Owning two rentals at 18

Owning two rentals at 18

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.

Bank Financed

rental 2 (Croswell, MI) cost $38,500.00. Rent 650.00-1.688%

owned 3/15/16. renter signed for 3/15/16 3/15/17

Furnace needs to be replaced just old.

sump pump just installed 5/12/16

minor upkeep nothing major

hopefully around 5/30/17 Will be refinancing on peck house next year.

dumping both rents on to the mortgage for peck house

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Residential Real Estate Agent · Grand Rapids, MI · Member since 2013 · 803 posts · 689 votes
10y

Great job! You must have been working hard all through high school to get a mortgage so young. Keep it up and keep growing. 

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  • Investor · Warner Robins, GA · Member since 2015 · 1k+ posts · 490 votes
    10y

    BANG BANG!!!!

    NICE BRO!

  • Entreprenuer/Investor · Rochester, NH · Member since 2015 · 32 posts · 3 votes
    10y

    Keep it going. Build that wealth!

  • Real Estate Investor · Charlotte, NC · Member since 2016 · 8 posts · 0 votes
    10y

    Holy Crap.. I'm curious, how did you receive financing for a project like that. I'm curious. I'm not that much older, and have very strong FICO Scores (760's) but.. from my research, haven't really seen banks excited to lend to young adults. Even with a large down payment, or significant assets. 

    Interesting & Amazing!!! You should be proud :) 

  • Investor · Allenton, MI · Member since 2016 · 32 posts · 9 votes
    10y

    @Eric Halverson thank you very much!!

  • Investor · Allenton, MI · Member since 2016 · 32 posts · 9 votes
    10y

    @Account Closed Thank you, it feels great.

  • Investor · Allenton, MI · Member since 2016 · 32 posts · 9 votes
    10y

    @Dustin Verley first house rents for 700.00. mortgage payment is 210.00 and taxies and insurance are around 178.00 a month.

    second house is 650 a month, and mortgage and insurance and taxies is 333.00 a month.

  • Investor · Allenton, MI · Member since 2016 · 32 posts · 9 votes
    10y

    @Mitchell Sullivan I have a consigner.

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