Starting out at 19

[Wes Minks]

Hi! My name is Wes and I am 19 years old going to college here in Arizona. I am from Minnesota and I've grown up working in the trades and being around construction. Real estate has always intrigued me so I've spent the last year or two learning as much as I can about REI. I want to get my first property as soon as I can, but I'm not exactly sure where to start. My long-term goal is to own multifamily/ apartment complexes, but for or now, I just want to get in the game however I can. Whether that is house-hacking, STRs, or fix-n-flip, I am hungry to learn and willing to do whatever it takes. The areas I would like to focus on are Minneapolis and Phoenix. I would love to hear people's thoughts on which market I should focus on, and what strategies have been working in those areas. Thanks!

[Noah Corwick]

Hey Wes!

Your mentality is awesome for only being 19. I didn't get into investing till I was 26. So major kudos. 

Since you are living in AZ, it might make sense to house hack here in the valley to start. If you have a bunch of buddies who you are in college with, attracting roommates should be a breeze and they will end up cumulatively paying the lion share of your mortgage. 

It also beats paying all that money for a dorm that you obviously don't own (though I am a believer that being in the dorms freshman year is a key part of the college experience).

You only have to live in that house hack for 1 year, then can rinse and repeat or pivot.

This exact strategy is what I wish I would have done in college. So hopefully you learn from my mistake lol 

Multi family here in PHX is a bit of a high barrier to entry and is not easy to start off with. 

[Benjamin Sulka]

Wes, 

Love to see that you're thinking about stuff like this at 19 years old! I sure wasn't but luckily I discovered this community when I was 21 so still pretty early. 

I don't know anything about those markets or what works there but as a general strategy, I think house hacking is an awesome way to go. If a single family house hack is more feasible then go that route. 

House hacking will give you hands on landlording and property management experience. You'll also pay less than you would renting and you'll be building equity. 

The one thing I would mention is that you need documented income history to qualify for a loan (typically two years). If not, you may have to get a cosigner. Talk to your parents or other family about your strategy. 

You got this! 

[Tristan O'Reilly]

Hey Wes!

It's fantastic to see another young individual with such a keen interest in the industry. For a first investment, I would highly recommend starting with house hacking. It's the easiest entry point, allowing you to gain valuable experience as a landlord while steadily building equity. If you're considering venturing into fix-and-flips or other more complex investment strategies, my top advice is to find a mentor. While there's a wealth of information available, having someone with extensive experience, perhaps having done 20+ flips, can be invaluable for a first-timer. I wish you the best of luck on your journey, and the next time you find yourself in Minnesota, feel free to reach out—I'd love to chat!

[Christian Ehlers]

Definitely house hack to start and add on other strategies from there. It's one of the lowest risk ways to get started where you get to own property since you would normally have to pay rent to live somewhere else anyways. 

You'll also seem far more credible to those that are ahead of you and could be potential mentors, agents, partners etc if you can say you own a multifamily property while you're in college. 

Keep your personal financials in check and keep learning as much as you can!

[Dan Sheeks]

My advice would be to read the Bigger Pockets’ book First to a Million (and the workbook). It’s written for young aspiring investors just like you.

[Susan Thelen]

Hi Wes,

If I were in your situation I would start with house hacking. Buy a primary residence and live in it for a few years (with roommates if you are ok with that) then cash out the equity to put a down payment on the next house. There are loan programs out there for first time home buyers that you could look into. Also interest rates have recently gone down which means home prices will go up. So act now rather than waiting.