All Forum Posts by: Nick Heil

 Yeah, I would would piggy back on what @Cameron Tope had to say. It largely depends on your personal situation. I think if you have a steady job and some savings then now is a perfect time to get started. My rentals have largely been unaffected by this pandemic because I focused on having good tenants from the very beginning. All of my rent has been paid and my tenants were great about communicating through the process. If you have a few listed properties that you have your eye on, now might be a great time to make an offer. Even if their listed price hasn't been reduced, the "uncertainty" in the market might cause sellers to accept a deal they otherwise wouldn't. Good luck!

Reasonable? By most people's standards, no. But who cares about most people's standards. Shoot for the moon. Starting early, staying focused for the next 40+ years, and being aggressive will be some of the most important factors. I wouldn't worry about "rules of thumb" such as waiting to be a certain age to secure a loan. You're going to have to be creative to create that kind of wealth so get started now! Good luck and I truly hope you can do it!

 Thank's @Chris Lin, yes the 8.5% interest rate is definitely a high one to pay. For that reason, I feel it should only be used in the most opportune times and when you have a good plan to repay it quickly. Definitely should not be used as a source of long-term funds, but rather something that could quickly get you into a deal and give you an edge.

 Thanks Phil! yeah that's a great idea. I would definitely explore both. There definitely is something to be said for the built in marketing that a traditional facility with roll up doors receives. Maybe you could explore starting smaller with one physical building and simultaneously adding a handful of portables. Then as that investment fills up you can explore building more traditional storage. Overtime you will get the property built out, but you will also have a handful of portables that you would be able to pickup and move to the next property and rinse and repeat. Thanks for reading!

You're young, keep working and saving cash for investments! However, if you really want to get out of your current job, then I like your idea of working for a developer if you know that's what you want to do long-term. It will allow you to keep a working income, but more importantly you will begin learning a ton about what you wish to do in the future. Just don't quit your current job in the meantime. Tough it out and wait for the right opportunity to go to a new employer. The next thing I would do if I were you is definitely house hacking. The average American spends well over 30% of their income on housing, so one of the most impactful things you can do to your personal financial situation at your age is house hack, it will set you up to increase your savings rate even further. Plus as a young first time buyer you can take advantage of the low down payment loans available. Then from there I would start acquiring more small multi-families and flipping. Also, don't forget to set up some investment accounts ( I use Vanguard) and start investing in the markets, too! 

Alex, being a young guy you should definitely do whatever you can to increase your income. Building a sizable buy and hold rental portfolio is very doable, but it does take time. The higher your income (assuming you don't take on mountains of student loan debt) the faster you will be able to build that portfolio. I understand the urge to want to jump in full time right away as I want to do that myself, but if you can find a job that you like and use patience you will built a much larger and more sustainable portfolio much quicker. Having that solid job for a while doesn't just make saving money easier, it also makes borrowing money easier, which is obviously a very important element. The crucial thing here is you need to find that job that you enjoy doing, because that is they only way you can keep your sanity and patience long enough to do what it takes :) Also, in my personal opinion, you should be using some of your work earnings to build a diversified stock portfolio, too. Remember the financial decisions you make today will have huge compounding affects 20, 30, and 40 years down the road so do your best!

@Ron Fletcher thank you, Ron! I appreciate it!

Thank you Dale, I appreciate it and thanks for reading!

Thanks Rob, I appreciate it. Yes it is a very cool model, I'm enjoying it a lot. Getting out and moving the containers around and talking with customers is always a good and fun experience. Most of the customers are always fascinated to see how it works too so it makes conversations natural and enjoyable with people, too.