Hungry Young Investor

[Solomon Nguyen]

Hello Everyone! My name is Solomon Nguyen and I am 19 Years Old. I live in Rhode Island and have always been interested in long-term/Short term rentals, as well as house flipping. I applied for my Real Estate license when I turned 18 in October of 2020. I have been working as an agent since but also I want to begin investing for myself. I have investors who are willing to bring the money to the table for my deals but I am having a hard time finding any. If there are any investors out there who can offer any help, I would greatly appreciate it. Also if you have any tips, I'd be more than happy to hear about them!

Thank You!

[Deb Merrill]

Hi Solomon - I wish I started at a young age in real estate like you! My tips for RI are to understand the local market. Even though this is a small state each town has a unique set of virtues and risks! I started out with a desire to invest in high value-add properties in the best RI locations to buy and hold. This has paid off in equity but most importantly, if there is a real estate downturn, I should have the desired rental that won’t be unoccupied. A desired location also produces maximum nightly Airbnb rates. My focus towns and the locations within those towns that are evaluated all have a proximity to natural resources  that can be advertised, such as beach, bike path, hiking trail, etc as well as nearby coffee shops or pubs. When I find that desired location I spend a lot of time visiting the town and properties sold /for sale/for rent to get a feel for the amenities, risks and demographics.   I agree with Anthony’s recommendations on Bigger Pockets resources. Best of luck!