How I Bought My First Rental Property at 23
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- Опубликовано: 25 дек 2024
- UPDATE: I made a video on my 1 yr update on the property. If you'd like to know more about how the property is doing (cashflow, appreciation, etc.) check it out here: • How I Bought My First ...
Here is the doc I mentioned in the video: docs.google.co... (For educational purposes only!! Please make sure to do your own research. You can make a copy and then edit it.)
TL;DR :)
Started my first software engineering job during the summer of 2018 and saved 20% after maxing out 401k and index fund investing
Made sure my expenses were down to maximize savings
Started doing my research on Reddit and BiggerPockets, I also had a parent who had a little bit of experience and who was a real estate agent for 2-3yrs right before the housing market crash of 2008
Learned how to calculate cash flow and CoC return by creating my own excel sheets with numbers to analyze each property I was interested in
Reached out to a real estate agent on BiggerPockets
Got pre-approved through multiple lenders
Put in an offer on a home
Flew out to see the home for the first time after closing to do repairs and showings for potential tenants
Placed property management to take care of the house and tenants on a day to day basis
Salary breakdown: • How much do software e...
Enjoy!
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About me:
I'm a software engineer currently working at a really dope company in Silicon Valley. I'm about a year out from college where I graduated with a degree in Computer Science. This channel is all about helping people who want to know more about software engineering or computer science and for me to be a helping hand in any way I can.
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Thanks for watching. You da best.
love,
sosa
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Friends! I did a 1yr update on the property where I discuss numbers, repairs in 2019-2020, and advice I have for newcomers:. Feel free to check it out here: ruclips.net/video/39XkPvGn9xk/видео.html
Stumbled across your channel and I am absolutely amazed. In love 🥰!
I am new to Ga and I am trying to purchase my first home here, can you give me the name of your realtor?. Sounds like the right agent to educate me more about Ga. You will help me and my family out big time. Thanks 🙏
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You're a smart girl. Your parents must be so proud.
sis, to be this young and making these types of money moves? ya absolutely love to see it 😩🤎 talk about black girl magic ✨
Loooooooooooooooooooove to see it!
Yup she's really killing it, being an engineer really helped propel her to saving money and investing in real estate.
Love your ideas. I started saving 20% of my income in 2018, then in 2019 I started saving 50% of my gross income (it’s was almost impossible btw). Now covid hits and i’m out of work (free lancer) but thanks to those 2 strict years I have enough savings that we’re now buying a rental property with our savings.
Having money when COVID hits is perfect, lower prices on housing, higher rewards
Wow congrats, thank you for sharing 👏🏿👏🏿👏🏿
Thank you! And I love your videos btw, you're killing it!!
@@heysosathedev hi
You are a perfect example of the benefits of a high paying job to start of w life (and being smart).
Thank you, I do my best
Hope you like this video! I tried to go into as much detail as I could but feel free to ask me questions if you have any :)
Hi! You can email me at sosa.asiruwa@gmail.com
You killed it . I appreciate your knowledge and information .🙏🏾
Sosa I’m blessed to have came across your video! I’m 23 2 kids single mom tired of living pay check to paycheck I’m ready to have BIGGER POCKETS! Taking my future serious for my children’s sake!
I just found your channel & I'm obsessed lol you are everything I aspire to be in the next 2-3 years!
This means so much to me!! Thank you and keep me updated on your journey :)
I was doing stupid mistakes when I was 23 😂 thanks for sharing your story! Can’t wait to see your journey in the upcoming years.
So awesome you're an engineer and posted your first rental property buying experience. I used to be an engineer (aerospace) and ended up doing rentals as well and eventually left engineering for real estate investing! Great to find a like-mind!
Second time watching this video. I love how open you are. I plan on buying my first rental property this year (I'm 23) and I want to make a youtube channel to help other investors like you're doing. Keep up the work!
Aw dude I appreciate this so much. Please let me know when you start your channel. I'm rooting for you!!
As a young black entrepreneur and aspiring Real Estate Investor, this video helped me beyond belief. Not only was the video well put together, Its a breath of fresh air to see a young black women doing what I am going to do within a few short years. So happy!
I'm studying CS and hoping to start buying property when I have money saved up. Your channel is all I've ever needed 😂❤️
Thank you so much! Im currently 17 and ive been genuinely considering my future and i really want to work to save up the next few years as much as i can to invest in a rental property. Finding your channel/content is amazing because its a very realistic view of the whole process.
Good thing you're starting early. You will do great !
I am 21 and looking to invest into rental properties within the upcoming years . Thank you so much for sharing your experience and congratulations on your money moves at a young age !
