All Forum Posts by: Erin A.

I have been serious about real estate since I was 15, and I am now 26. I knew my age would mean hardly anyone would take me seriously. I compensated by focusing on my formal education and learning as much as I could about real estate. I majored in economics in college and did my senior thesis on my local real estate market. I then did a Master's in real estate. By the time I was done with school, I had saved up about $6,000 and used it as a down payment on a triplex, which I bought with FHA. (FHA requires only 3.5% down.) Just last month, I passed the CA real estate exam and am now waiting to finish the licensing process. I connected with a private lender last summer and am now working full-time rehabbing properties.

Moral of my story: 1) It is possible to find success even if you're young. 2) As many other posters have said, focus on your education. 3) Scrape & save every dime you can for a down payment. 4) Make your first investment the best you possibly can (ie: an income-producing duplex/triplex/quad rather than a SFR, for example).

I would also advise that you don't advertise your age to people you're trying to work with. It's immaterial to doing business--I can think of lots of other things you could say that are way more important.

Good luck!

Hi Raven, 

I'm so glad you started this thread! I'm in escrow on the first two properties I hope to flip and I've learned a lot from reading the responses. Like you, I desire to do rehabs that are a bit more design-driven yet still allow for profitability. Yes, the beige beige beige attracts universally, but with so many people daydreaming on Pinterest and watching HGTV these days, I think adding some special touches to a home can do enough to place it "higher" than the competition in buyers' minds.

One very valuable piece of advice I learned from this thread is the idea of brand building. I have in my mind a concept of how I think a lot of my renos will turn out: clean, bright, eco-friendly material, pops of light color. I'll definitely execute my designs with this in mind so that, as someone said above, brokers and agents will know the quality and style of my work as soon as they see the listing on the MLS.

Awesome idea! If I'm in town I hope to attend!

One of my tenants pays in cash and the other pays by check. I give them both receipts when rent is paid. I owner-occupy my triplex so it's not a big deal for me to arrange picking up the cash rent from my tenant (and go directly to the bank afterward!).

When I eventually move out I'll ask both tenants to pay by check or MO and mail their rent to a P.O. box or property manager. And as I acquire more properties, I will write a no-cash-clause into the leases unless I'm owner-occupying.

I've got a family event that night and won't be able to make it. As always, thanks for organizing the meetups and please keep me in the loop! I'll be back one of these days!

Ack, what happens when I go offline for too long? I miss a fantastic meetup! So sorry, J. Please keep me in the loop for the next one. ;-)

Erin

Hi J,

Got this on my calendar. See you soon!

Erin

Hello everyone,

I just closed on my first property, a triplex in Stockton, CA. The garage is fully finished and has tile, finished walls and gas/water hookups. If the zoning permits it, I'm considering converting it to a studio (2 universities nearby and lots of demand for studio living spaces).

Has anyone done this before? What would be your reasons for NOT doing it? Anything I wouldn't know to think about or ask about as a newbie?

I could get about $500/mo in rent on the additional unit after putting $3k-$7k into it.

Suggestions or advice?

Thank you!

Hi J,

Thanks for tagging me in the post. I'm off on Tuesdays, so the 14th or 21st would work for me. Maybe at 7pm? Let me know. Thanks!

Erin

Unfortunately, I can't give any advice as I'm not investing internationally yet. However, I do plan to do so in order to diversify across political climates and currencies. My vision is to own cash flowing assets in countries who use the world's 3-5 most traded currencies (USD, CAD, EUR, AUD, etc).

I do know that the real estate systems in Europe vary by country. In several parts of Europe (France and Germany come to mind) there is not as much stigma about renting long-term as there is here in the US, which is good for landlords. However, it is generally harder to get a mortgage in Europe and they typically require both a higher down payment (20% - 50%) and shorter repayment term (15 - 20 years).

My source of information is my Master's in international real estate.

Good luck!