Glen Allen, VA · Member since 2015 · 20 posts · 0 votes
Hey guys, what's up?! Ok so next year I will turn 18 & be off on my own in the real world. My biggest dream is to build long term wealth & start as soon as possible. Rich Dad (Robert Kiyosaki) said that your home isn't an investment but I intend to make it an investment because I intend to live in a multifamily property.
-What are the pros & cons to this decision?
-Is it safe to apply for an FHA Loan at my age & use renter income to help with the mortgage?
-What should I look for before jumping into a decision like this?
Greetings Karl. First off, if that's you in your profile picture congratulations. I have much respect for service men and women.
With regard to your RE question, its rather open ended. Great thought on researching RE for at your age for long term wealth, but I would suggest absorbing as much knowledge as possible before committing to a property. Responses to your question will depend on more detailed information regarding your specific situation (down payment, credit, income, location, neighborhood, etc). In general, house hacking is advised for those just starting out, but definitely learn as much as you can before making a move (or get it for a really good price, which ever comes first).
Being 17 yrs old, I'm not sure how attractive you'd be to the banks, especially if you've not had a consistent employer for the last several years (one question they ask during pre-qualification). If you're military, the VA loan might be an option for you also.
Lastly, many of your questions are addressed in the resources located under the "Learn" tab above. Check out the podcasts and the free ebooks. The value they've added to my education is priceless.
Glen Allen, VA · Member since 2015 · 20 posts · 0 votes
10y
Thanks for the input Chris! I'm not in the military yet but I am in MCJROTC which is fantastic. Anyways, I will check out the "Learn" tab above to see what I can find. Thanks again. :D
For funding, this would be a good time to start learning about private lenders. Read up also on self-directed retirement accounts (never too early to start learning!).
Some of the best deals will be the ones you can do with none of your own money or credit, but you need something you can bring to the table. Learn as much as you can now. Then, you'll have something to offer your money partners: they bring the funding, you bring the ROI and the knowledge of how to make it happen. That's a WIN-WIN!