All Forum Posts by: Jaylen Jones

Quote from @Jaylen Jones:

Good morning everyone,

I am a first time investor in the Chicago area looking to find a muli unit property and fill it up with some tenants. I am 22 years old and I drive trucks for a living right now. I want to get my first property under my belt within the first 6 months of this year and create a positive cash flow to re invest my money. I have the skills of hard work, consistency, and dedication to something that I am involved in and this is something I plan on doing for a very long time. Any advice will help me at the moment and will be greatly appreciated. Thank you for your time!  

My advice is below:

1. Decide if you want to live in your first investment with tenants or if you want a pure investment. 

2. If you're comfortable with living in the investment then start researching and interviewing lenders to see what kind of low downpayment owner-occupied loan you may qualify. If you do not want to live in the investment then see what kind of non-owner occupied loan you may qualify for.   If you find that you won't qualify for a loan  then build a plan so you'll eventually qualify

3. While doing number 2 you should also learn how much cash you'll need to execute your plan. Downpayment, Cash for closing, cash for reserves,...... 

4. The business is about leveraging or using Other People's money (OPM) to grow your business. Do not approach people to borrow money at this point but everyone you meet while doing your job as a truck driver could potentially be an investor.  And at the age of 22 you're going to meet a lot of people. Create a database of those people.  And then at the right time reach out to them

5. Purchase Robert Kiyosaki's book Rich Dad Poor Dad; then look for local Cash Flow Games to participate in

I could extend the list to 100 but I think this is a good place for you to start.

Thank you @John Warren. @Jaylen Jones when it comes to multi units, you have a few options. There are FHA mortgages, conventional mortgages and renovation mortgages if you find a place that has good bones but needs some work. Getting a great team together to help you grow is key. Feel free to private message me if you have lending questions or about the team I work with for this process. I bought my first place when I was 21 so I have a passion for young investors and understand what you are looking to do.

@Jaylen Jones the first step should always be talking to a lender. I personally work with @Joshua Jones for all of my residential loans, and he is the best in the business. I think it is awesome that you are looking to start young at only 22, and I am sure you will be successful with that mindset! 

Quote from @Jaylen Jones:

Quote from @Paul De Luca:

Quote from @Jaylen Jones:

Good morning everyone,

I am a first time investor in the Chicago area looking to find a muli unit property and fill it up with some tenants. I am 22 years old and I drive trucks for a living right now. I want to get my first property under my belt within the first 6 months of this year and create a positive cash flow to re invest my money. I have the skills of hard work, consistency, and dedication to something that I am involved in and this is something I plan on doing for a very long time. Any advice will help me at the moment and will be greatly appreciated. Thank you for your time!  

 I highly recommend house hacking not only your first 2-4 unit property, but as many times as you can (especially in your 20s). That way you can get your first property with minimal out of pocket expense (low down payment), rent out the other units, gain experience as a landlord, move out after a year and then rinse & repeat.

What is house hacking ? 

Hey Jaylen, House hacking means finding a way to generate income from your current home. Traditionally, this is meant for multifamily homes. It's basically you living on a multi unit while having to have your tenants pay your mortgage. You get to build equity while maintaining the property doing this. You can learn more about it here: 

https://www.biggerpockets.com/...

Quote from @Jaylen Jones:

Good morning everyone,

I am a first time investor in the Chicago area looking to find a muli unit property and fill it up with some tenants. I am 22 years old and I drive trucks for a living right now. I want to get my first property under my belt within the first 6 months of this year and create a positive cash flow to re invest my money. I have the skills of hard work, consistency, and dedication to something that I am involved in and this is something I plan on doing for a very long time. Any advice will help me at the moment and will be greatly appreciated. Thank you for your time!  

 I highly recommend house hacking not only your first 2-4 unit property, but as many times as you can (especially in your 20s). That way you can get your first property with minimal out of pocket expense (low down payment), rent out the other units, gain experience as a landlord, move out after a year and then rinse & repeat.