All Forum Posts by: Craig Moore

I am now 28, and was in the same situation as you when i was 22. Unfortunately i bought a single family home with an fha loan. I still hold that property today, and i clear $800/month, so i am not mad about it, but when i look back i wish i would have been more educated on the options at that point.

I now own a fourplex that would have been an amazing 1st home.

If i would have known about this option i would have been all over it.

Dont be afraid of the mortgage insurance. That is something that would discourage most people, and i agree that it is a cashflow killer, but there is no other product that is so easy to obtain, with so little down, at such a good rate.

Good Luck!

This is actually my first time hearing about mortgage insurance or that it even being a cashflow killer. Is this a necessity?

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Originally posted by @Mike Hurney:

@Craig Moore Welcome.

O/O MF!

Then look into some Wholesaling/Flipping.

Mike,

I'm not sure what the O/O MF! stands for. Could you elaborate please?

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Originally posted by @Christopher Gill:

I started investing at 21. I just turned 24 in October and have to date turned $15k of starting capitol into almost $430k of assets and properties.

Educate yourself first (which you are obviously already doing), but don't stop! Watch videos, talk to people, go to meet ups. I feel like everything I've done to date is prep work for all that I'll do in the near future! Don't stop learning. I became a REALTOR on my quest to become more knowledgeable about investing. That was very helpful for me, but certainly not necessary.

Fight fear. The biggest difference between me and you and people that will never succeed is the fear of failure. I've had many MANY micro failures (currently no catastrophic failures), but when and if I do it won't change my outlook on real estate investing or life. Many people will dream and talk about doing real estate... Just. Start. Doing it. Seriously, jump in head first. You will learn so much through the hands on process. Being young is such a blessing; we can't squander it!

All the Best.

That's pretty awesome, Christopher. You're halfway to my overall goal of being a millionaire by age 30 and you've got 6 years to spare. Wow! I'd love to talk about your experiences so I'll send you a connection request.

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Originally posted by @Ben Leybovich:

You are in Boston - one of the more desirable destinations in the country!

If you want to deploy $20,000 in RE, I would suggest you look at a nice SFR. Buy it with low down as an owner-occupant - live in it - use the spare bedrooms as short-term rentals on AirBnb.

At the moment the marketplace is definitely moving in that direction.

Good luck!

I've heard about the AirBnB crazy as of late. Good strategy.

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Originally posted by @Franklin Romine:

@Craig Moore

I started when I was 24. Key things for me was.... a good w2, report all your income and borrow lots of good debt.

Frank

Frank,

Do you think you could elaborate on this a bit more? Good W2 meaning good refund? What is good debt per-say?

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Bunch of great answers. I won't say that I'm "ahead of my time" but I certainly feel a greater sense of urgency than most 22 year olds. I need to make it happen now. I've definitely heard about the FHA loan and that's something I would like to leverage for sure.

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Hi BP,

I'm new to this site and though I've seen this question asked several times before I figured I could offer some new questions and get some new perspectives/experiences.

What would you do if you had $20k at age 22 (with what you know now; or are 22) in terms of real estate investing? Consider these facts/characteristics:

Bostonian, $9K in student loans, no rent expenses currently (living at home), not a really a spender (1 pair of sneakers and 2 jeans for contrast), living off of $200 every paycheck and fully employed with a salary.

My goal is to have 80% of my portfolio filled with rental properties while leaving the other 20% for capital projects. So I ask, given the description of the scenario (that I am in) that you'd be in with what I described, how would you spend your $20K?

I am a huge reader so I've come across many terms but am in no way on the advanced level. Thanks in advance for your answers!

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All Forum Posts by: Craig Moore

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