233: $1.1M in Real Estate at 21 WITHOUT a W2, Tax Return, or Degree! w/Logan Kohn

Real Estate Rookie

BiggerPockets

How To, Entrepreneurship, Business, Education, Investing

4.7 • 1.8K Ratings

🗓️ 9 November 2022

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

The path to financial freedom is a marathon, not a sprint. It requires patience, discipline, sacrifice, and a long-term mindset. Today’s guest, Logan Kohn, is on his way to financial freedom with over one million dollars of real estate with three properties at only twenty-one years old! Logan planned to invest in real estate later in life, but COVID forced him to rethink his timeline. Since interest rates were at an all-time low during the pandemic and his income took a hit, Logan decided to expedite his investing journey. For his first investment property, he looked at his county, but it wasn’t affordable, so he looked at the next county over. It wasn’t the best area, but he saw the opportunity for growth, and now his first property has already appreciated over thirty percent! Logan bought his first property and his other two properties in the span of one year, which required extreme financial discipline and frugality. Logan has been interested in growing his money since he was a child. From the age of ten to the end of his teenage years, he started various side hustles to make money. He’s done magic on the street, dropshipping, affiliate marketing, and email marketing. At seventeen, he discovered stocks and started stacking his money and letting it grow. Now he invests his money while having few expenses to be as frugal as possible so he can multiply his wealth through real estate! In This Episode We Cover How to spot a growing market through real estate market analysis The importance of a long-term mindset and how to use it to find financial freedom Living frugally and how to cut back on your expenses (it’s easier than you think!) The process of self-managing your rental properties and building good rapport with your tenants Flood Insurance and insurance options for those affected by Hurricane Ian And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Real Estate Rookie Podcast Channel Biggerpockets Facebook Groups BiggerPockets Forums Designing a Frugal But Luxurious FI Life by Age 32 Should You Self-Manage Your Properties or Hire a Pro? Here’s How to Tell Connect with Logan: Logan's BiggerPockets Profile Logan's Instagram Logan's Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-233 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Real State Rookie episode 233.
0:04.9	Yeah, I think it was just, I think I saw the opportunity, so I looked, I kind of looked at the
0:09.5	sales price history of that property and the surrounding properties in an area,
0:12.9	and I saw that they were on an upward trend, and of course we probably couldn't have foreseen
0:17.5	the appreciation that would have come in the year following, but I think I just kind of saw
0:21.2	the trend, and I saw that was on the up and up, and I just thought, you know, it believe it or not,
0:24.5	it's actually only about 30, 40 minutes from the Hamptons, so it's a very black and white scenario
0:29.6	where you have like such a bad area and a very good area, very close to it. So, you know, I took
0:36.1	the chance, I was definitely a risk. My name is Ashley Carr and I'm here with my co-host Tony Robinson.
0:41.6	And welcome to the Real State Rookie podcast where every week, twice a week, we give you the
0:46.0	inspiration, motivation and storage you need to hear to kickstart your investing journey.
0:49.6	And I want to start today's episode by shouting out some very, a very special listener who left
0:54.1	us a five-star review on Apple Podcast. This week's review comes from Jess Haas and Jess says,
0:59.8	start here with like five exclamation marks. This is hands down. The best place to start your real
1:05.8	state journey from the mini-sodes on Saturdays to the guest. Everything is pure gold. Just
1:10.4	appreciate you. And for all of you listening, if you haven't yet left us an audience rating review
1:14.2	on Apple Podcast, please do. The more reviews we get, the more folks we can help. And that is our
1:18.6	first and always biggest goal here at the Real State Rookie. So, Ashley Carr, what's up? How
1:24.4	you doing today? Not much. Um, super excited today. I submitted my final edits on my manuscript.
1:32.7	So, I haven't really told a lot of people because I didn't know if I'd ever finished it. But, uh,
1:38.6	yeah, so coming out January 2023 is going to be a new book that I wrote.
1:44.8	Congratulations. Ashley podcast host, published author and professional Hula Hooper. All in bull rider.
	...

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