Congratulations to Tyler, who has just purchased his first real estate investment at the ripe old age of 24!
Tyler was referred to me by past clients/friends of mine. He is a foreman at an electrical company, and seriously ambitious. During our first conversations, Tyler shared with me his long-term goal of acquiring properties as a means of passive income and eventually to fund his retirement.
Tyler was open to many different neighborhoods, but wanted to be on the east side. Initially, he thought he wanted a house that needed some sweat equity. We saw a handful of homes, and his search quickly pivoted. Since he wanted to rent out some bedrooms right away, homes in better shape were more appealing.
I had had my eye on a house a few blocks away from me that was newly listed and had used it as an example of the kind of house we should be looking for. It was what I call a “plain Jane” home – clean and in good condition but nothing fancy – and a 3/2. It was listed a bit above Tyler’s price max, but after just one week on the market, it dropped 30K in price.
Tyler called me as soon he saw the price drop, and we both agreed we needed to see it STAT. Even though he had just driven all the way back to Beaverton from seeing other homes in SE, he got back in his car. Since the house was literally blocks away, I was able to sneak away from a gathering I was hosting for 10 minutes to show the house.
It didn’t even take 10 minutes – Tyler wanted this house. We knew we needed to submit an offer that evening, before the weekend’s open houses. We offered a bit over the new price but less than the previous price – and added a $5K signing bonus if they accepted it before noon the next day. The house had been a rental property, the Sellers just wanted it sold – we were pending by 9:30am!
We were able to negotiate a sizable chunk of credit for repairs, and the appraisal came in supporting value. Tyler got his keys over the weekend, and we celebrated as one does when they buy their first house at 24 – with a shot of tequila! Cheers to this smart young man for taking steps early on to set himself up for success later. Can’t wait to help with the purchase of investment property 2!