I️ grew up around real estate investing. My father has 35 units and has done very well for himself. As I️ was going through college I️ hadn’t quite figured out what I️ wanted to do with my life. One day I️ came across BP, and I️ haven’t looked back since! From growing up around rental properties and helping my dad, to learning the ins and outs through BP, I️ knew investing was meant for me!
I️ started out partnering with my father on a small SFR a year ago. It was a quick simple purchase basically to get some equity built over a 10 year span.
This past month I️ purchased a 3 bd home that has a separate apartment above the garage that I️ will be renting out to cover the mortgage/expenses while living in the house. I️ was fortunate enough to have my grandparents co-sign on the loan for me and use a HELOC on their paid off home. Once I️ get the apartment rented out and I’m also having a buddy live in the house with me (house hacking 101) I’ll be living for free. No money out of my pocket.
Just this past week I️ agreed on a seller financing deal to purchase 3 duplexes (6 units) for only $5,000 down! Once this deal goes through I️ will be cash flowing approx. $1,000/month through these 6 units and my house hack.
I️ also had another deal thrown my way on a commercial property that I️ wanted to get others opinions on. The property is an 8 unit commercial building with 1 residential unit. It is also a seller financing deal. The selling price is $250,000 with 15,000 down amortized at 6% over 15 years. It brings in $4700/month with expenses of around $2,000. I️ know it doesn’t cash flow the greatest, but I️ feel that it would be a good buy to build equity rather quickly being that it is a $250,000 property and is seller financed. Or what if I️ could get it for $10,000 down at $235,000? What’s everyone think?
It has all happened so quickly and I’ve jumped right into it, but I️ am so excited and have goals and ambitions to get to 50 units and invest full time by age 30.
