Multifamily House Hacking at Only 20 Years Old

Multifamily house hacking at age 20 isn’t really the “traditional path”. The more “traditional path” encourages a lot of waiting: waiting to get into the right school, waiting to get the right degree, the right internship, and the right job, but what about the right now? As every current and aspiring entrepreneur knows, time is money so capitalizing on the right now is essential. How do you do that? Real estate investing!
Today’s guest, Rachel Morrow, knew the importance of capitalizing on the right now. At merely 20 years old she was on her way to med school when she realized she wanted to start building wealth. During her warehouse shifts, she began listening to real estate podcasts and recognized real estate was not only something she wanted to do but something she could do. This led to a big transition period in her life from the path she had always known to the path less traveled, but once she made that mindset shift, that was it.
The change didn’t happen instantaneously, she had to completely start anew and work towards her goals which at one point meant working 60 hours a week for a year to get pre-approved for a loan. Her drive and persistence allowed her to close on 4 units with hopes of closing on more single-family homes in the future. We touch on topics like creating value, breaking from the “traditional” path, self-managing a house hack, finding a mentor, and being a young investor.
~~~~
Join the Real Estate Rookie Facebook Group:
/ realestaterookie
~~~~
Shoot Rachel an Email:
[e-mail]
~~~~
Follow Rachel on Instagram:
@rachdoesrealestate or / rachdoesrealestate
~~~~
A Beginners Guide to Hack Your Housing and Live for Free:
www.biggerpockets.com/blog/20...
~~~~
2 Solid Reasons to Get Pre-Approved BEFORE You Buy Your Investment Property:
www.biggerpockets.com/blog/20...
~~~~
9 Simple Steps to Finding the Best Real Estate Mentor for You:
www.biggerpockets.com/blog/re...
~~~~
Follow Ashley and Tony on Instagram:
@wealthfromrentals or / wealthfromrentals
@tonyjrobinson or / tonyjrobinson
Episode 131
Show notes at: www.biggerpockets.com/rookie131
0:00 Intro
4:50 Life Leading Up to Pre-Med
9:40 Potential Doctor to Real Estate Investor
16:30 Breaking Out of the "Traditional Path"
19:34 Rachel's Current Portfolio
23:29 Trading 60 Hour Weeks for a Pre-Approval
32:22 Finding a Mentor
35:18 The Effects of Being a Young Investor
37:37 Rookie Deal Review
42:42 Self-Managing a House Hack
49:15 Mindset Segment
52:14 Rookie Request Line
58:55 Rookie Rockstar

[@theocrat8477]

This is Rachel's dad. I am so proud of my daughter and she is a huge blessing and an inspiration to me!!! I love you Rachel and I will do anything I can to help you succeed. May God bless you through your love for others and being honest and diligent.

[@JevonMusicGroup]

She's definitely on the right path! At 46, I wish I would have started back then. But... the second best time to plant a tree is now, right?

[@investordangdaniel]

she's been raised well. God bless.

[@SuperKpill]

She’s amazing. I wish I was this motivated when I was her age.

[@twincherry4958]

😁

[@georgechang4006]

How’s someone sounds like a teenager and have so much wisdom at the same time!

[@yingng2854]

Rachel is awesome! Parents did a fantastic job when they were blessed with this child! You can feel her sincerity when she speaks. Young but soooooo wise.

[@donnyjay4269]

Man I was BSing so much when I was 20… I wish I had her mindset 10 years ago

[@schubertserenade8385]

Donny, never too late! Start now and go forward! ;)

[@denisejones7545]

This is my first time experiencing your website. Thank you for your content, your channel. Im so inspired !!

[@addieroth5201]

This girl is smart. Everything she said about the medical field is true.

[@jcbooks21]

Hello Asheley!!! I got your book a couple of days ago!! and is awesome. I just sold my house and got an equity of 60k ... and will use that to start a building company with my dad. who has been in construction for about 20 years.!! I'm glad I got to your book and your podcast!! hope to good in a couple of years !! thank you.

[@CarlottaART]

Wow! Rachel’s awesome! What a great interview. Thank you ALL!!!

[@erikalessard]

Ashley, thank you so much for pointing out that one may actually give more through having time, resources, and money (utilizing real estate) allowing one to make a bigger impact than going to med school. Most would not think that way, but as a nurse of 20 years wanting to get out of the profession and into real estate investing, it is so good to consider this, and you really hit the nail on the head for me. Thanks again.

[@coolbjam]

This is absolutely amazing, heard at the right moment. Instructional and inspirational.

[@nonesuch444]

Wow homeschooling her parents did a remarkable job what a blessing it's not easy to achieve what these indivuals have done being a parent or a growing child to a adult its not so easy but this shows how blessings can work!

[@delontamcclain4571]

Thanks for the information, feels good to be locked in !!! keep it coming

[@jjsupremeorta15]

Tony always spitting knowledge

[@lubosimaboshe]

awesome show

[@smilequeen4141]

Wow, awesome episode! I am blown away by Rachel’s mindsets!! So inspiring ❤️

[@jacqueline8566]

How is she 20 and have all this knowledge about big hospital systems & having to work for your own medical practice? I’m amazed! Good for her!!

[@rachelmorrow9042]

Thanks Jackie I had great parents and was blessed to learn from smart people around me 😊

[@jacqueline8566]

@@rachelmorrow9042 that’s amazing! If only I got the revelation from God before I spent almost $50K+ on post bacc premed schooling. I’m 31 and just stopped pursing it earlier this year But to God be the glory bc He still used the whole situation to prosper me, for all things work together for the good of them who love the LORD and called according to His purpose

[@schubertserenade8385]

​@jacqueline8566 Way to go, girl! Go conquer the world! The whole world is yours! Just need a step to start! :)

[@BatistaInvests]

LOL @ 10:12 "You know how you bring your phone to the bathroom when you're taking a dump?" Wtf hahahaha

[@DivaDivine88]

You thought you GUYS were the only ones 😏☺️😅?

