Investor · Allenton, MI · Member since 2016 · 32 posts · 9 votes
Only 18, and Currently have two single family homes in my name.
Bank Financed
Rental 1 ( Peck, Michigan ) cost $41,000. Rent $700.00--1.73% close to the 2% rule Owned since 7/15/2015 to date 5/22/2016 minimal costs. had the first renter 7/15/15-5/15/16 new renter signed 5/15/16-5/15/2017.
Center Moriches, NY · Member since 2016 · 4 posts · 0 votes
10y
How did you get your early start? I'm seeming to find it hard to get a mortgage at a young age and lower income but with a better down payment I'm hoping that will get me a mortgage.
Real Estate Investor · Raleigh, NC · Member since 2015 · 14 posts · 4 votes
10y
Salute! I have questions about the bank financing. I'm 19 and just started getting into real estate and just started building my credit. So I imagine that the bank would give me a tough time trying to get a loan. Did you have a hard time with securing a loan?
Rental Property Investor · WY · Member since 2016 · 243 posts · 221 votes
10y
That is awesome! I wish I had that sort of responsibility and foresight when I was your age. Are you looking for another rental or what is your current focus? @Erick Michael Ford
Investor · Allenton, MI · Member since 2016 · 32 posts · 9 votes
10y
Thank you everyone means a lot!
@Derrick Lu Honestly my entire family does rentals and I know that I don't wan't to be forced to get up and work.
@Jack Hatton When my grandfather passed he left me around $23,000.00 and I used that money on the down payment of the first Single Family Home. Even with this huge down payment the banks still did not wan't to give me a loan. I had no credit at this time. The only reason that I was able to get the loan was that my Mom Cosigned for the loan.
@Aaron Jones Honestly you will have a hard time, But don't let that stop you from moving forward. You need to get your credit score up first!
@Jeff F. Of course I will be wanting to get another rental! I need about 8 months to be able to get the financing and refinance on one of the rentals to be able to get another one. I am attending college in Troy MI, I am doing the rentals for passive income.
This is awesome and sounds terrific. Getting started at such a young age is quite an achievement, and I am pretty sure that you will have a decent portfolio by the time you reach 25th birthday. Keep up the good work and keep adding! Since your entire family is engaged in REI, did you consider partnering with them?
Wholesaler · Atlanta, GA · Member since 2015 · 39 posts · 9 votes
10y
My first investment was land which proceeded to lose 90% of its value and I was smart enough to leverage to really get a smackdown. I was 25. Your route is a heck of a lot better and your numbers look great. Congrats and keep up the good work.
My advice to you is to take it slow/steady and don't get overly leveraged.. Its really hard when you keep seeing deals not to want more and more but the stress isn't worth it. you'll lose your hair far too early. Congrats again.
Homeowner · New York City, NY · Member since 2016 · 23 posts · 9 votes
10y
Congratulations! That's amazing to know that another young person is going out there doing their thing despite what others our age are trying to do. Keep going and don't look back!