Bought my first rental property at 18 years old

[Mike Eichler]

Hey all, Super excited to announce I have just closed on my first rental property deal, at 18 years old. I have worked in property management of short-term rentals (Airbnb), for almost a year now and was finally ready to purchase one of my own.

I was able to convince my dad, who has no real estate or investing knowledge to partner up with me 50-50 cash and equity in order to purchase a property in which we plan to full-time STR rent with the property management company I work with.

Let's get into the details:

located in Pocono Pines/Tobyhanna area of Pennsylvania.

The Purchase Price was $246,500.

The property is a 3Bed 2Bath. 

I put a 5% downpayment on a 30-year fixed loan.

In the end, the property I purchased cost me and my dad just around 36,000 including downpayment, closing, furniture, and all else. We are very close to being finished getting all the furniture together and into the correct spot, as well as getting it decorated and rent-ready, that whole process took only 3 full weekends, (we live in Philly which is 2hrs away and my dad works most days so we can only work on the property on weekends). Excited to get pics and get it listed. Below are the attached numbers that I got by using comparable properties nearby.

Feel free to ask any questions or give me any feedback!

Comp Numbers for returns PDF

[Drew Sygit]

@Mike Eichler nice, but why did you need your dad to help you with decorations?

Why couldn't you work on it during the week, even live their during the week while working on it, and your dad could join you on the weekends.