All Forum Posts by: Eric Fern

@Jason Pritchard I'm looking to get started with SFR's when I turn 18. 455/month is some great cash flow. Could you tell me a bit more about how you financed/made the deal happen in general? Also, my hometown has above average vacancy rates for residential properties. Have you ever had to deal with this, and how would you go about mitigating it?

Ok I will definitely consider that.

Thanks!!

Thanks for your response Matt. I think I will try and meet some of the major players in my area (the ones who have made it). Maybe I will be able to obtain some capital from them if I explain my strategy. Great advice!

If that does work, it's exactly what I am doing as soon as I turn 18. It's possible to find even 40k discounts. It would be a great strategy.

If I were to find a property for well below what it is worth, will the bank lend me money for the price of the house? Then I can use the gained equity as a sort of down payment. Forgive if this question is basic, I am only starting out in real estate.

Thanks

@John Lampertius

I have your same problem. As of now I can't purchase property because I am 17. I want to get a mortgage that is being payed by the rental income of the property. Of course I am planning on doing all of this when I am 18. Where are you planning on investing?

I am American, born and raised, but I don't live in America currently. I will be buying a plane ticket on my 18th birthday to come to the US, and get a degree with the hopes of medical school, and an eventual career in anesthesiology.

Ideally I want to take on a few mortgages, and pay them off with rental income from those properties. I don't mind getting money left over each month, but I certainly don't want to have to pay them out of my own pocket. 

I'm planning on buying somewhere I can get bang for my buck. Possibly Houston, or Phoenix. I want to get mortgages, but having money for the down payments is my problem.

Is it possible for me to find a bargain? Let's say a house is worth $150,000, but I am able to purchase it for $110,000. Can I use this $40,000 dollars as equity to get the bank to loan me the money so I can start renting out the property?

Any more tips on me building my real estate portfolio right when I turn 18 would be massively appreciated. Thanks in advance for your help!!