How I Bought my First Property at 19 Years Old.

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19세 때 부부가 무소득 상태에서 압류(FHA 203k) 주택을 3.5% 계약금으로 매입·리노베이션한 경험담. 이후 리파이낸스로 10만 달러 현금화해 첫 임대용 부동산을 추가 매입. 부동산 투자 경험과 교육 과정 홍보가 중심이며 특정 자산 가격 전망 발언은 없음.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. what's up everybody it's me Kevin this is the second time I'm filming this because the camera just decided to delete my footage but don't worry it is worth watching then the second times can be better anyway cuz I'm gonna walk you through exactly how Lauren my wife and I bought our first rental property well now it's a rental property but then it was house for us to live in with zero income and very little buddy down it was a complete fixer complete wedge deal so let's talk about it because it was a crazy crazy ride so here we go let's rewind back to like 2011 2011 Laura and I were agents and we're like you know it's probably good if we're like teaching people how to buy real estate if we either owned real estate or at least said we were trying to buy real estate it would maybe motivate people more to like think we were legit cuz we already looked like we were 14 lauren maybe looked like she was a little bit older than me because she was a year and half older than me but yeah I definitely we actually forget about it we both looked like we were babies yeah so it was probably tough for people to take us seriously as agents trying to sell people anyway and I always think like hey if you really like your product why aren't you buying it in fact people used to ask me that when I was a real sage like you like it so much why are you buying it like oh okay maybe I will so what are like hey we should start looking at stuff for sale for ourselves to buy and we used to go on broker tour every single week to look at houses for sale and that's one of the things I always like every house that comes up for sale you should be looking at I mean back when we used to do broker tour together I would walk into these houses with a clipboard and I'm like hmm looks like they got a water leak over there and I was taking notes on all these houses but the point of that was we were so jazzed about real estate we were trying to look at every single house possible to try to learn every single thing we could now this just happens to be another house in the neighborhood that's actually pretty similar to what we ended up with we're gonna walk over there right now but we took all this excitement of us looking at as many houses as possible which you should do as well and the theory that well if we're selling real estate we should also probably be buying ourselves and then we decide all right well let's try to buy a house so we haven't looked at maybe five properties that we were thinking Oh might work for us and we probably made the stupidest mistake ever we didn't have our pre-approval letter yet wherever we had no income so we're like well just waiting it we'll just kind of go looking around and stuff so that's actually exactly what we did don't do that it's a bad idea I tell everybody the course first thing you need to do is buy your pre-approval letter and you'll see why so we get into this neighborhood one day and it was actually my father-in-law he's like hey Kevin like this place just hit the market I'm like oh okay let's let's check that place out so we you know drive over into this neighborhood I remember in 2011 like it hit me driving down the street we were about to hit going down the street thinking oh my gosh we might be homeowners soon like we're starting to get really serious about buying and that's weird because we're coming from a place of having like nothing I think I had six to eight thousand dollars saved partially in savings partially in stocks that was from working at like Jamba Juice and Red Robin part-time Lauren was working at mrs.

02. fields in Red Robin part-time while doing some property management in real estate I mean we were trying to do everything to see like okay where are we gonna make more money and and then we'll cut everything else out like we're just scrambling trying to figure out how are we gonna make money and you know I think a lot of us start that way and it's okay you know we we weren't but so weird is I think I'm more impatient now then I was then I mean then everything was good it's like wow if I closed one real estate deal this year I'm gonna double my income at Jamba Juice it was like what was the rush yet now it's like oh god I got another deal you know it's weird how things have evolved but anyway we could drive down the street we're like wow we should totally buy the place you're about to see so we we called the agent we're like hey we want to write an offer on the place they're like alright well you're gonna have to have a pre-approval letter I'm like dang it's that's okay we'll get approval under the place that just hit the market and you guys and I already got to cash offers like what do you mean you already have to cash offers the place just hit the market he's like yep it's a foreclosure it's it's a good deal so if you want it you better hurry up and so we scrambled and ended up getting a pre-approval letter through Bank of America and it was a Bank of America foreclosure which keep that in mind because it comes into like major play it shortly but anyway we get this pre-approval letter and you might be wondering like wait a minute how could you get a pre-approval letter I know I was wondering the same thing see Lauren Oh add really zero real estate income and I had zero real estate income at the time we just had a little bit of John reduce income but the lenders are looking going you can't qualify for a house working at Jamba Juice for a year you got to work for a place for like two years to be able to use any of your income okay so yeah I didn't like to give up easily and I still don't today I kind of just like this is a good idea let's do it it's a stupid idea let's just do it anyway we'll see what happens yeah yeah that happens we called up my dad dad hey you own a place you got any debts he's like no no just just the loan on the house thick German accent like that help us buy this house it's like you guys want to buy a house you guys sure you want to stay in Ventura I go who cares if we're gonna stay in Ventura worst-case scenario we'll rent the place out that's what I tell people in the course to all the time you don't know about Ali block it's