Posted by ronorr on September 01, 2003 at 10:23:38:
My 20 yr old first bought a Condo with his brother
for 64k…Rents were at $800. Their condo cost them
$800 with payment and Association Fee.
2 1/2 years later they sold it for $91,000 without a
Realtor.
Step 2, they took their $27,000 and added a partner
with $10,000 and bought a beautiful 5 bedroom home
on a Creek in a upper middleclass neighborhood.
These 3 professional were prepared to pay $1200 per
month each, but after adding 2 more roommates @$600
each, their share was down to $800. mo. each AND THEY
WERE SHARING IN THE EQUITY NOT THE ROOMMATES!
AFTER ONLY 18 MOS. THEY REFI’D AND LOWERED THE PAYMENTS
SO NOW THE 3 PARTNERS PAY ONLY $300 PER MONTH EACH TO
LIVE IN WHAT IS NOW A $420,000 HOUSE.
kEEP YOUR COST OF LIVING DOWN SO YOU’LL HAVE MONEY TO
INVEST.
MY 20 YR OLD NOW HAS 6 PROPERTIES, TOTALLING $1 MILLION
4 ARE RENTAL AND 1 IS A SMALL CONDO IN LAS VEGAS.
He has since become a Realtor so he can be HIS OWN
AGENT (2.7% cOMMISSION) ON THE PROPERTIES HE BUYS FOR
OTHERS AS WELL AS THOSE HE BUYS FOR HIMSELF!
He plans to be a millionaire at age 31. I believe he
will. GET STARTED TODAY…TIME IS ON YOUR SIDE!!!
Posted by Anthony on September 01, 2003 at 24:42:09:
I’m a 20yr old guy who is trying to start investing in rental property. The problem is that I have little money and barely any credit. Do you think its going to be hard to get a loan since i have close to nothing? Please Help. THANK YOU.
Re: 20YR OLD HERE WHO NEEDS HELP - Posted by Dion Huey
Posted by Dion Huey on September 01, 2003 at 22:36:00:
Hey! My name is Dion. Although I may not be 20 yrs old I am close enough. I am 19 yrs old and like yourself see the benefits of investing real estate. I too, have very little credit and money. After reading several books I have decided that I should look for properties that I can lease-option (rent to own). A good book that I have just finished reading is " Making Big Money Investing in Real Estate without Tenants, Banks, or Rehab projects" IT’s by Peter Conti and David Finkel. I plan on doing 5 lease-options this year and taking those profits and placing them into a 1031-Tax deffered exchange and and looking for larger multi-unit buildings to put the money in to get me started until i qualify/ gain experience for outside lenders. Those are just my thoughts, good luck to ya and hapy investing!
