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Updated about 4 years ago on . Most recent reply

User Stats

160
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40
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Fahadbin Alam
  • Rental Property Investor
40
Votes |
160
Posts

Made my first purchase! (As an 18 Year old)

Fahadbin Alam
  • Rental Property Investor
Posted

Hello, So I am 18 years old and I've made my first purchase on a roadhouse that's 55k (originally 59k). So quick background on me, I got into investing because of the book Rich dad poor dad. I started reading more books and funny enough I always had the bigger pockets books in my amazon cart and realized it came from this website. I started listening to the podcast before I read the books and learned a lot. So far I read the BRRRR and How to start in real estate.

In my opinion I believe I was stuck in the analysis paralysis state and I knew I need to make move instead of reading a lot of books. So I got on Zillow and found an agent of course he was new as well and hasn't made a deal with anyone yet, as an agent, but I gave him a chance because he himself made real estate purchases.

I saved up my money and got the other half of the purchase from my grandparents and Used it to by a 3 bedroom 1 bathroom roadhouse where I will be renting it out for 1200 dollars. My plan is to add another bathroom to raise the price and then refinance it 4 months later. So far the expenses are 400-500 dollars and again I paid it all cash. 


Now for the expertise that are reading this (lol), What can I do to improve my methods of action or a way to buy more houses but for a lower payment. Oh By the way I got it down to 55k is by saying I won't do an inspection since there are already tenants living in the house. Some may say I made a risky move and I agree. I would love to know how can I speed up, because I want to purchase more houses, but I was thinking of down payments of 1,000-5,000 and go off that and have tenants living in the house and payoff the houses. Is it possible to buy a house every month going off my plan?

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