How many propertis you have now
Hey Sosa!!
I’m so proud of you girl! Doing things young and in a great way!
Could you do a video on “analyzing a deal” or running the numbers?! That would be awesome! I’ve seen it done before but it just didn’t click. Sometimes seeing it from a different person helps. Thanks in advance! Please tag me if you do! Much luck in all you do! ❤️
I absolutely love this video! I'm 21 and am inspired by your intelligence + rationality. Keep killing it!
Shoutout to you! I'm an Electrical Engineer so much respect! Definitely just joined BiggerPockets and recently purchased my first investment property. Thanks for the info!
😁👍🏾👏🏾👏🏾 I'm not sure how this video found my algorithm but I'm so elated to see a young woman with a good plan and a great head on her shoulders. Keep up the good work. You're planning better than most 40yr olds.
Wow, thank you
Honestly, your video was my favorite and the most relatable and helpful i've seen yet! We're kind of on your same path as well except I'm in nursing school so I don't have those kinds of funds yet but boyfriend is a software engineer ready to go and we're both trying to look into the best ways to start cash flowing. We were considering between flipping or rental property but honestly you definitely were the blueprint to what we were thinking of doing so to hear how it worked out for you is awesome and a good idea of what we're looking at! Also we live in CA to so HAAAYY! LOL! But in all seriousness, Thank you sooooo much for this video!
Omg yassss! I'm happy to hear that and sooo glad that sharing my experience was able to help you. I actually have a video coming out tomorrow on my 1yr update with details on cashflow, issues I've run into, appreciation, and stuff like that. Be sure to check it out :) and thanks again for watching!!
This was such a great watch! Thank you for helping young future home owners brainstorm this process out!!
Glad you enjoyed it!
I get this older brother vibes looking at this video.
Very proud of smart you are and how your are setting yourself for success.
Keep it up the work you are doing a fantastic job!
Aw man, thanks big bro!
:) I love your channel. I too, am trying to buy my first property right now as a DevOps Engineer. But wow, you're buying a RENTAL property :)
You're sooo kind!!
Okay so you are the real MVP for including that spreadsheet ✨💕
Awesome video! I just purchased my first rental property last week so I understand your excitement! Best of luck on your journey!
This lady is special and did an amazing job with introducing up and coming investors to real estate. she's very humble and not afraid to admit her mistakes. This gives a lot of people the confidence in starting. Thank you!!!!
My partner and I are putting down offers at the moment on our first rental property and we loved hearing your story. We resonate with you being 24 & 25! We're looking to house hack a multi-family and hopefully getting our first deal by the end of summer (even during these crazy times!)
You should make a video going deeper into the numbers side! What did you do in terms of rehab (any DIYs? All of it was hired out - how much for each project?), your knowledge on tax benefits of owning a rental property, etc.
Or what is it like being a landlord/hiring a property manager.
Or just a quick update on how the property is doing with any unexpected accomplishments/difficulties.
Gotta watch this video again. I’m analyzing every sentence. My goal is own my own property in my life and pass it on to my kids.
Love that! Let me know if you have any questions
Thank you so much for this video. Honestly so grateful to see someone my age making MOVES. Yass sis
You're so welcome!
What a great video! I’m also in the Bay Area and work in tech. I’m so excited to start my REI journey, thank you for all of this information! 😍
Thanks for this video ! It’s not many like it! It helps to see us young women doing the damn thing!
Yeah... about that house with the lead paint: I've never bought a house and I know nothing about buying a house, but I've done a lot of demolition and remodeling and I'm so glad and proud of you for not buying that house.
I had a house i was supposed to insulate, but it was an old house and instead of plastic and insulation in the exterior walls, there was asbestos plates and air.
The problem isn't removing the materials. The problem is the disposal of the materials. It's expensive and complicated to get rid of hazardous waste.
You can't remove lead paint. You have to pull the drywall down.
Thank you Sosa for sharing your experience. Hearing from you and how you share hits diff and reinforces all I'm learning!
Possibly a, “10 things you need to check off your list before getting started in real estate investing” video would be beneficial ... being provided with some sort of starting point is always helpful
Can U post more content on rental property investment. Thank you for going into detail with everything
Absolutely!
Love the video! I don't have a 20-25% down payment ready, but figured I should at least understand what I'm gonna get myself into eventually and your information definitely help! Thank yoU!
You’re welcome!
Thank you for this!!! I live in Cali also and yes these prices are no joke!
Right!!
Loved the transparency and in depth information! I wish you much success on your future endeavors :)
This video was so informative and definitely a great starting video for someone like me, who just turned 21 and is interested in buying property as soon as I graduate. Congratulations on the new property!
