Buying His First Rental at 19 by Doing What Most Newbies Are Afraid to Do
Description
How hard is it to buy a rental property in 2024? With all the buzz around high interest rates and soaring home prices, you’d think that investing in today’s market is a lost cause. But if a nineteen-year-old can take down his first real estate deal with very little education or experience, there’s no reason why you can’t invest, too!
Welcome back to the Real Estate Rookie podcast! After learning about FIRE (financial independence, retire early), Elijah Berg realized that wealthy people had something in common. They weren’t just investing in stocks; they also owned real estate! Determined to follow in their footsteps, Elijah started saving for a down payment and built his buy box. Next, he found an investor-friendly agent and lender to help him find and fund his property. Eventually, he found a diamond in the rough—a duplex in an A-class neighborhood.
Tune in as Elijah walks you through his first deal and shares some personal finance tips that helped him prepare for his first investment. In this episode, you’re going to learn why time in the market is still more important than timing the market, and why new investors shouldn’t allow fear of the unknown to stop them from investing in 2024!
In This Episode We Cover:
How Bryan snowballed $20,000 into eleven properties (in under four years)
Building your real estate portfolio faster by moving to a low-cost-of-living area
How to get your spouse on board with your real estate investing dream
Using a HELOC (home equity line of credit) to fund more real estate deals
How to pivot to another investing strategy when things don’t go to plan
Why you always need an exit strategy whenever you buy a new property
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Buy the Book “Long-Distance Real Estate Investing”
Find an Investor-Friendly Agent in Your Area
See Ashley and Tony at BPCON2024 in Cancun!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-465
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