All Forum Posts by: John Settles

For the last few weeks I have been listening to the "Bigger Pockets Podcast" when I'm working. Currently I'm 18 and I own a lawn care business. I have been looking at real estate investment properties that have been listed for sale every few days for the past month or so. I've heard the stories of young people starting and soon they are making big money, and I want to be one of those stories. 

I've come across a duplex complex that is for sale, it has 10 duplexes and a 3 bedroom house on the property. The property has 100% occupancy currently. It's a turn key operation listed at $1,400,000. The income each month would be $20,000 to $25,000. I'd still have to pay the mortgage but profit every month would be around $10,000. That would change my life. 

I have no real estate experience, but I've been running my lawn care business, so I have some business and management experience. I'm looking for advice on whether I should go for it or wait for something simpler like a small single family house to come available. I also would like to know how to put no money down on something like this. I have never bought a house before so I'm eligible for the FHA 3.5% down payment but the down payment would be $49,000. I do not have that much money at 18. What would be the best way for me to go about doing this?