How to Buy a Duplex at 23 Years Old (step-by-step)
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- Опубликовано: 22 ноя 2020
- In this video, Chandler shares how Ryan Myers was able to purchase a duplex at 23 years old.
Chandler David Smith has been investing in real estate for the last eight years. He currently owns 114 units of rental real estate and a 73 unit storage complex. In this video he shares how he got a duplex under contract and then gave it to his buddy Ryan Myers. In this video Ryan and Chandler share how Ryan was able to acquire this duplex at just 23 years old. They go through the step-by-step process of what’s required to purchase a duplex or any rental property. This video was created to give anyone the confidence to start investing in real estate.
#duplex #realestateinvesting #howtobuyaduplex
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What else would you like to know about buying a duplex?
How you doing chandler so basically I have already bought my first home to rent it out. What can I do now? Thank you!
should I search for something off market? or should I try to buy something under market value on Redfin/with a broker for my first property?
For my first property should I pursue a house or a duplex
I have a question. I made the jump to purchasing a duplex in Cape Coral. However, I already have my home and this new one now. The bank was giving me a little trouble with this new one because of debt to income ratio. Will I have to wait a year to report my new duplex’s income in order for me to get a next property or does the bank only need a few months to see my rental activity? I have enough cash to out another 20% down on my next property but I just don’t see how the bank will approve me.
I am trying to find a property where the owner is willing yo finance directly as an alternative.
What wording or how do you make it transferable to sell to someone else?
My girlfriend and I are 22 and about to purchase our first duplex. There is already a tenant in one of the units paying $1500/month and our mortgage on the building is only around $2100. We plan to pay it off as soon as possible and then buy our own house once we’ve got a nice big chunk of change and rent out both units of the duplex
Great plan broo, How much down did you put and what was the price? I know interest rates are high right now! Thats why I ask...
Howd this go man
200k in a summer, they sellin crack not pest control
I believe him 100%. I did it in chicago and it was brutal. Working from may to september 9 to 9, difference is i did not make anywhere near what he makes
@@luisorozco3309 how much commission did you get on each sale? The idea of getting 200k in 4/5 months seems like a reach.
@@dudewhat7738 the commission if you get 250+ accounts is typically of 50-60% of the total sale. The company makes their money if the customer stays for more than 1 year as there are generally no residuals. For instance, we used to sell the yearly package for $599 ($150/quarter). He probably got around 7-10 accounts a day for 4-5 months to make that ( we had about 15 salespeople(out of hundreds) that achieved this and some made $400k+ in 5 months.
That set my bs meter to broken
@@gelanderw6073 These top salespeople make this money becasue they are extremely influential, they turn someone who initially curses them out to sign the contract are invite them for dinner. I've literally seen a customer say NO about 15-20 times and the salesperson still closes the deal.
Bought my first rental property at 23. 4 unit building & I can’t wait to purchase my next!
Congrats! Go get it!!
could i do it if i'm working part time since the rental income will count towards my income aswell? my credit score is 744 and i only make about 2500 a month on papper but more under the table wich they won't cont.
@@skaterjoepo your best bet is to contact a great mortgage originator so he can review your situation.
I’m 19 turning 20 this year what advice do you have for me?
@@pradag533 always run numbers, if the numbers make sense DO IT. the number one be way of learning is by doing. always keep reserves in case of emergency.
Hey CDS, I like how no matter how large you get personally you always come back and show the basics of getting started with smaller multifamily. Especially since a lot of people won't ever make it to your level so it's good refreshers
I bought my first duplex a month ago at 23. This Is how I know I’m doing the right thing.
Same!
Congrats!!🔥
I was buying shots and plane tickets at 23. I wish I was that focused at that age. Good on you bro and good luck with your investment.
Nice! All my money is in dividend stocks at the moment. But once I get to like 100k or so I hope to get a rental property as well! Prices are so expensive here in Florida though
Can you give me some tips? I’m also 23 trying to buy my first duplex property
23 year old kid made a cool $200k in a summer selling pest control? Nice! Even nicer he is plowing that money into real estate and passive income. Cheers!
Congrats my man! I made my first investment at 23 as well which was also a duplex. Love seeing other young professionals getting into the game we call real estate. Cheers!
Congrats to you too brother that’s sick! Shoot me a follow on insta. I’d love to follow your story too👊🏼
What sports cards you invest in?
Thats a heck of a good deed you did for Ryan. I know many whom would keep the deal for themselves. Best wishes to all!
