All Forum Posts by: Charlie C.

It will allow you to jump into real estate for one. You can't beat having experience. I'd say that a really big advantage to it all is just being able to establish equity now rather than later. If you start in 3 or 4 years, think of how ahead you could have gotten if you started earlier.

Do you know what house hacking is?

That definitely makes sense. I just read up on the concept and it makes a ton of sense to me.

The real challenge is finding a 2-4 unit home that I'd like to live in. :)

2 Votes

Originally posted by @Zach Simpson:

For a first property, have you looked into house hacking? It is a great way to live for free(or even get paid to live). Because you will be saving so much money, it allows you to save money for your next property, all the while building up equity in the multifamily home you are house hacking in. From there you could even get a HELOC if needed, sell the place, etc. If you don't mind me asking, what are you doing to be making so much money so young? That is really impressive.

No - I actually haven't looked into that yet. I assumed that staying at home would be the best option for now. That said, I'm assuming that purchasing (and living in) a multi-family unit may be beneficial due to first-time homebuyer tax credits?

To answer your question: I'm a self-taught software engineer.

6 Votes

Hey everyone!

I'm a 20 year old from the Buffalo, New York area who is looking to break into real estate. I currently make just over six figures annually with my only expenses being a car and (soon to be paid off) student loans. I plan on living with my parents for the next 3-4 years while aggressively investing the vast majority of my post-tax income.

I've always been interested in real estate and think that it could play a large role in my portfolio. After reading up on the subject for a few months, I'm ready to purchase my first property.

Some of my questions/concerns:

I am not very handy. As a result, should avoid purchasing properties that require more than a negligible amount of work? (I feel vulnerable knowing so little about home renovation processes. How can I assure that contractors won't take me for a ride?)
Real Estate can't consume my life (yet). I can dedicate maybe 5-10 hours to this endeavor weekly. Would hiring a Property Management company be something worth considering?
What kind of legal entity should I form? From my understanding, LLC's and Corporations have different tax requirements.
I'd prefer to avoid both downtrodden and luxury real estate.

What would you do if you were in my situation? Any advice is appreciated!

6 Votes

All Forum Posts by: Charlie C.

Charlie C. has started 1 posts and replied 3 times.

Post: 20 year old w/ six-figure income and no expenses. What to do?

@Charlie Campanella

Post: 20 year old w/ six-figure income and no expenses. What to do?

Post: 20 year old w/ six-figure income and no expenses. What to do?