First House Flip at 21-Years Old | Meet The Investor

TL;DR

Devon Walton flips his first house at 21, aiming for $40k profit.

Transcript

hey bigger pockets my name is devin walton i'm 21 years old i just moved from california to indianapolis because california prices are way out of my price range i've been here six months i'm killing the game and i'm here to share with you my experiences so there i was 20 years old making drinks as a barista like any other 20 year old how do i go or... Read More

Key Insights

• Devon Walton moved from California to Indianapolis due to high property prices and has been investing in real estate for six months.
• He attributes his success to resources from BiggerPockets, including podcasts and books, which guided him through his real estate journey.
• Devon purchased his second property through a wholesaler on Facebook for $40,000, with the help of a private money lender.
• He invested $12,000 of his own money for property rehabilitation, performing 90% of the work himself to gain experience.
• Despite facing challenges such as firing unreliable contractors, Devon is determined to succeed in real estate investing.
• His motivation stems from the desire to provide a better future for his siblings after losing his parents at a young age.
• Devon emphasizes the importance of networking, having a supportive mentor, and surrounding oneself with like-minded individuals.
• He encourages others to pursue endeavors that make them nervous, as they often lead to personal growth and success.

Questions & Answers

Q: What motivated Devon to move from California to Indianapolis?

Devon Walton moved from California to Indianapolis primarily due to the high property prices in California, which were beyond his financial reach. He saw Indianapolis as a more affordable market where he could begin his real estate investing journey. The move allowed him to invest in properties and gain valuable experience in a less competitive and more accessible environment.

Q: How did Devon acquire his second property?

Devon acquired his second property through a wholesaler he found on Facebook. He purchased the property for $40,000 with the assistance of a private money lender, whom he connected with through extensive networking. This approach enabled him to secure the necessary funds to invest in the property and begin his first house flip.

Q: What challenges did Devon face during his house flip?

During his house flip, Devon faced challenges such as dealing with unreliable contractors. He had to fire a contractor who was consistently late and did not perform quality work. This experience taught Devon the importance of finding trustworthy contractors and highlighted the difficulties of managing a renovation project as a new investor.

Q: What is Devon's primary motivation for succeeding in real estate?

Devon's primary motivation for succeeding in real estate is to provide a better future for his siblings, following the loss of their parents. Having been on his own since the age of 14, Devon is driven by the desire to offer his siblings opportunities and support they lacked growing up. This personal mission fuels his determination and ambition in real estate investing.

Q: What role did BiggerPockets play in Devon's real estate journey?

BiggerPockets played a crucial role in Devon's real estate journey by providing him with educational resources and guidance. Through their podcasts, books, and forums, Devon learned essential strategies such as using other people's money (OPM) and the BRRRR method. This knowledge was instrumental in helping him acquire and manage his properties effectively.

Q: What are Devon's three big lessons from his real estate experience?

Devon's three big lessons from his real estate experience are: 1) The importance of having a mentor or supportive figure to guide and motivate you. 2) The necessity of networking to build connections and gain opportunities. 3) The value of creating one's own path, especially when lacking traditional support systems, and being self-reliant in pursuing goals.

Q: How does Devon view the importance of networking in real estate?

Devon views networking as a critical component of success in real estate. He believes that building relationships with lenders, contractors, and other investors is essential for gaining support and opportunities. Networking allows him to find resources, secure funding, and learn from others' experiences, which are invaluable for a new investor navigating the real estate market.

Q: What advice does Devon give to others considering real estate investing?

Devon advises others considering real estate investing to pursue endeavors that make them nervous, as these challenges often lead to personal growth and success. He encourages aspiring investors to seek mentorship, network extensively, and surround themselves with like-minded individuals who share their ambition and drive for long-term wealth and success.

Summary & Key Takeaways

• Devon Walton moved to Indianapolis from California to pursue real estate investing due to lower property prices. He attributes his initial success to resources from BiggerPockets, which provided him with the knowledge needed to start investing. Devon has already acquired two properties in six months and is working on his first house flip.

• Devon purchased his second property for $40,000 with the help of a private money lender and invested $12,000 of his own money for renovations. Despite challenges like unreliable contractors, he is confident in his ability to profit from the flip and plans to use the experience to acquire more properties.

• Driven by the desire to provide for his siblings after losing his parents, Devon highlights the importance of networking, mentorship, and surrounding oneself with ambitious individuals. He advises others to take on challenges that make them nervous, as they often lead to growth and success in their endeavors.