I heard 49,500 down payment and exited the video. Came back cause I can’t give up 😭
💯 you’ll be there one day too💪🏾
I’m 22 right now & I’m just now getting into this, thank you. Hopefully I learn enough to buy a duplex within a year
how did your search go? i’m in the same exact position right now and about to get my real estate license
Updates?
Update
Whatta great video!! Love how you take the fear out of it all!
Nice video! Really enjoying the knowledge you put up! Keep up the good work
Currently 20 and looking to get my first duplex this spring/summer hopefully. If it doesn't work out this year, i'll be able to do it when im 21
First step: Make $200k in one summer
The bank is your friend
Take out a loan or you can make a business partnership with someone by telling them that if they help pay for most of the place, you will give them a cut of the profit by a set time. They will likely say yes bc your literally just giving them money.
Or $4,900...
🔥🤣
Multi family is such an amazing wealth building tool. Can’t wait to get my hands on a few.
Ok Casey
Awesome! Congrats! Yes, definitely just start and make the mistakes.. only way to learn and get better! 😄
Perfect video for me 👍22 years old looking to house hack my first duplex in the next couple of months 🙌Thanks Chandler & Ryan!
Shoot me a follow on insta and I’d love to follow your story brother! Thanks man! @ryanwilliammyers
I’m 22 rn same way my guy💯
funny how this came full circle. Ended up buying the deal I spoke about in this comment & just sold it this week. Bought for $225k, sold for $365k. Also bought additional 7 units in this timeframe. Say your gonna do something, then do it!@@giannigreen493
Good video and congratulations. Now that the pandemic is over I am jumping back in. I focus on duplexes so I plan on doing 2-4,per year.
Great video guys 👏🙌🏼👍🏼✅loved it ❤️🙌🏼
9:31 i actually jumped 😂
ok I saw this comment and still jumped
I’m 18 and so interested, this seems so tangible.
Me too!!! Like I’m young & 16 right now but I wanna learn so bad!!🤍
It is! Work on building excellent credit and the realty world is yours 🤍
Update sis
Love your videos, as well as the music.
Hi, can you and your brother talk about how he got the real estate agent license and the pros for being one as an investor? I am an investor and thinking if I should go get a license so that I can have MLS access to find deals (I am not very social😛, so instead of going to social events I can have a source of information). Thanks!!! Love your videos!
Another great video.... do you ever help newbies who are not part of your pest sales crews?
No doubt , a good way of growing and saving your money is through investing . You don't need to have much before you can invest. "That little money you have now can make you millions if you invest it wisely". I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made
Glad I came across this comment section. I was struggling to decide what to do with a good amount of money in the bank doing nothing. I would be happy if you could advise me, as I am ready to go the passive income path.
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I value your recommendations. It's challenging to locate a trustworthy person. I could really use your investment advisor after seeing how much money you've made through investing. If you don't mind revealing her information, that is.
Alright, you can easily find her information by doing a quick 🔍 search. Feel free to reach out to her directly with any questions you may have.
This is a shocker seeing Regina Louise Collaro is being mentioned here. I always had mixed feelings about hiring a Investment advisor. For the record, I started working with Regina in 2019, and she manages about 70% of my Investments, while I manage the other 30%. My philosophy is that I care more about my own money than anyone else, but she made me accept that they have wealth of information on current conditions and future trend
Woah this is absolutely amazing !
I see you have real estate in Idaho, which has had a pretty good market until in recent years kind of looks like Nampa/Boise area but could be twin falls as well. Would you recommend hoping into the rental game now or waiting based on the current market
Love it! I wish I had started at his age lol
Where is that duplex located?? Thanks. Great job guys! Congrats!
Congratulations Ryan!
Such a positive interaction ❤
Sorry, not much specific info. Nice personal story but, how does that help us.
Very impressive 👍 7 units at the age of 23. Way to go 🙂
Hey you, yeah you. You got this!!!
I just came across a deal. 100k for a duplex. One side redone other needs redone. Rent only 550 but I think 650 is possible. Each unit is 1 bed 1 bath. Will cost me 15% down and closing cost unless I can negotiate. I’m sure the other side needs quite a bit of work but I’ll find out Sunday. Im just worried other side needs completely redone. That’ll cost another 10k or who knows depending on how it is. Worried it might not cash flow much with interest rates where they are.
Excellent video! What is that instrumental music playing at the very end??
