22 Year Old Student - Multiple Deals: House Hack and Flip!

22 Year Old Student - Multiple Deals: House Hack and Flip!

Rental Property Investor 路 Lafayette, IN 路 Member since 2018 路 31 posts 路 66 votes

This post is long overdue but I'm finally taking the time to give my testimony and thank God that I've been blessed to be in my position.

My real estate journey began February 18, 2018 when my best friend (since 7th grade... we're now both 22 year old business partners) @Alex Kamunyo recommended I read Rich Dad Poor Dad. I hadn't even read a book since 8th grade but this one was so mind changing that I finished it in just 2 days! From there my obsession with BiggerPockets and self-education began, and after listening to over 150+ podcasts (averaging 2 a day) and reading 10 books (2-3 per month) I was ready to take action! We both graduated from college in December 2017 and started working W-2 jobs in January. I was able to save $1000-1500 a paycheck and put it away over the course of 6 months before leaving work and going to graduate school. I thought that this would be the perfect time to House Hack instead of renting thanks to @Scott Trench's book Set For Life! I used BiggerPockets to find an agent in Indiana, while working in Maryland, and @Patrick Hermans recommended me a GREAT agent to use. I flew out to Indiana one weekend in search for a multiplex but had no luck due to the scarce market. Most people would've quit there but I just thought, maybe I can buy a house with a lot of bedrooms and rent out the rooms the same way (little did I know this was already another version of house hacking)! Even though I wasn't able to view anymore properties in person, I looked through new deals that came on the MLS EVERYDAY until I found my 4bd 2.5ba SFH and had my agent Skype me while he walked through it! I was able to get it by putting down only 5% and co-signing with my dad (due to my "young" credit history.. P.S. I HIGHLY recommend anyone piggybacking on a RESPONSIBLE person's credit for an instant credit boost). I closed on June 29 and had 3 of the 4 rooms rehabbed and rented out by the end September! The last room is the one that I live in, and I now live rent free and pay my mortgage/utilities with my tenant's rent money! I went through over 200+ different prospects before getting my 3 qualified tenants and now I live passively while going to graduate school (where I also get a monthly stipend as a graduate student!!).

However, the story doesn't stop there! Me and Alex also started an LLC in Houston with my parents where our primary focus is buy and hold as well as flipping. We closed on a house in north Houston on July 31st and gave it a full rehab and have it on the market now, expecting to make a profit of over $30K! I've learned soooo much along the way with just these 2 deals and we're looking to move towards multifamily to quickly start scaling, especially after we make our profit from this first flip to use for our next deals using the world famous BRRRR method!

A HUGE thanks goes out to @Brandon Turner for the inspirational webinars, podcasts, and books including Investing In Real Estate With No (And Low) Money Down, The Book on Rental Property Investing, and the book with his wife, The Book on Managing Rental Properties! Also, thanks to @David Greene for eliminating the fear of investing at a distance with his book Long Distance Real Estate Investing. Undoubtedly, I gotta thank @Joshua D. for having the courage to start this empire and growing it to what it is today! The entire BiggerPockets team has been an inspiration to me and I love using the knowledge I've gained to inspire others to do the same! It's not about being rich and quitting your job, it's about being financially independent to do what you want with your time! Time is invaluable and too precious to spend 40 years of it in the Rat Race. Keep an eye out for my name, you'll definitely see it again in the future!

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Investor 路 Dallas, TX 路 Member since 2016 路 20 posts 路 8 votes
7y

Marlon, congrats on your success and jumping in!  Keep it going and I wish you continued success.

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  • Rental Property Investor 路 Austin, TX 路 Member since 2018 路 9 posts 路 3 votes
    7y

    @Marlon Walls Congrats bro! Super encouraging reading your story + journey!

  • Rental Property Investor 路 Wuhan, Hubei 路 Member since 2017 路 9 posts 路 4 votes
    7y

    Everything is difficult before beginning, I鈥檓 happy u have on the way to accumulate your wealth and success step by step, u start very young, a good example for the young also for any people who wanna enter the real estate! Good luck! Even I鈥檓 in china, I can feel the inspiration and also I鈥檓 on the way to invest in property now!

  • Investor 路 Clinton, MD 路 Member since 2018 路 21 posts 路 12 votes
    7y

    Wow Marlon!  Thank you for sharing.  Great testimony on how preparation and action produce results.  Wishing you the very best with your graduate studies as well!

  • Rental Property Investor 路 Apex, NC 路 Member since 2018 路 66 posts 路 10 votes
    7y
    @Marlon Walls Inspiring testimony Marlon! Props to you for grabbing the bull by the horns and taking action. Keep up the good work!
  • Investor 路 Stamford, CT 路 Member since 2012 路 247 posts 路 63 votes
    7y

    Great job, @Marlon Walls! Very inspiring! 馃榾馃榾馃榾馃憤馃憤馃憤

  • Allen, TX 路 Member since 2018 路 16 posts 路 4 votes
    7y

    @Marlon Walls Whoa this very impressive, I am currently in the same boat. I am about to graduate and I am currently trying to save enough money for my own house hack. It amazing that you had a great partner to work through this process with you. I am also trying to find a like minded individual myself, to partner with! Good luck to all your future endeavors!     

