome. I am new to this too and also from middle island, Suffolk county, ny. Multifamily properties are few and far between here but it should be much better where you are going. I envy you in that regard. Qualifying for a 3.5% FHA is very easy. The FiCO requirements are much lower. We are starting out with a duplex in patchogue but it has been a struggle to get this far. Please feel free to reach out if you want to chat more.

  • Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
    9y

    @Bill Goodland

    Welcome to BP. FHA is an excellent way to get started. Are you pre approved? Do you have a target area you are looking to invest in? I am also looking to house hack, self manage my first property using FHA. It is slightly more difficult to have an offer accepted since you may be competing with conventional financing and multiple offers. But, stay consistent, keep analyzing deals, and putting in offers and you will be successful with your first purchase

  • Rental Property Investor · North Little Rock, AR · Member since 2016 · 82 posts · 19 votes
    9y

    @Bill Goodland

    I'm fresh off the bat as well and the biggest thing that has helped me come along so quick is just simply taking action. The best teacher is your last mistake, but of course still learn along the way! I read and followed up with people for 2-3 months before diving in and finally got my first rental.

     I'm only 22 and currently working on getting a second and a third door if the seller and I can come in agreement on price. My strategy early on is buying a property with a tenant already in place. The state that I'm from is one of the better rental markets.

    From what I'm thinking you have some reserves if things were to go south, but there is always a way to find $ for the down payment and let the tenant take care of the rest [hopefully]

    P.S if not already start acquiring credit cards, they can be used for good things if you're disciplined enough. Oh and cant get much better by the 0% they promote for signing up.. good luck, stay with it and go get it!

  • Member since 2016 · 13k+ posts · 12k+ votes
    9y

    Live as frugally as you can, most your age waste the majority of their money on cars, cell phones, internet toys and socialising with dead beat friends.

    Save every dime till you have enough of your own money to start and don't get married until you are well into your investments.  Family responsibilities and needing approval for every life decision is a motivation killer. 

  • Rental Property Investor · Phoenix, AZ · Member since 2013 · 919 posts · 911 votes
    9y

    @Bill Goodland

    I hope you realize the book was almost pure fiction.  There is no 'rich dad', just like there is no Santa Claus or Easter Bunny.  It was 'motivational bs'.

    Best thing to do:  save money, buy real estate.  ;-)

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