21 Year Old Buys His 1st and 24th Rental Home at the Same Time!

[Account Closed]

I just recently closed on my first and my twenty-fourth rental property at the same closing table! I have BP to thank, really. Stumbling upon BiggerPockets when I was about 18 felt like trying to drink water from a fire hydrant of real estate information! It’s hard to know where to start! I stayed up late every night reading blogs, watching videos, and listening to the BiggerPockets podcast. I couldn’t get enough!

All that information, however, is useless without putting it into practice. During this time, I was working a full time job in the car business. Some of you can testify; working 60-70 hours a week can really motivate you to look for an alternative occupation! However, that season wasn’t all bad. I was able to save a good bit of money, allowing me to quit and focus 100% on real estate.

The #1 theme I heard over and over on BiggerPockets was this idea of finding a mentor. I had no idea where to find someone to mentor me, so I started telling my friends and family that I wanted to be a full time real estate investor. One day, out of the blue, one of my friends told me about a guy they knew who had been investing in real estate for about 20 years. During my lunch break one day, I went and had lunch with this investor. I tried to get to know his story and investing history. I didn’t want to scare him off by begging him to mentor me. That’s a sure fire way to freak them out! After about 2 hours of talking, it became clear that I needed to learn as much as I could from him. He was a broker licensed in over 20 states, owned an Auction company, co-authored a real estate branding book, and operated a successful general contracting business. Fast forward 4 months and multiple lunches later, I was performing all kinds of tasks for him and soaking up as much of his knowledge and experience as I possibly could! As Shawn Hitchcock says, “A mentor empowers a person to see a possible future, and believe it can be obtained.” I started believing that a perfect career of real estate investing could possibly be in my future.

A year later, at 21 years old, here I am. I just closed on 24 rental houses at the same time (my 1st rental property and my 24th), we’ve flipped 3 homes together, and we’re working on the 4th right now! Although it’s not a perfect career, it’s an exciting one! I won’t go into details of the rentals in this post, but I can say, without BiggerPockets and my mentor/business partner, I wouldn’t be writing this. Looking forward to MANY more deals to come!

Thanks for reading. Have any questions? I’d love to hear from you!

[Darren Eady]

As someone who has accumulated over 40 properties in the last fourteen months, I'm not sure we should all be congratulating Harrison just yet.  Borrowing is not earning and buying does not guarantee performance!  

It takes approximately 3-6 months to stabilize each rental property and I've been able to work through about 5 per month at max.  Buying 24 at once sounds great, but Harrison has a bunch of work in front of him and his story may sound as dramatic (in a different way) in about six months as it does now.

The BRRR strategy is a good one, even better if you can do it without using your own funds like Harrison. I would suggest to those reading this post that they take it one property at a time. There has to be some room in BRRSR to add an "S" for "stabilize" into the acronym.