Thanks for all of the information. Heading to BiggerPockets because of you. I also never thought about using reddit for looking up investing. This is such good info for a green newbie.
BiggerPockets can be great... just don't let it overwhelm you too much! It's grown a ton over the past few years and it can cause a bit of overload for a "green newbie". But it's a good start! (I used to write blogs for them)
This was so helpful and thank you for the spreadsheet! I am analyzing a rental now but still a little unclear on the vacancy and credit loss. How did you find that? I think you mentioned biggerpockets but I'm curious on the method behind calculating it. I googled but I'm still like, huh? "Let's say last year's vacancy and credit loss from the property you want to buy was 3% of net operating income. Other comparable properties experienced an average of 4%. The average of these two is 3.5%." I'm confused hahaha any insight would be greatly appreciated! Thank you again and it's amazing to see a young black woman in tech making moves.
Congratulations you go gurll love to see my people doing big things keep up the great work
Thank you for uploading this video. As a 17 year old girl hoping to invest in real estate this is very inspiring. I hope to achieve what you have in the the next couple of years. Keep up with the great videos❤️
I wish I was thinking about investing in real estate at 17! You're so ahead of the game. And thank you so much for watching :)
I really respect your work ethic and hustle to become successful. It's quite admirable!
This video couldn’t have came in a better time, I myself am trying to buy my first rental property. I want to replicate your spreadsheet but I couldn’t really see everything else on it. Where can I go to find a similar idea to your spreadsheet ?
This was so inspiring, love to see it! I hope to purchase my first property soon!
Yes! Keep me updated :)
Triplex owner at 18! I learned a lot from this video.
Thanks for this girl 🙌🏽 & the spreadsheet!!! I’m 22 and I’m looking into buying my first investment property by the end of this year
funny thing is I'm roughly in the same situation but a year behind. 23 looking at property in my automotive career after college maxing out 401k and saving a lot to get passive income. I'll be right behind you hopefully. probably gonna sub to see your progress too
Congratulations. That’s on the horizon for me so appreciate the knowledge
OMG you are a god send for including the spreadsheet. THANK YOU THANK YOU!!!
No problem!
The amount of your videos I added to my favorites. Girl!! Sooo proud to see you making this level of progress!!! Thank you for motivating us!! I’m learning how to code now. You’re inspiring me. 🖤❤️
Ahhhhh thank you so much!! :')
Congrats! I’m working towards my first rental property too. I’d love to know how you were able to invest out of state. Coming from an avid Bigger Pockets fan
That's a good question. I talked about it a bit in this video:ruclips.net/video/eTBLJEsq0H4/видео.html . Mainly looked through the BiggerPockets network to try to find a realtor that I could trust. In terms of property management, I did a bunch of interviews with different companies until I could find the right one. I think I got really lucky on both fronts but I was very serious about doing as much research as humanly possible before jumping into anything.
This was very sound, and thorough description. I love it. Extremely helpful
Can you make a video on "The whole process at work as a software developer"? Because I'm one who is wondering about what a software developer exactly does at a company. Is it just sitting there and code or what? Thanks!
Very realistic touch!!! Good job. Thanks for sharing sister.
Thank you! 😊
Love this! Excited to see more of your investment journey. It’s something I’m looking into as well!
I'm in nyc its too expensive so I'm looking to buy upstate . Really like your video I'm turning 23 soon to. would love more vids like this
Always happy to see other young investors! Keep up the hard work! Lmk if you want to collaborate on young real estate investors, just bought my third @ 24 😊 scary right!? Lol
Congratulations I plan to do like this too once I got job I'm in my final semester of engineering degree hopefully. My parents has been doing this and manage to own 10 rental properties. Hopefully I can follow their step 🙏👍
I appreciate you sharing this.. best of the best to you in all that you do.. stay bless. Praying I start my Journey soon.. thanks 🙏🏾
Very inspiring. I don't even know you, but I'm proud of you, you betta' go Black Woman!!
Congrats Sosa!!
How did you find a property manager? Who handles maintenance?
Answered in my newest vid :) ruclips.net/video/eTBLJEsq0H4/видео.html
Awesome context sis! You explained everything so well!
Aw thank you!
How did you find the property management company and how much did you pay them?
How did you find the tenants, background check and establish a lease?
Hope you continue to grow, congrats!
thank you so much for making this video, i want to own a home one day. hopefully i get there
I loved the way you explained!
Thank you
Hi Sosa! So awesome to hear another California person do an out-of-state investing! I was wondering if you had used the BRRRR method to refinance your money out?
