Insurance Agent · West Chester, PA · Member since 2019 · 2 posts · 3 votes
Hello Bigger Pockets,
My name is Eric I'm 21 years old and I'm from the Philadelphia/ South Jersey area. Im new to the real estate game and would like to connect with individuals in the area that are involved is Residential and Commercial real estate. Although I currently have no experience in real estate investing, I have been putting in time to learn what I can about the industry. My goal is to use real estate to at first generate another source of passive income and hopefully be able to do this full time to achieve financial freedom. Iv been looking into getting my license in pa. Although it's not required to get into the investing part of the industry, I feel as though it wouldn't hurt. I am currently working for a local solar company in South Jersey. I also have my HVAC certification (Universal EPA). My thoughts on my first investment was a multi property using an FHA loan. Good or bad idea? Any advice on where I should begin this journey would be greatly appreciated.
FHA multi-family house hack seems to be the best way to get started. You can lower your cost of living and get your feet wet as a LL for little money down. You're 21, so you can do this for 10 years (buy a multi-family, live in it for a year, and repeat every year) and probably have enough passive income to to be FI by 30-31.
FHA multi-family house hack seems to be the best way to get started. You can lower your cost of living and get your feet wet as a LL for little money down. You're 21, so you can do this for 10 years (buy a multi-family, live in it for a year, and repeat every year) and probably have enough passive income to to be FI by 30-31.
Hi Eric! I'm also a pretty new investor but I have already taken the step earlier this year to buy a fourplex in Philly with FHA financing. Right now, I'm looking to see how to do the next purchase.
I’d be happy to jump on the phone with you to share what I’ve learned and answer any questions for you. Send me a message with your number and we can connect!
@Eric Onderko Going into multi-family is a great idea. Especially with an FHA loan. There are a lot of benefits with cash flow, sweat equity, low down payment, qualifying based off of projected income, etc. If I had to start over I'd definitely rack up a few multi units early on - you are so young you have time to learn, make mistakes, recover if need be, reinvest, etc. Good luck!
Thank you everyone for the advice, it is greatly appreciated. Although I'm not currently in the financial situation to make a move today or tomorrow, its good to know that when I am ready the move that I'm planning on is a good one for an early investor.