All Forum Posts by: Mike Van Groningen

I'm new to the Bigger Pockets community but have experience (albeit, not much) in real estate. You are making a fantastic income for your age...most 20 year old's would consume all or most of that income instead of thinking about investing, so I'm impressed with your maturity to consider real estate investing.

As a bit of encouragement, I entered the workforce at 22 years old making $1,100/wk in June 2009 (just had my 11 year work anniversary yesterday). I lived with my folks for 6 months and saved the bare minimum (3.5% down) on a 30 year FHA loan. I closed on my first house Thanksgiving 2009, just after the real estate bust. The house was 3BR/2BA in an A+ area in Fresno, CA and cost $265k. My mortgage w/ taxes & insurance was around $1,800/mo. I ended up renting the other two rooms for $450/mo each. My excess cash flow went toward paying off my student loans ($12k) and then toward some basic upgrades (paint, finishing the garage, etc.). The house was only two years old when I bought it and needed zero work.

I kept that house as a rental after purchasing a new primary residence in September 2015. I sold the first house for $360k in March 2018, which landed me with a big chunk of money to completely renovate my new house. Thanks to a friend of mine (@Tyler Caglia), I am now using this equity via a HELOC to purchase rental properties utilizing the BRRRR method.

I wish I would have started learning about real estate investing at your age and leveraged myself more. You are getting an earlier start, have a higher income, and have just as much opportunity. Good luck!

Hi @John D., I'm brand new to Bigger Pockets but noticed you purchased a property in Paso Robles, CA. I'm from Fresno, CA but lived on the Central Coast for four years while attending Cal Poly. I rented a home owned by a Real Estate outfit from Paso Robles (I knew their son, who also attend Cal Poly). I'll send you their info as they were awesome people, own several rentals, and can probably help you out with what you need.