16 rental units owned by the age of 29. One property purchased every year since graduating college. Here’s how it went...
It all started when I was 17. Yt guy in a bentley pulled in to CFA drivethru. Gave him his change & asked him what he did for a living, his annoyed response- finance/Investment Banker. (This is how I chose business as my major at FAMU.)
Fast forward- Graduated Dec 2013. Accepted a job offer in NYC w/ JPMorgan but bought my 1st rental in WPB, FL May 2014 by using my starting bonus as my down payment and financed the rest. I was 22.
I had been living in my uncle’s (finished) attic in NYC stacking my coins cause the first rental was doing so well. Told one of coworkers about my first deal & we went half on my second rental purchase in 2015. SN: be particular about investing partners
It’s 2016, I had gotten into lending money & charging interest (not for the faint of heart, always have a contract & collateral.) the realtor from my 2nd deal sent me a 10-unit apt bldg & seller was offering owner financing @ a great rate!!
Mind you, since graduation I’ve been living in an attic to bypass rent in NYC. I was also creating a monthly budget & being semi frugal. The budget is what got me to where I needed to be. I also was buying property out of state cause NYC real estate 🥴
2017; it’s time to get out the attic, hit my head on the ceiling 7 too many times. Came down to ATL where I purchased my 1st property I’d actually live in! Dope lil condo that I’ve done some reno to. Pulled some equity out of a previous deal to get my down payment
2018 hits, Im working a 9-5 again after quitting JPMorgan back in 2016. Homie Neli tells me she’s seeing big $$ w/ AirBnB so of course I gotta get in. Wanted a property that was in an up & coming area but not completely gentrified. Closed Dec 28, 2018.
Now I won’t lie, this property has been a HEADACHE. Whoever renovated it did a SHITTY job, basically lipstick on a pig. But I was so excited to see big $$ w/ AirBnB that I ignored some things that came up in the inspection report. My bad, live and learn but I’m still going
Now the money was definitely flowing with AirBnB! So sheeeit let’s get another in 2019! But I learned my lesson & vowed to oversee the renovations on the next one. Bought for 126k, reno for 45k, and appraised for 230k but since Rona dropped to 210k 🤷🏾‍♂️ still plenty equity
We’re in 2020. I’ve purchased new real estate every year since graduating. I’d love to keep to keep the juice but refuse to rush a deal for sake of tradition, this year I may or may not buy but seeing dope investment opps in transportation (trucking/amazon logistics)
Also aware this isnt all 16 but I did a few more partner deals I didn’t include...
You can follow @ModernRichard.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:

By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.