Buying His First Rental at 19 by Doing What Most Newbies Are Afraid to Do

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 2 October 2024

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Tony's BiggerPokckets Profile Join BiggerPockets for FREE 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! Real Estate Rookie - Episode #452: The Rookie’s Cheat Sheet for Market Research (Find Where to Invest in 2024) Connect with Bryan Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-465 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	We have heard from our rookie audience that you would like to hear more from true rookies and today we are bringing on a guest who has one property that he purchased within the last year.
0:11.0	Of course he hopes to eventually retire from real estate but he is just getting
0:15.9	started. He is definitely the inspiration we might all need right now that buying real estate
0:21.2	after the low pandemic interest rate is still very possible.
0:25.2	This is the real estate rookie podcast. I'm Ashley Kerr and I'm here with Tony J Robinson.
0:31.1	And welcome to the show where every week three times a week we bring you the
0:34.7	inspiration motivation and stories you need to hear to kick start your
0:38.3	investing journey now Elijah welcome to the podcast brother super excited to be
0:41.5	chat with you today, man.
0:43.0	Hi Tony, thank you.
0:44.0	It is more than a pleasure to be here with you guys.
0:46.0	At 19 years old, it's an incredible accomplishment to already be investing in real estate.
0:50.0	Yeah, Elijah, to start the show off and you went into mention your 19ers.
0:54.9	So what were you doing before you bought your first property?
0:57.9	A little background about me.
1:00.4	I work at M&T Bank, I'm the Volkestodian there. I'm a boxer, registered boxer with an raised gym.
1:06.0	I can do a lot of fishing, play leader games sometimes, but you know, not so much then.
1:11.0	So that's kind of why I came dressed like this and not you know my suit that I
1:14.5	were at the bank to show you know I'm not some guy with a top hat in a monocle
1:17.4	and I'm like I'm just like a normal kid you know most people are calling me a
1:20.4	kid still but you know I'm kind of an adult now so I learned fire you
1:25.2	know financially independent retire early after doing you know some digging so
	...

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