So, how exactly did I buy a rental property when I was just 22 years old?
“Success occurs when opportunity and preparation meet.”
“Whatever the mind can conceive and believe, the mind can achieve.”
Acquiring the Property
Rental property was almost all that was on my mind for nearly a year. I really got inspired and kicked it into high gear after reading Robert Kiyosaki’s book, Rich Dad Poor Dad. Any spare moment I had was spent researching, reading books, listening to podcasts, and setting up meetings with mentors. In conjunction with all this research, I was also saving very aggressively. This was the preparation stage.
Now I just had to wait for the right opportunity. That opportunity came in November, 2016. I found a foreclosed house about 2 miles from where I live. I called my realtor so he could show me the inside. The next day I made an offer. This started the long, complicated process of buying a foreclosed home. The listing agent was semi-retired and seemed to think he could communicate whenever he felt like it. The bank that owned the property was halfway across the country and also unresponsive. After everything from not getting signatures in time to the water line breaking, the closing finally happened about 3 months after my initial offer.