Real Estate Investor · Friendswood, TX · Member since 2014 · 5 posts · 2 votes
I just wanted to see where I am in the grand scheme of things here...how old were you when you purchased your first property? I am 26 and will purchase my first property later this year (December time frame).
Also, if you could go back and do it again at my age what would you change? Would you invest differently? It seems like entrepreneurs are hard-wired to spread success to other people, and it is always fun to learn from other people's experiences!
Iowa City, IA · Member since 2014 · 12 posts · 9 votes
11y
I was 23, a couple months out of college, in debt, and with no credit history or money. All I could afford was a mobile home with a loan from my parents. But I knew it was better than renting.
Lived cheaply, fixed up the place and sold it 2 years later for over 2x the purchase price. Used the profits as down payment for single family house... Looking back, buying the mobile home was the catalyst for my real estate investments. Dream big, start small
Involved In Real Estate · Hyattsville , MD · Member since 2011 · 298 posts · 256 votes
11y
I came to the US in 1999, I bought my first property in 2001 I was 24 and my first investment property in 2002 at 25, second investment property at 26.. Wish I could go back and buy one every year oh well.
Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes
11y
I was 22. Took over the payments (and tenant) from an accidental landlord. Bought it out 18 months later for the mortgage balance and resold it for $25k net profit.
If I could do it over I would have sold it on a wrap/rent-to-own and made another $20k+!
Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
11y
@Bobby Hoyt I was 24 when we purchased our first house, which soon became a rental when we moved overseas. It was 8 years before we purchased our second. I'm now 34 and we've purchased four properties over the last 12 months.
Rental Property Investor · Olympia, WA · Member since 2014 · 781 posts · 744 votes
11y
I was 27. Bought a fourplex in August, and then our personal residence in December.
@Kyle Evans Just curious why you are waiting? If you have a deal, and the resources to make it happen there are ways to do it now. My son was 15 when he bought his first rental: owner contract through an LLC that he was majority member of. (Podcast 95 tells the story!) Good luck to you!
Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
11y
I bought my first primary residence at 26. Purchased 2 more primary residence properties during various years as I moved. Finally purchased my first (and second) true investment property this year at 33.
If I could do it all over again, I would have found BP sooner and then bought as many as I could in 2009 after the market dropped out of the stratosphere... Hindsight :(
Residential Real Estate Broker · Saint Louis, MO · Member since 2014 · 1k+ posts · 567 votes
11y
I was 21 when I got my first property it was an investment 4 family. Bought for 95K took out student loans to make the down payment. Put in 30k (loans from the rents) refinanced to pay them back and to buy another place at 190K and sold it 3 years later for 210K. The hole time renters paid the mortgage. I've been doing it ever since.
You are partially correct. You cannot sign on behalf of yourself until you are 18. That contract would be non-binding. However, if you are signing on behalf of a legal entity (llc, corporation, etc..) your signature is binding. So, my son went to the Secretary of States office and filled out the LLC application and paid the $200 application fee. They never asked how old he was. They handed him his formation certificate. I was a 33% partner in the LLC. We did an owner contract ( A bank typically would not have done this). After he turned 18 he refinanced in his own name to get better financing and pay the original note hold off.
Flipper/Rehabber · Vancouver, WA · Member since 2013 · 331 posts · 252 votes
11y
23 years old when I bought my first house. 48 when I bought my first mobile home. Now, at age 64, I buy mobiles all the time. Just bought one last week and negotiating for another this week.