[@Sepia3000]

Oooh, what if she ends up investing in and developing health clinics, outpatient recovery locations or something health related?

[@HDBnB1]

Awesome show! Very inspiring! She is going to make it very far

[@pamelasue8396]

I worked at Amazon for two weeks. My feet hurt so bad I got expensive shoes and they still hurt so I had to quit. I don’t know how anyone can get past the hurting feet. If it wasn’t for that I would have stayed

[@l80bzttha13]

I can totally relate! Every Step I made was like walking on jagged shards of Glass , trying to 'Sprint-walk' to the nearest time clock, (which was usually several minutes away) to have a 30 min lunch. Investing in the pricey shoes made it a little better for me, But of course by then, work performance is judged negatively as you work in massive pain. Hats off to those who can do this. 👏👏

[@SnakeHandler-g7u]

Did she just talk about reading a book while taking a dump?

[@lukemanriquez5236]

Twenty years old and no filter! You have to let it sly at that age

[@Austin-ui8in]

She must have read "The Subtle Art of Not Giving a F*k" book by Mark Manson. Great book!

[@qmakesithappen]

She said what she said and we can all relate lol

[@SuperKpill]

Time stamp?

[@wendytegeder5745]

She hadn’t had a need to come up with health insurance for 6 people yet with major health problems. A practical, safe job allows for a parent to support that need. Don’t throw out the baby with the bath water. You can invest while earning money from a traditional, “ safe” job.

[@oak415]

So in the end she got an off market deal thru a connection. That’s great for the rest of us ..really. just great 👎 I mean this ain’t a rookie move. It’s a Pro move. This channel should be changed to real estate Veterans

[@NishaLaShay]

Go to local REIAs easy to networking and make connections to help reach your goals. I went to one recently best decision when it comes to wanting to invest in real estate. People there have years of experience, answer all your questions and give referrals for everything. I will be attending them regularly.

[@richardjudge2322]

Great Show! Love her Mindset.

[@dacr0708]

What stocks is she buying that disappear next day???

[@Pew_Meister]

I worked at an Amazon fulfillment center for about a year as a second job. I can attest you are a machine lol

[@YeahYeah-ij9wg]

Is it just me or did this video have unusually high amount of interruptions for ads?

[@youautoknowjoe]

Wow, so much wisdom, super impactful episode. Keep up the good work Ashley and Tony

[@gretakaveny1039]

So did the bank give you a loan based on what you could rent out the rooms and other units for or did they say that you had to prove your own income with no co signer or anything

[@schubertserenade8385]

I think banks don't care how much you can earn from the rent to start with. They would like to see how much you made a whole year from w2 and the down payment! If these 2 things are well prepared, you can rock!

[@Iwatch56]

Americans should never take it granted the opportunities they have to generate wealth and rebound from financial failures. In Jamaica this home ownership goal is extremely expensive and hard to achieve. Even persons considered middle income earners can't afford a home in a good area.

[@justinzunker]

How much is a home in Jamaica compared to yearly wages? Is 30 year financing available?

[@gretakaveny1039]

The warehouse job was not obviously not a package handler Amazon, FedEx or UPS

[@gretakaveny1039]

Had did you buy a property if you did not have any of your own money because it is almost impossible to qualify and investors that have money can just skip you and buy the property directly from the auction or the reo bank owned or get a traditional bank loan.

[@schubertserenade8385]

Rachel had a job at Amazon Wearhouse and worked 60 hours per week for one whole year to get the w2 proof from the lender.

[@Real90sfeel]

Skip all the bullshit, show starts at 4:59

[@rachelmorrow9042]

It was such a joy chatting with you guys!! Thanks so much to the bigger pockets community!! Y'all are doing God's work providing so much free education 💜

[@sashas8708]

Thanks for sharing your story!

[@rachelbudinger3416]

Incredible story! 👏🏻

[@rachelmorrow9042]

@@sashas8708 thanks for listening!!

[@rachelmorrow9042]

@@rachelbudinger3416 best of luck to all your investments!!

[@edwardr.gheraii4716]

I never comment on anything, but you earned it; keep up the great work. I also started investing in real estate in my early 20s and it has only ever been a blessing, either through life lessons or financial independence. You're an exceptional human being and I can't wait to see where you are in 10 years!

[@marcorutzianni1587]

Hahaha omg 😆 you always bring up the Louisiana property! Everyother episode When it calls for.it Hahahaha ugh!

[@elandoserrano4536]

Did she mention the market she is in?

[@rachelmorrow9042]

I am in the Kansas City (Missouri included) market

[@Alessandro1983]

@@rachelmorrow9042 No wonder you're getting good deals. Those deals dont exist in California.

[@KennyNghiemRealEstate]

My name is ken, I would like to thank you guys for creating this type of content. I am a younger guy from Vancouver bc canada I have invested in 2 homes and growing. real estate scares the living crap out of me and alot of my peers/family. Listening to your podcast is really giving me a different way of thinking and its almost like re assuring me that im heading into the right direction. Thank you so much for the knowledge, approach, ideas. Thank you I mean it truely

[@Chrizpy37]

This Is The BEST Episode So Far! Rachel Is A GENIUS!

[@rachelmorrow9042]

Thanks Chris you're the bestest in the world 🌍 😊