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Updated over 5 years ago,
Is finding a property and renting it out do able for a kid?
A little about myself:
Hi my name is Jace Owen. I just graduated from high school. I will be going off to college after I serve a two year mission for The Church of Jesus Christ of Latter Day Saints. It costs about 400 dollars a month to go on this mission. When I go I will be serving the people of the location I’ve been assigned.
I recently became more interested in Real Estate. So for the past few months I have been putting adds online and on neighborhood apps for Lawn Care and Odd Jobs Worker. While I would work (charging 20 dollars an hour) I would listen to the BiggerPockets Podcast. And when I wasn’t working I would be reading Rich Dad, Poor Dad, or reaching out to people to assist me in my efforts to learn.
My Goals:
My Long Term Goal is to have enough passive income to grant me the freedoms to focus on college, spend time with my future family, and create a Primary Children’s Hospital Charity where I will run across the USA.
But you got to start small so my Short Term Goal or “90 day sprint” is to own a property that I can rent out and make a minimum of 200 dollars a month while I’m on my mission. I would also try to find someone to manage it for me while I was gone.
I know to make this work you or the partnership needs to have the money, knowledge, and hustle. I don’t have the money and I only have the knowledge of someone who is trying their best to learn from scratch. As an Eagle Scout I’m willing to put in the hustle. I’m willing to ask why when someone says no.
Is this do able? Is this reasonable?
Summary of Goal:
Time: I have 84 days until I leave.
Goal: Buy, have someone manage everything, and rent out the property that will make me at least 200 dollars a month.