like you care here to move he's like oh that makes sense well what would the payment be my payments gonna be this and the rent would be this if we had to rent it out and he's like makes sense to me sign me up that was easy he's like sure let's do it he sends in all his paperwork which he got really pissed because the amount of paperwork they wanted he's like what do they want like my blood type and my DNA to and like that dad we really need this deal like ASAP there to cash offers like we need you to get this paperwork in right away so we finally get our pre-approval letter I'm like agent what are the offers you have and how much time is good you guys got two hours to get me an offer I'm about to send in all the offers to the bank I'm like well what are the offers and I kind of had to read between the lines but I ended up finding out the place was listed for $287,000 287 5 that's what it was 287 5 there an offer at full price and one at 290 okay we'll offer 305 because I figured somebody would either go to 300 maybe to compete or they might go like 301 like eBay strategy but 305 nobody's that risky let's go 305 and they actually gave us the deal when we wrote an offer putting three and a half percent down against two cash offers partly because we were paying $17,000 more and partly because I think it was a foreclosure from Bank of America and it was a Bank of America lender doing the loan which is good for them as a company and you know the government kind of wants to see more homeowners owning properties so they kind of push that to well it looks good for the bank's yeah you know while they're getting bailouts and stuff take advantage of that stuff the hard part began now because what I didn't tell you is that this foreclosure did not have a kitchen had like crappy tiling didn't have toilets it was nasty they're gross cars and driveway oil leaks I mean everything about it was just messed up and we did what's called an FHA 203k renovation loan that means we were able to put three and a half percent down on the price of the property plus what we wanted to spend on renovations which was another 50 grand so we actually put three and a half percent down on three hundred fifty five thousand dollars so we only had to put down a relatively small amount I mean the bank was financing 96.5 percent of the house purpura like purchase and the fix-up and then we had to get bids and get those approved by the HUD consultant through escrow this is where things went funny because the bank gave us 60 days to close well 60 days came and went and the bank threatened and did put the property back on the market multiple times during our deal remember the first time they did that they put the place back on the market while I was in the kitchen taking measurements of the kitchen and within 20 minutes I see these like dudes and like sure send like like dress shirts coming up it's a classic California investor and they're just like poking their heads through the windows I locked all the doors and I took the keys out of the lockbox I'm on the inside like hiding behind the wallet please don't help me please don't come in yeah I want the key meanwhile like can I call an attorney do I know an attorney do I have money for an attorney I don't have money for an attorney it's like I felt screwed I was sure I was gonna lose the deal so this went on the entire transaction went on for six months him here we are that's been eight years and this is the property this is the property where we as a 19 year old and 18 year old started our real estate investing career ended up building our first retaining wall first artificial grass concrete dual paned windows french drains the epoxy on that garage floor the drywall on that garage you see all these bushes right here along the side yeah we cut that concrete I put the French drain in for that I did the irrigation for it I did electrical in the house I hooked up those washers that washer and dryer right there I put that stuff in and I had to fix those washer and dryers because we kind of used we literally had no money but it wasn't until like two months after we actually closed the deal that we're like oh my gosh I think we did like seven trips to Ikea we're on a kid ship we bought beds we bought furniture I was an ikea assembly man for straight-up six months I mean give me any IKEA project right now and I will dominate it right away just give me some coffee so yeah I mean they're there you have it I mean that is literally how at 18 and 19 Lauren and I combined our incomes 0+0 Devine out financing it for you know three and a half percent down on whatever $355,000 renovating the place dealing with contractors doing a lot of work ourselves I mean trying to stretch every dime we were on like the tightest shoestring budget ever we literally went from being clueless to now being able to tell the world as in like all of our clients we wanted to be modest about it but we will always tell our clients like we're buying we think it's a good time to buy this is why we bought this is how we did it and that helped people see the vision I mean we used to take clients to this house and were like hey you want to see a kitchen remodel look we did this kitchen remodel on a budget come check it out I mean everything we could try to use this house for as an example we did and many people in the neighborhood would bring us cookies for Christmas this neighborhood was awesome we thought we were gonna live there for like seven eight years sure enough we moved within two and a half years which is like plastic I feel like everybody always moves but now it's like the sickest rental ever and I didn't tell ya yeah at least is that's probably the best part the year after that we had some real estate income that we could show to qualify for a loan we did a refinance on it we were able to pull out a hundred thousand dollars Oh equity that's like straight-up cash tax-free cash check with CPA I'm not a CPA Cain can be taxable tax-free cash and use that to buy another property which we bought as our first rental property and of course this is one now too so I mean absolutely unbelievable hi there and and that was the other thing is like all of the neighbors in this neighborhood they like literally all have nothing to do but call each other about two dudes walking around making the YouTube video is is that the mic drop no no that's when you push the subscribe button and be part of the pre 100k crowd do it