Quote:
Originally Posted by jhynesrockmtn
I'd buy a duplex that needs some cosmetic stuff, live in half, rent the other out. When it's in good shape and you can afford another, repeat.
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I've seen this strategy work out very well for several people I know. If you're going to deal in residential real estate, this is the way to go. Duplex first, then move up to triplex or fourplex as finances permit. One flaky tenant will not sink the whole ship, as is possible with a single-tenant rental. Commercial real estate is easier to deal with (fewer laws protecting problem tenants) but cost of entry is typically much higher.
That being said, I would think that very few guys his age would have the necessary focus and discipline to see a plan like that thru.
"I wants to be rich...I've got until the weekend though....so there's really no rush." I think this pretty much sums up your average 19-year old's mindset when it comes to finances.