20 Years old bought 3 investment home with a full time job of 60+ hours weekly
As a new member to Bigger Pockets this is my first post about my self. 3 homes by the age of 20.... Hopefully 20 homes by the age of 25 as a goal. Having a full time job in the transportation industry with a busy job of 60+ hours.
Hey great story just curious how you actually started you saved money from work I mean at 20 years old there isn't much time in the work field how are you paying for and managing rehabs? Hard money ? Savings? Loan? Thanks in advance
I don't really know about financing, I tried to get a equity loan for a property, that I couldn't afford, I had the first two houses all paid and tried to get a loan for a third one that I liked in a very good area of town. I tried with Chase Bank but never got passed talking to the banker, Do to the fact I didn't live in any of the houses they couldn't help me out with a equity loan.
Thank you for the support from everyone on here. I wish I knew about this forum from the start of my adventure.
I'm very proud of you!
Great story. I think we are all impressed by your success.
So, when you said you don't know about financing, does this mean you purchased all theses deals & renovations with cash?
Also I know a few other members have mentioned this... how did you go about managing the rehabs while working full time? That is very impressive. You said the one you bought in March 2014 is still being work on?
good for you man!
I live in Vancouver BC ...Canada and home prices here are insanely expensive, for 400k you get a 2 bedroom condo!
With that being said, i am excited to start in real estate via foreclosure process.
Easy
Originally posted by @Account Closed:
Great story. How even 1 house is possible with a full time-job of 60 hours a week is beyond me. Everything and anything will require multiple phone calls, mistakes from contractors, clarifications, etc. And once you pick up the phone all off a sudden you'll have 5 people by your desk for work-related issues...and not to mention your boss who would love to know who's on the end of that phone call. But hey. That's my opinion. As to your original post, congrats!!
I've got enough houses to generate $20k gross per month, I work 60+ per week and I live overseas without a property manager.
When I started in this business I was working 55 hours and going to night school for 20+ hours for my Mba. Also had no property manager.
You never know what you can or can't do until you try.
Originally posted by @Brett S.:Originally posted by @Account Closed:
Great story. How even 1 house is possible with a full time-job of 60 hours a week is beyond me. Everything and anything will require multiple phone calls, mistakes from contractors, clarifications, etc. And once you pick up the phone all off a sudden you'll have 5 people by your desk for work-related issues...and not to mention your boss who would love to know who's on the end of that phone call. But hey. That's my opinion. As to your original post, congrats!!
I've got enough houses to generate $20k gross per month, I work 60+ per week and I live overseas without a property manager.
When I started in this business I was working 55 hours and going to night school for 20+ hours for my Mba. Also had no property manager.
You never know what you can or can't do until you try.
Thanks Brett, good point. Everyone's experiences are going to be different, and having a positive attitude helps. From the few experiences I had, getting a Certificate of Occupancy took so much out of me with all the phone calls and arguments and incompetence that I just got a bad taste in my mouth. But it's not the right way to think about it, I agree. It's important to forget the bad experiences and look forward to good ones.
Hey Pavs,
I am inspired by your story, I would like to know did how you come across such good deals.
Today I will post some pictures of house two and three I got a new phone about six months ago and have no pictures of house one.
House two: This is after putting a roof, two weeks after purchase
House three:
This is the main bathroom on the main floor
This is the main kitchen
This is the kitchen in the basement ( sorry its a bad picture)
Two weeks after buying the house, The contractor took the old plywood of to replace it and found this (don't know if it works yet)
As far as how I got here... In high school as a freshman I was buying and selling cars. At the end of my freshman year I had saved 13+/- k I took that money and had it doubled in savings by my senior year. Then got a job as a dispatcher at a company that my father worked at. learned a lot about the business and now work full time in the transportation/supply chain industry. This is my first semester I'm not doing school. As of next semester I will be a part time student at a local college. Only thing I can say is spend less then what you make. Working a lot doesn't really give you time to spend money.
Way to go! I envy you for starting so young... good for you. I had no knowledge of passive or residual income until my mid 30's. Soon, you'll be able to kiss your 60+ hour job goodbye!
Those are nice houses! Definitely great for rental properties. What area are they located in?
This is very smart and you are in a great area to do this.
Originally posted by @Brett S.:
I've got enough houses to generate $20k gross per month, I work 60+ per week and I live overseas without a property manager.
When I started in this business I was working 55 hours and going to night school for 20+ hours for my Mba. Also had no property manager.
You never know what you can or can't do until you try.
Sounds like you have a lot of trust, but how do you handle things like check in/out, inspections, showings, etc. without a property manager? I assume you are managing yourself and just hiring out some of the things you and/or a manager would do?
Originally posted by @Mike Palmer:
Originally posted by @Brett S.:I've got enough houses to generate $20k gross per month, I work 60+ per week and I live overseas without a property manager.
When I started in this business I was working 55 hours and going to night school for 20+ hours for my Mba. Also had no property manager.
You never know what you can or can't do until you try.
Sounds like you have a lot of trust, but how do you handle things like check in/out, inspections, showings, etc. without a property manager? I assume you are managing yourself and just hiring out some of the things you and/or a manager would do?
it's all about team. My realtor does everything you note above. Actual day to day property management ("fix my toilet") is handled with an email to me from the tenant and an email to the plumber from me.
Originally posted by @Pavs Doychev:
As a new member to Bigger Pockets this is my first post about my self. 3 homes by the age of 20.... Hopefully 20 homes by the age of 25 as a goal. Having a full time job in the transportation industry with a busy job of 60+ hours.
That's great, ongratulations Pavs!
congrats! Persistence pays off & im sure you'll have more than 20 by the time you're 25. How did you acquire your property? Did you purchase these homes through off market listings?
My first house was on the MLS listed as a short sale, it sat on the market for a while before I looked at it.
The second house was listed on a auction website for a short period of time.
Third house also hit a auction site but only for one day.
I've been extremely lucky. Honestly waiting for the right deal is what I've learned from the first couple of purchases. Don't rush it.Lol sounds stupid but wait for it. I remember looking at ten houses a day and nothing ever worked out for me. I stopped looking, my agents calls me when he sees something that I would like and out of three houses one is a deal. I find it very important to make sure your agent knows what you like and don't.
I am young like you (19) I have no clue how to get started in this whole process. You inspire me, and I would love to know step by step what you did to get started. Also , I am in school working a part-time job so I do have a very small income coming in. I am willing to save and invest as much as it takes. As you can tell, this is a cry for advice.
-Shannon