Can An 18 Year Old Buy A Multifamily?

[Devyn Grillo]

Soaking up all the awesome information on BP lately and have decided that I want to actually get in the game vs. sitting on the sideline. So, at my age can I actually buy a duplex/triplex? I don't really have a credit built up. What would be the best way to finance it? I have some decent money saved in the bank that I could put as a down payment, or is there a 0 down loan that'd be better? Just wanting to take some action and actually buy a property now and needing a little guidance in getting started. Thank you for your time!

[Jon Lee]

Hi @Devyn Grillo...you absolutely can purchase at your age....I have a very wealthy friend of mind who purchased his first property at 16!  There are so many ways to purchase property that don't require traditional financing that anyone can get in the game, even if they don't have tons of money in the account or the best of credit.  I recommend three things:

1) Go find local investor groups in your area and get in front and network with folks who are making things happen in your local area.

2) Get educated on the fundamentals of investing.  The three largest parts of the fundamentals are Mindset; talking/communicating with people (sales skills); and knowing financing (both traditional & creative financing).

3) Take Massive Indiscriminate Action!  There is only so much reading of blogs & books to do before you get out in the field.  The investors I know that have had the most success are those who took action until the results started coming in...and then they never stopped taking action!

Hope this helps you to get moving!  Go out there and get it at 18!