Not yet! And I might not tbh. I'm still very new to all of this so I'm taking my time to figure out next steps. I do plan on buying again within the next year though but probably not through the BRRR method, just savings
Very smart young lady! You go girl !
Thank you for the video! Helped me out in researching the topic.
Congratulations! Lots of stress but so worth it : )
Love how detailed this is! Is the coronavirus affecting your rental income?
So I waited for a little bit before replying because I wanted to make sure the numbers were right. Luckily, my tenants are amazing and have been paying on time, every time. I've had the usual repair requests but other than that, I **thankfully** haven't been affected. We'll see if this holds for the upcoming months though
Hi I currently have 16k saved up for a new property. Could I ask how much you saved in total? Just to see if I’m on the right track.
You are one smart woman!
Great video with a lot of insight, thank you. Is your excel cash flow sheet available to download online?
nice video Sosa i’m currently looking to buy a 10 apartment i’m currently doing some negotiations with the owner it use to be a diary/ cattle ranch with a 10 apartment housing unit but it went bankrupt and now only the apartments are up and like 5 apartments are vacant and the rest have tenant it’s going to need a lot of work done but i do see potential in it i do see it being a million dollar property in the future
Best of luck!
Wow! Your channel is awesome, i happier to know! Thanks for share your knowledge!
Also if you want to day trade go on robinhood and day trade lite coin. Pretty easy throughout the day
For those that don't have the 20%down, please look into fha loans u pay 3.5% down
Yup!!
Now conventional loans are 5%
Best video I’ve seen so far.
Wow. Thank you! That means a lot
Great inspiring video. Congrats girl!!
Hey Sosa! I've watched 2 of your videos and I already love you channel. Quick question about this video: How did you locate, hire and negotiate payment for your property manager? Or does the property manager usually come with the property? I'm super new to this (new as in you're the first video I've watched haha) so I'd love your input!
Thank you so much for watching! I got property management recommendations from my real estate agent. I also did extensive research on my own and did phone consultations with each management company I was interested in. I didn't have to negotiate prices with the company I went with because their pricing is pretty competitive for the area.
Property management sometimes comes with the property but you always have the opportunity to do your own research and switch to different management if the one in place doesn't fit your needs.
@@heysosathedev Thank you so much for your response! This was super helpul
Hey you are an inspiration for me tho I just recently start watching your videos and I like them a lot .in my case I am the first generation of my family in the United state i came here 5 year ago At the beginning I could not go to school but I start last year in a community college with a cs major I am graduating next fall and I am looking toward to transfert to four year college cheap college because I am paying out of pocket since the beginning until I am focusing more on working on personal project since I don’t have money for a good school even tho I have a good gpa right Sometime I really feel like giving up because there is so much expectation from back home in Africa to provide for them and pay for school and everything here but seeing the way that people like you born here with all avantages are still grinding and hustling every days give the confidence to give my all on my education and bet not that so hopefully it will pay one
I’m so glad you haven’t given up! Good luck in your journey.
The issue that I have is that it is hard to find people that I can work with on project so I loose the strive of doing project or challenge because they is no one to boost to do I lack of discipline when there is no nobody to challenge me and also I don’t have a clear map on how to have a progressive learning that why I am looking for mentor
Thanks so much for the spreadsheet. This helps alot
no problem!
wow you are killing it!! Great tips ❤️
Congratulations this is So inspiring! such a boss lady, if your fine with sharing if you got a 30yr fixed or 15yr mortgage.
Thanks for sharing ! I can’t wait to get in some real estate investment too you definitely inspired me
Congratulations on your success! I love love love your video and your attention to detail. I am in the process of getting my feet wet in the real estate business. Would you be open to shear a blank copy of your spreadsheet? Thank you very much.
Thank you so much! You should be able to make a copy of the spreadsheet in the description and edit it however you need
Really great video💪💪💪
So inspirational, thank you so much! ✨
Can you post link to the example spread sheet
Congratulations Sis! I am looking for a good property management. What is the name of the one that you used?
Really like your video. Very helpful! How did you make your spreadsheet?
Great video of your experience . Thanks for sharing!💖
Thanks for watching!
I was wondering if you think buying a real estate property 1st is better than just buying a house for myself?
I'm not Sosa, but thought I'd throw an answer in... I definitely vote for buying an investment property over a house for yourself! Like Robert Kiyosaki preaches... buying a house for yourself is a liability, not an asset. I'm an investor and I rent where I live and buy all investment properties.
@@AliBooneInvest house not an asset LoL come on
Awesome video! Thank you 👍🏽
Extremely informative thank you so much :)
Can you do a video of property management?