Newbie from Las Vegas, NV

Newbie from Las Vegas, NV

Springfield, MO · Member since 2015 · 13 posts · 3 votes

Mecca Walker, 20 years old, born and raised in Las Vegas, in my 4th year of college with a double major in Economics and Spanish for the Professions. I work part-time on my campus and have some extra income from tutoring and selling some of my art. I have $6000 in debt (damn dorms) which I have a budget to pay off by the end of May 2016, shockingly good credit, and I share an apartment with my partner, so I do pay bills and such.

I've been studying REI for the past year or so, but haven't bought property yet. Majority of my knowledge is from general research, my grandfather who bought a multiunit property back in the 80s in CA, and trolling BP. I kept looking for first-person accounts of how people started investing and kept ending up here, so I figured this would be a good place to join!

My short-term goal is to purchase a fourplex in Vegas by the time I'm 22 (I'll share my timeline if anyone wants to know). Long term, I'd rather stick with hold properties, and sell only if the profit is worth more than keeping it.

Since I've learned a lot about REI and how it works, now I'm looking for the other options out there when it comes to financing a multiunit property besides the traditional home-buying method, what to look for in a property, then how the properties are maintained physically and financially.

I'll more than likely share my journey here (since this is the only place I can talk REIs and no one looks at me confused!) and be a troll on everyone's post, so SEE YA AROUND :-)

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Investor · Clark Fork, ID · Member since 2015 · 84 posts · 5 votes
11y

@Mecca Walker Welcome!  Sounds like you have a full plate and the determination to get it done. Multi-fam buy and hold is a great strategy. Find the right deal and the funding wont be hard. Glad you joined can't wait to watch your journey. 

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  • Investor · Clark Fork, ID · Member since 2015 · 84 posts · 5 votes
    11y

    @Mecca Walker Welcome!  Sounds like you have a full plate and the determination to get it done. Multi-fam buy and hold is a great strategy. Find the right deal and the funding wont be hard. Glad you joined can't wait to watch your journey. 

  • Springfield, MO · Member since 2015 · 13 posts · 3 votes
    11y
    Originally posted by @Eddie Hutto:

    @Mecca Walker Welcome!  Sounds like you have a full plate and the determination to get it done. Multi-fam buy and hold is a great strategy. Find the right deal and the funding wont be hard. Glad you joined can't wait to watch your journey. 

     I've always been a busy bee, but thank you for affirming my ideas and for the warm welcome!

  • Financial Planner · Las Vegas, NV · Member since 2015 · 66 posts · 19 votes
    11y
    Welcome to BP! Investing in multi in Vegas is a bit tougher than it is in other major cities but it can be done. Since you are just starting out in your investment career I'd like to offer one piece of advice. Diversify your holdings among different asset classes. Holding various types of investments will limit your risk while positioning yourself for optimal gains. Even though you are young, try to limit large losses. If you have a 50% loss, it will take a 100% gain to get back to even. Also, always keep an eye out for a good investment opportunity, you never know how/where the next deal will come from. Good luck! Feel free to reach out to me if you have questions. Ryan
  • Massage Therapist · Chicago, IL · Member since 2015 · 613 posts · 84 votes
    11y

    @Mecca Walker

    Welcome to Bigger Pockets. Thanks for bringing youthful nature and goals to the forum. I'm looking forward to sharing insights with you in the forums. We won't think or look at you like you are confused.

    We are considered to be the average of the 5 people we spend the most time with so connect with REIA meetings, accountability partners, and mastermind groups to engage with individuals interested in real estate investing.

    At the bottom of this page is a list with help in it. Click on help. You will see answers to questions that you didn't even think of. 

                              Enjoy as you prosper.....

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    11y

    @Mecca Walker

    Welcome to the site.

    Good luck to you & I'll see you around the forums.

  • Springfield, MO · Member since 2015 · 13 posts · 3 votes
    11y
    Originally posted by @Ryan Inman:

    Welcome to BP!

    Investing in multi in Vegas is a bit tougher than it is in other major cities but it can be done.

    Since you are just starting out in your investment career I'd like to offer one piece of advice. Diversify your holdings among different asset classes. Holding various types of investments will limit your risk while positioning yourself for optimal gains. Even though you are young, try to limit large losses. If you have a 50% loss, it will take a 100% gain to get back to even. Also, always keep an eye out for a good investment opportunity, you never know how/where the next deal will come from.

    Good luck! Feel free to reach out to me if you have questions.

    Ryan

     That's amazing information, thank you! I'll make sure to plan for that now and reach out for help when I need your expertise.

  • Springfield, MO · Member since 2015 · 13 posts · 3 votes
    11y

    @Renea Steward @James Wise Thanks guys! I greatly appreciate the warm welcome, and all the help that I can get.

  • Toronto, Ontario · Member since 2014 · 615 posts · 172 votes
    11y

    Welcome to BP. Good to start early :)

    Tons to learn here..

  • Houston, TX · Member since 2013 · 1k+ posts · 114 votes
    11y

    Welcome to BP @Mecca Walker!

    Wish you all the success!

  • Springfield, MO · Member since 2015 · 13 posts · 3 votes
    11y

    @Ndy Onyido @Marlon Wilson Very much appreciated guys!

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