Contractor · Bancroft, Ontario · Member since 2014 · 16 posts · 3 votes
Hello guys, this is my first post. I just opened an account a few minutes ago. I am 20 years old and I am not the average kid. I have ambitious goals of rental real estate investing. I have a private pilot's license and studying for my commercial pilots license, building my own airplane and already own a duplex with a cap rate of 13%. I bought it with 20% down and with tenants in it already so I haven't put a nickle down on the mortgage out of my own pocket. And I don't come from a wealthy family. My parent's make less then $35000 yr. I have worked hard and saved hard. I am looking for my next property and read blogs posts or articles of how somebody gets started in investing and and keep on buying one property a year etc. My question is how they do that. Do they re-finance their existing properties to get the down payment amount?
Rental Property Investor · San Jose, CA · Member since 2013 · 486 posts · 170 votes
12y
Welcome to BP! Congrats on the duplex you have with a 13% cap rate. Did you buy that recently? Does that include the vacancy and repair budget?
Some people will buy properties and once they have significant equity they will refinance so they can buy new properties. Others work full time and use their excess cash to buy more property. While others find investors to partner with them for real estate investments. You can search for blog posts on the different ways to raise capital.