All Forum Posts by: Account Closed

Another newbie investor (22-yo) sending you along good internet thought karma! I hope it works out well for you Malcolm. What type of properties are you interested in investing in? Are they similar or different from your dad's?

I haven't actually purchased any properties yet, but I'm looking to do so in the near future. However, in running financial analysis on a variety of properties (just for the practice and habit of it, and my own education) I've noticed that the property tax rates even within a generally close geographic area are quite variable. A thousand dollars one way or another is over a hundred dollars/month, which can obviously affect your ROI.

So obviously, my own personal 2cents would encourage you to look at job growth and population growth and types of industries/employers in the area, but also the property tax rate, because even a fantastic growing and "emerging" area can prove to be not-so-lucrative as a result of high tax rates. 

@Russel- Thanks for your reply, good luck with SCI-Arc, that place sounds amazing, I'm sure you're having a blast. Personally, I'm doing some research on neighborhoods, and I've been looking around in Philly and some smaller PA cities, but I'll have to take a closer look (as in, actually drive around and have a look) when I move to NJ.

@Tom- Thanks for the invitation! I'd love to stop by, especially since the topic is so relevant, but I'll still be working in Chicago at that time, but I'll definitely stop by past mid-September! Hope to see you there.

Hello Everyone!

I've always been interested in real estate for as long as I can remember; from going to open houses in my neighborhood as a 12 year old, just to have a look around, to watching obscene amounts of HGTV, to getting my Bachelor's in Architecture just last year! 

I'm moving on to some new adventures and experiences, education-wise, and I figured that the ripe-old-age of 22 would be reasonable for starting out in REI. A couple of months ago, I started doing some research and came upon this website along with it's associated podcast and I've been inhaling as much as I possibly can about this industry. I look forward to some productive discussions on this forum and perhaps interacting with some of you one-on-one!

To finish off this introduction- a quick question. My financial situation is as follows: 22-years old, zero debt, 15,000 saved in the bank, and a 3-year fellowship (all costs covered) to Princeton University. (Where I start in September- Go Tigers!) For what it's worth, Discover & American Express both peg my Credit Score at 725. 

So I'm looking at three years of no expenses, with (paid) summer internships at reputable architecture firms allowing me to steadily increase my savings- it seems like a decent time to purchase some rental properties. Additionally, I've worked at the same firm for the last two summers, and I have some experience that may be useful in REI (Dealing with contractors, writing specifications, building code research, cost estimating, design, etc). I'd really like to get started with the BRRR strategy, hopefully within the next 6-9 months.

Now the question: How would someone like myself find financing. The homes and neighborhoods I'm currently researching have available homes selling for around 50,000, though some need work. (Which I'm willing to do myself, hopefully saving some money) I doubt I could be approved for a conventional loan, and I have housing provided by Princeton, so the 203(k) or other FHA loans that require residency are probably not ideal. What does this community think about private money? Hard money lenders? What have been your guy's experiences? I'm interested in hearing all comments and advice... after all, we all have so much to learn!

Thanks in advance, nice to meet you all!

-Kacper.