How do you get the income? Did you save or get a lender?
The Aptive squad hustles!!
Gotta keep grinding💪🏼
Let’s goooo
Do you have to put 25% down?
Chandler my man!! Just also bought an owner occupied duplex at 23 years old! 2.875% fixed rate
Rents were only 415 as the same tenants have been living there since 2005! Similar comps are going around 700$
Congrats!!
would this be different depending on what state you live in like me im 21 and my income is no where near like Ryan . how can it be done, if i cant hold variables like Ryan
I want to buy a triplex for 600,000 in Houston Texas. If I save up around 50,000 before I purchase and I join the military to take care of my food, housing, schooling, dental, medical, etc. do you think it would be feasible. I would live on base wherever I go and I would rent every unit to individuals. There are 3 units and each unit has 3 bedrooms 2 bathrooms and an indoor garage with a driveway. I would make around $2,300 a month starting as an E-3 in the air national guard. On top of that I will take up a part time job to make more money. Probably attempting to work in the fire department part time as a paramedic. Do you think I could afford this ? Any advice or tips. Expected mortgage would be around $2,300 every month
How do y’all find such cheap prices on property’s? Is it just location? I can’t find anything around me for less then 300k+
Hey chandler what do you think is better cali or WA state for real estate investing? I haven't started investing and I'm thinking of moving to wa not just because of real estate including other financial pros and obviously because of the environment and people. I would love any input.
Invest anywhere but CA or NY.
Epic!! Love seeing the hustle
Thanks man! 👊🏻
Oh shit Hayden Bowles!!
What about when you live in a market that is 3 times that price for a duplex? Is it still just making sure the numbers work? Or does it matter the amount?
you can get a loan where you only have to put 3.5% down
How are you guys getting so many loans?
Ryan's such a stud!
Geez I wish I could buy a duplex for $120,000... I live in California and I’m looking into duplex’s and they are running between $400-$1.2m :(
Great video but what is the tax insurance
i seen a duplex for 70k 3 bed 2 bath each rent 1250 a month in the area what credit do i need for a loan
Happy haircut little brother!!
Looking fresh!
How do you find out who to contact when you see pre foreclosure listings on zillow or the HUD store?
Finding off market properties seems like a mystery, even some Zillow listings don't give much info.
Door knocking is how you get hidden gems in real estate. "An off-market real estate deal involves a property or portfolio that is not listed for sale or advertised. Off-market deals are akin to rare treasures because they afford many advantages to investors and broker professionals who find them".
Should I buy a duplex with these crazy inflated prices right now?
Hey chandler what's up. So I'm from NYC and own my own home for 10 yrs. Just got approved with my friend for 400k. we're looking to invest in the try state area like Connecticut, Pennsylvania and possibly NJ. Should we be concerned with the inflated prices of these multi fam homes and be concerned if renters can pay rent during this pandemic. Thanks again. I watch all your videos. Dan from coney island 🎡🎢
I just bought a duplex in Connecticut and it’s still a good idea. Rent isn’t going down
To qualify for an FHA loan for as little as 3.5 percent down, you have to live in the duplex for at least a year. Who checks this? Can you claim to live in one of the units but rent it out anyways?
how did he have the income to buy a duplex or the downpayment?
This is my goal with Aptive 🙏🏼🙏🏼
Go get it!!
What camera are you using brother? Great quality
His iPhone
Hey Ryan!!!
if i wanna get a multi family home as my first home could i get the 3.5% down?
Yep
I'm 24 and want to buy a duplex and live in half. Can't get the fiance on board though. So we will have to get a regular house and then I'll save up some money and buy another property. Not as financially benificial, but it is what it is.
Buying a duplex is such a good idea it’ll be paying for itself
F I’m glad to be single
Ask her what are you guys working for?
The best way to use a VA loan to buy a duplex or 4plex!!
What state are you from?
I got assigned to Austin TX to door knock for aptive!
I live in PA with my Girlfirend and she doesn’t want me to leave and my mom thinks this door to door sales is an MLM 🤦♂️
I need to prove them wrong! Any advice?!
Ik what I need to do, I just need to take the step to do it! Financial freedom won’t come without sacrifice
It’s worth it man! It’s a scary step, but the best decision I’ve made hands down!
@@greydenpiechnickrealestate6928 did you go?
@@dudewhat7738 no I didn’t
Prove them wrong? Seriously?
You work commission…..
They buy or don’t.
It’s not “get 3 people under me” type nonsense.
