All Forum Posts by: Garrett Crosby

Hi Thomas,

First of all. Props to you. Being 19 and even considering this is already a huge step in the right direction! :) Keep up this mindset and you will build wealth. Follow the advice of these comments and you will get there!

A few things:

#1 Like a couple of people mentioned - a $19K car is unnecessary right now. Frankly, I make great money and still don't blow it on super fancy new cars. Everything I buy is used and fits within my budget so that my wealth continues to grow. Get a nice used car that gets you from A to B safely. 

#2 Consider saving up and house hacking a property. If you are making a good enough living while living with your parents, you could save enough up for an FHA down payment. Take advantage of this market downturn and consider buying a duplex with an FHA down payment (or even a condo/small home with multiple rooms). Then rent out the other unit (or rooms) and continue saving. This is the easiest way to get started for your age - especially with friends who will most likely be renting as they get started in their careers... you basically have a sphere of renters organically around you right now!

#3 Before anything though, read. All the resources provided above are great starting points. Read and take it seriously. Build a budget for yourself. One other thing I would point out is the really be mindful of where you spend your time. I remember being 19 and spending so much time playing video games or partying - sometimes I question how much more I could have accomplished if I set limits for myself and avoided time wasters. :) 

#4 As far as investing your money vs. putting it in a savings account - usually I would say absolutely. Given the recession, I would say this: if you are looking to use this money to buy a property within the next year (if you find a way in which you can do it) then I would say to probably avoid investing into the market in the short term. For long-term purposes, there is no better time for a 19 year old to start investing in the market than there is today. 

Just my 2 cents. Feel free to give me a call if you want chat more! 

Hi Masood - I would suggest doing a deep dive in these forums, because I'm certain there are tons of amazing suggestions out there. 

While there is not a "one-size-fits-all" answer to this - what I can say is that based on my personal experience, I've been having a lot of luck with North Carolina and California markets recently (for two completely different strategies).

#1 California - Short Term Rentals! AirBnB is a huge industry here in CA. Being that we are one of the most frequently traveled states for vacations in the country, short-term rentals are a huge win. Doesn't really matter where you buy either, I've witnessed clients bring in killer cash flow on properties out here. I wouldn't recommend CA for long-term rentals though unless you are doing so in more rural areas. The State doesn't really have the more landlord friendly laws, which is why I promote short term rentals instead out here.

#2 North Carolina - Fayetteville - Personally, I have found a lot of luck with long-term buy and hold rentals here. All my long-term rentals in my portfolio exist in Fayetteville. My reasoning can be better explained probably over a phone call - but the basics are this: #1 really good rental/home price ratios to yield great cash flow. #2 Location - Fayetteville is next to Fort Bragg - one of the largest military institutes in the US. This means constant renters and typically more responsible tenants. #3 Economy - the base provides the economical stimulus for the area. We will always need a military. As long as the base is operational, those employed will be able to pay rent. #4 Landlord Friendly - NC is a more landlord-friendly state compared to CA. Very important for buy and holds in my opinion.

Happy to chat in more detail about either of these options if you want. Hope this is helpful! 

Lot's of great posts here. The only thing I would add is to make sure you really find what brings you the most excitement. I don't want to speak for anyone here, but I know that personally, I get excited about my investments. They bring out my inner competitiveness. I like to win with big returns. I feel the same way when I represent my clients too. Whether they are investors or homebuyers/sellers, I love it when I can figure out systems that help them win. 

It's important to really analyze these strategies - but not too much. Getting started is way more important. My suggestion is to read over the different strategies that exist and then pick the lane that excites you the most. Then, go ALL IN. Read, listen, connect with mentors, learn from mistakes (you will make them) and enjoy the process! 

