All Forum Posts by: Davarious Thompson

I have recently stumbled across a Bigger Pockets Podcast episode & I am now seeking to get into rental properties. I have been wanting to get into real-estate for the last 3 years, but due to school and other issues I could not. But this year I have no excuses and I will!

I am 24 and I've recently graduated College with my B.S in Architectural Engineering. I'm currently a Superintendent at a top Construction Company here in Memphis, TN. I bring in about $4500 a month. Lucky enough, I am currently staying with my parents and pay $800 in rent a month. I have around $10,000 saved up in my savings, set aside for my first investment.

While doing a little research and reading, I came across House Hacking and I feel this may be a good start for where I am now. My goal is to eventually own multiple rental properties to then have some financial freedom.

Is there any advice or tips anyone can give to help me start off in the right direction? I am just tired of saving my money & not doing any investing with it.

Thanks !

4 Votes

Memphis, Tennessee

Quote from @Alecia Loveless:

@Davarious Thompson Start by getting a 5 section 3 ring notebook and setting goals. Set 1 year, 3 year, 5 year, and 10 year goals. Dream big. I get a new notebook every year and take notes on courses I watch or interesting Facebook posts or Reels or YouTube courses or books I’ve read. And I make notes on my buildings and things. It’s always interesting to go back a year or two or three to look at old goals or stuff.

Then take your 1 year goal and work backwards. Divide it into the four quarters and figure out what you need to do to achieve those goals and start making it happen. First off if you want to save more money this year and buy your first property next year figure out how much you’re going to save and actually start saving that much each paycheck.

If you want to buy your first building this year start looking at and analyzing deals. Etc. etc.

The easiest way I know for you to become a millionaire that I’ve been seeing lately is for people around the age of 22-25 is to start by investing $100 per month in an S&P index fund and just letting the compound interest grow until they’re 65. Then you’ll have around $1.2M for retirement. So maybe you don’t do that but do start investing some for retirement now too. I didn’t save anything for retirement during my 20s and 30s and now I’m having to play catch up. Be smart. Statistically speaking if you invest each month from age 25-35 you’ll have $800,000 more for retirement than if you start when you’re 35.

This is why I commend you for wanting to get into rentals now. If you buy 1 every year or 2 years by the time you’re 45 you’ll have serious equity and financial independence.

Thank you for this! I definitely will be trying the tips & strategies you mentioned. I will follow up as I progress on my start up.

0 Votes

Memphis, Tennessee

Hello everyone!

Is there any advice or tips anyone can give to help me start off in the right direction? I am just tired of saving my money & not doing any investing with it.

Thanks !

5 Votes

Memphis, Tennessee

All Forum Posts by: Davarious Thompson

Davarious Thompson has started 2 posts and replied 3 times.

Post: New Young Investor seeking advice

Post: New, young Investor looking for advice on where to start.

Post: New, young Investor looking for advice on where to start.