Your parents are dumb
lol this guys always smiling, no wonder he sells so much pest control
Smiling is key😂
😂
Why did you switch to 10% cash on cash from 15% for your requirements to buy a property?
Market prices are probably getting too high for 15%
10% is still a good target
What is "2% closing costs"? I negotiate with my own agent to pay 2% commission? Sorry I'm new and dumb 😅
I was also kind of confused about that part.
Closing costs consist of lawyer fees, land tax etc..
4 people thumbs downed the video because Ryan cut his hair
Hahaha
9:27 you really scared with the sound effects 🤣
Also the area has a BIG BIG BIG play in the decision and trigger pulling, I’m in the Bay Area of California and homes are easily over 1.3 million and I’m 20 in college there’s no way I’d be able to make any sort of downpayment around here for now I’m still full time in school
Buy out of state…..
@@iamnobody9001 well yes of course, still you need some money to start with!!
Does this work if I’m 22?
You just 2 years of work and about 620 credit
First view, first comment 😘
$200K? Over the summer?
Ain't nothing better than that REAL ESTATE CHEES$E!
Let’s goo!
Very confused as to how that tiny building (bungalow?) is a duplex
Two properties on one lot
Wish I had someone to feed me deals
I feel like these dudes are LDS in Utah somewhere.
🔥
How do you make $200k selling pest control?!
👌🏼
👊🏻👊🏻👊🏻
How do you find this offers “off market”? it pisses me off that all you investors just feed of eachother, makes it harder for first time home owners, specially in California
How does anyone get enough cash at 23 to buy 7 units??!!
Rich parents!
we all know the joke that made him cut the video at 6:09 lol
Heyy would you like to participate in a rally here in Idaho?
For sure
What kind of rally?
@@ChandlerDavidSmith the rally takes place here in Sun Valley, Idaho. The rally starts in July, the first day they show case all the cars in downtown town Ketchum Idaho and the next day in the morning they go up Sun Valley to do top speed runs in their vehicles. The stradman came here two years ago with his purple Lamborghini aventador. Also I’m a fanatic of cars and was wondering if you and the stradman come here together could you give me a ride in the car?
@@AdamS_27 it’s a rally here in Sun Valley Idaho
Where do you live finding a duplex for 200k?
I’m getting return missionary vibes🧐
Never heard that tearm “ mother in law apartment “ means it’s small )) ??
Its the smaller section
hey im 23
So inspirational make me get off my asss
my goal is 24 🙏
Did anyone else actually get scared when they opened the shed?
I’m in Texas so maybe pest control doesn’t sell like crazy but how does one make that much money selling pest control? Haha I feel like everyone would be doing this if you could bank this much dough in a summer.
Shoot me a DM on Insta and I can tell you about it👊🏼 @ryanwilliammyers
It’s a hard job. And we sold millions in Texas this year. Haha it’s a great market for this
These house prices are insanely low.
I just bought duplex for 60,000$
Everybody talks about “how to” buy a duplex but nobody says that you must have a loan to income rate of less than 50%.
💛💛💛💛💛💛💛💛💛💛💛💛💛💛
What are these numbers?
200 units in 7 years
$600k cash flow
$1mill net worth per year?!!!!!!!!
Could you please elaborate on those numbers and how you got to them?
What’s the average cost of a unit for you?
200 units in seven years means the amount of units you can rent out by that time frame.
You get there by putting another down payment down on other real estate properties . You get that money to do that from your real estate property you initially invested, by ideally saving the positive gross income you are making after you pay your bills and your mortgage payment. You continue to buy more and more properties by following this process.
All of those properties combined, add up to your yearly cash flow. And your net worth is how much you are worth based upon all of the properties that you own. You would likely still have debt from the properties, but everything is a snowball effect. You accrue a lot more debt owning multiple properties, but you also earn a lot more money after you pay your bills, allowing you to start paying off your properties much much faster. It’s much faster to pay off one property worth $200,000 when you are bringing in $500,000 cash flow year instead of $30,000 or less. Next thing you know you were paying off your investment properties in just a couple years instead of 30 years. And before you know it you own multiple properties 100%, and you were making a lot of money and profit off of it.
This is very simplified of course because there are a lot of factors are going to play. But this is the idea. Once you start the snowball, it starts to become really big really fast the longer it rolls down the hill
I would not even look at this duplex , luckily I do not live in Idaho. I rather will pay higher taxes !
With all of that being said ...