Also, make sure to setup routines. Like anything new, there will be a "honeymoon" period that will come to an end. Suddenly it won't be as easy to look up deals, follow up with contractors, submit paperwork, etc. Building strong routines that you stick to will change the game and strengthen you when you hit rough seasons. :) 

So I know you're looking for multifamily... but, I just want to throw out that there are some great single-family options that I found in North Carolina. Happy to discuss this anytime! :) 

There are so many great options... you can make great arguments for which market is "best" - but I'll give you my personal experience below: 

I'm heavily invested in Fayetteville, NC. Just bought another home this week. The CoC return for SFH's are fantastic there. Another thing that I like is that this city is literally next to Fort Bragg - one of the largest military institutions in the USA. In other words, from an economic perspective, this is another safeguard in the event there is a recession. We will always need a military and staff to run the base. :)

Other than that, I'm a big fan of vacation rentals and flips in CA. I'm an agent here and have found a lot of success for investors seeking higher returns with less risk of eviction. 

Happy to talk more in detail if you ever want to connect. Cheers and best of luck! This is the best industry to be a part of! :) 

This is amazing! Only a couple hours away. Can’t wait to be there!

For me, it's not a matter of what my "dream property" is, but what my "dream properties" will be! I love to travel and would love the ability to own properties around the world in some of my favorite locations. 

In all honesty though, if forced to choose. I would rather live in a modest home with all living expenses paid for by passive income from my real estate portfolio rather than pay insane amounts of money for a lavish lifestyle. It's a preference, but ultimately, the reason I got into this was to set my kids up for success and build generational wealth. It's fun to dream of multiple properties around the world - and it gives me something to strive for - but I won't jeopardize my mission-focus for generational wealth for anything. :) 

Lot’s of great advice here. Here’s my two cents. Focus on one strategy first. In this case, it sounds like building good credit and a solid employment status is step one. Laser in and focus on that for starters. 

There are no shortcuts or “get rich quick” schemes. If something seems to-good-to-be-true, it probably is. Avoid “Gurus”, avoid pushy agents, avoid mentors who want to charge you right off the bat. 

Once you have decent credit and employment, start focusing on the one strategy you want to get into. Wholesaling is awesome, but it’s also arguably one of the hardest strategies out there. If I were in your position, I would spend a lot of time making cold calls and trying to see how to refer wholesale deals out for a profit in the mean time. By doing this, you do a few things. For one, you get started practicing one of the hardest skill sets of wholesaling, cold calling. Secondly, you start making profits right off the bat - but a word of caution.

Not all states have the same rules when it comes to wholesaling. Be sure to research the real estate laws in your area before you commit. The last thing you want to do is jump into something that brings about legal trouble. :)

Best of luck - and feel free to message me if you have any questions along the way! 

You know… my experience with those who are “gurus” is that I would rather spend the time, effort and resources I have to learn the subject. In other words, I think that a lot of people look for shortcuts - or at the very least look for convenience. I don’t fault them at all. I understand, and in my earlier years just getting started, I probably would have been more interested. Let’s face it. This stuff is hard. But the question I find myself asking in this circumstance is, why would I spend the time and effort to find someone else a killer deal for 10K, when I can try to wholesale a deal for myself? 

It comes down to effort, right? When we run into walls, we look for easy ways out. If the problem is not having the funds, for some it might be too hard to find a hard money lender. If the problem is not being in close proximity, for some it might be too hard to book a flight to see the property for themselves. If the problem is you have to get on the phone and cold call, for some it might be too uncomfortable to jump on a call - or worse - face rejection. 

Essentially, what a lot of these "gurus" do is appeal to an audience that doesn't want to do the heavy, uncomfortable lifting. And I 100% don't blame them for doing so. Ultimately, at the end of the day, they are offering a service, and people are buying into it. However, it does come at a cost, and generally the cost is the ROI or time/money spent looking for the shortcut.

Here in Los Angeles and Ventura County - low inventory simply means homes are snatched up quickly, but I've never had a problem showing clients other properties immediately. I do think 2022 will be an interesting year with rising interest rates - but with inflation at all-time highs and low inventory, I also don't see home prices decreasing too much.