  • Investor 路 Oceanside, CA 路 Member since 2017 路 78 posts 路 25 votes
    7y
    @Marlon Walls dang man ! Congrats on all your success keep pushing ! Sounds like the dream of bigger and better dreams
  • Rental Property Investor 路 CA 路 Member since 2018 路 225 posts 路 180 votes
    7y
    @Marlon Walls awesome stuff. So glad you seized those opportunities. Here is to more future successes!
  • Orlando, FL 路 Member since 2018 路 50 posts 路 5 votes
    7y

    @Marlon Walls congrats man! Wishing you much success.

    When you were looking at your first house hack can you give us some insight on the criteria you had in mind? Location, potential cash flow margins etc. 

    I'm struggling with figuring out how to get into my first property doing a house hack with a lower down payment while setting up a good position for the second investment.

  • Rental Property Investor 路 Green Bay, WI 路 Member since 2016 路 45 posts 路 20 votes
    7y
  • Rental Property Investor 路 Charlotte, NC 路 Member since 2018 路 36 posts 路 14 votes
    7y

    This is awesome!! Thank you for sharing.

  • San Jose, CA 路 Member since 2018 路 25 posts 路 38 votes
    7y

    Marlon Walls, thank you for sharing.  Congratulations! I have to get over my fear of investing further away.

  • Realtor 路 Sarasota, FL 路 Member since 2018 路 22 posts 路 7 votes
    7y
    @Marlon Walls wow I love reading success stories like this. I am working hard everyday and stay learning every day so I can be in your position one day. Best of luck, Harley.
  • Rental Property Investor 路 Collingswood, NJ 路 Member since 2016 路 282 posts 路 116 votes
    7y

    Awesome story.. Congrats and thank you for sharing!

  • Rental Property Investor 路 Lafayette, IN 路 Member since 2018 路 31 posts 路 66 votes
    7y

    @Angela Holmes the book by David Greene

  • Rental Property Investor 路 Lafayette, IN 路 Member since 2018 路 31 posts 路 66 votes
    7y

    @Angela Holmes the book by David Greene, Long Distance Real Estate Investing helps to dismiss that fear! I'd recommend reading it.

  • New to Real Estate 路 San Diego, CA 路 Member since 2018 路 66 posts 路 13 votes
    7y

    This is amazing! #goals CONGRATS!

  • Austin, TX 路 Member since 2018 路 4 posts 路 2 votes
    7y

    congratulations

  • Contractor 路 Katy, TX 路 Member since 2018 路 3 posts 路 1 vote
    7y

    That is an awesome testimonial! I am about to start going to college while trying to start my own business here in West Houston. Fortunately I live with my parents but I really want to get into real estate sometime soon. 

    Thank you for the inspiration!

  • Johnny PineyroPro Member
    Golden Oak, FL 路 Member since 2018 路 78 posts 路 25 votes
    7y

    Awesome bud!  Congrats now keep investing!

  • Member since 2018 路 1 post 路 1 vote
    7y

    Marlon is the BEST Business Partner in the biz! You never cease to amaze me son! 

    My husband and I had been contemplating Real Estate Investing for years and then comes along these two Bright, Intelligent, Connected young men (Marlon and Alex)  who gets us motivated and making moves.  I鈥檓 sooooo glad We taught you that you could be ANYTHING and do ANYTHING that you put your mind to! Those lessons have come back full circle and ultimately you have taught us the same .馃馃グ  Thanks BP for helping us make so many of the processes Seamless! Here鈥檚 to more Great Deals!

  • Member since 2018 路 60 posts 路 10 votes
    7y

    @Marlon Walls if you don't mind me asking if you guys have any rehab experience before or how did you figure out which contractor is right for you. Since having no experience in rehab could be a disaster at the same time.

  • Rental Property Investor 路 Lafayette, IN 路 Member since 2018 路 31 posts 路 66 votes
    7y

    @Atta Bari no we did not have any rehab experience prior. Everything for us has been a learning experience! The key to keep in mind is that its OKAY to make mistakes, any and everything you do starting out you're not going to be an expert at it! Don't let that discourage you from starting because I guarantee you the second time you do it will be easier than the first, and then the third will be better than the second, and so on..! Before you know it you WILL be an expert if you keep it up, just gotta take the first step! But we found our contractor because he had done previous work on my parents' personal home. I'd recommend going out to Home Depot early in the morning (like 6am) and taking a pic of all the construction company trucks you see and/or talking to the contractors that come through. Soon enough you'll find the right one! Hope this all helps and good luck on taking the first step!

  • Real Estate Agent 路 Malaysia 路 Member since 2015 路 56 posts 路 22 votes
    7y

    @Marlon Walls Awesome!! Glad that you took your 1st step because that's the hardest one. After that, you should be cruising to your financial freedom. Good luck, bro!

  • Specialist 路 Wilmington, NC 路 Member since 2018 路 1 post 路 0 votes
    7y

    Wow, what an incredible story, Marlon! So glad you were able to have such success, and that you stuck with it after your initial roadblock. That is a mistake many, many people fall into and end up failing because they never persevered. 

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