Young Money

So you are in your 20’s or maybe even your 30’s and you want to become a Real Estate Tycoon before you hit your 40? Doesn’t sound like a bad plan. So why doesn’t everyone do it? 

Well, here are some things to think about:

• You’re broke - there aren’t too many young people who are not living pay check to pay check, being followed around by a looming student loan number over their heads.   
• You’re young - by definition of being “young and successful” you must first be “young”. This means that you don’t really know as much about life as you think you do, or even as you think you don’t. 
• You’re not good at staying focused - okay maybe not all young people, but most are distracted by social media, video games or really anything but making concrete plans to be strategically successful. 
• You’re not married - again, not all but the majority of young people are in and out of relationships, let’s be honest, this is not helping build a multi-million dollar real estate portfolio.
• You’re not creditworthy - we needed to keep the “you’re” thing going, but yeah… you have bad credit (it’s okay, it’s not a secret). 
• You’re probably alone in this - you might be motivated, but good luck getting your high-school best friends to partner up with you on this… time to do it on your own.
• You’re not getting any younger - time is ticking!

If the negatives were big enough to deter some readers at this point, it is probably better for them to leave now. This is not the type of endeavor for the faint of heart or the weak of spirit. But here is the part where we point out all of the pros to being young:

• You’re broke - this means you are probably highly motivated to not be broke! Motivation fades and hunger dies down, so lets use this to your advantage while it’s still here! Plus, if you end up making a big financial mistake, not a whole lot is on the line and you have time on your side for things to work themselves back out.
• You’re young - you may not know the wisdom acquired by a 65-year-old Vietnam vet, but you have time on your side! This is the most valuable and precious resource in the entire world. If you start now, the next 30 years can look pretty much how you want them to if you take this thing serious and come up with a plan, a real plan for your future goals. 
• You’re not good at staying focused - because you were brought up in the age of technology, this is a HUGE plus in today’s increasingly connected world! You know how to leverage resources, “wikihow” or “youtube” just about anything and if you can use technology to get knowledge instead of waste time, you will be way ahead of the curve.   
• You’re not married - so you don’t have superseding responsibly like a spouse or kids to always think of before you make a decision, enjoy this while it lasts my friend. You also have the ability to in the reno-zone if necessary. A live-in flip may actually not be a bad place to start since you are able to save on holding costs and you do have to live somewhere anyway! This also opens up the possibility of buying a small “multifamily”. Something like a duplex allows you to live and possibly not pay a mortgage from your own pockets, thus opening up possibilities for more investing with your cash.
• You’re not creditworthy - If you end up going with a live in fixer-upper or a rental property, you will definitely benefit form being able to take out a loan that requires owner occupancy. Your credit may not be perfect, but it shouldn’t bee to hard to get it where it needs to be with the fight guidance from a knowledgeable lender and less money down means more liquid cash.
• You’re probably alone in this - right, you might not have friends your age who are willing to walk by your side, but get some wisdom backing your plans. It isn’t hard to find people a generation or two ahead of you who are willing to get behind such a vibrant and ambitious spirit!  You want to know as much as you can about the mistakes others have made who have gone before you so that you don’t have to waste time and money repeating them. Get older people in your life and listen to what they have to tell you; it’s called getting mentored, and it is a brilliant idea for any young tycoon in-the-making.
• You’re not getting any younger - so use it to your advantage while you can! Spend crazy hours going after what you want, make mistakes, get your hands dirty, learn how to knock down dry wall and just go for it! Tycoons aren’t built in a day, but one can be built in a decade; use your 20’s wisely! 

 
And I wouldn’t be looking out for you if I didn’t share this major key: have a great agent to help you in the process. Contact a member of the Regal Homes Team and you know we are always happy to help.