20-year-old entrepreneur Lauren Spencer recently shared her inspiring story of how persistence and determination truly pays off! The University of Illinois student can now add rental property to her growing list of portfolio investments, which also includes a shoe restoration service and an ice cream shop. On Tuesday Lauren tweeted the following,
I’m 20 years old and yesterday I became the owner and landlord of a rental property! I purchased a two unit apartment building where I am renting one unit out and I will live in the other. The rent I’ll be receiving every month covers my mortgage, so I’ll be basically living for free while developing an asset.
If you know me you know how hard I work. It’s been two years since I opened a business with my parents and since then I’ve been grinding hard. Working 60-70+ hours a week. No days off! Now I’m driving a BMW and I just purchased my first rental property. All this hard work just finally starting to pay off. All praises to God! I’m so grateful!
Lauren became the co-owner of B & B’s Ice Cream Shop in 2016 and in 2015 she started her own shoe restoration and design service, Lauren’s Soles and still manages to keep her head in the books while studying at UIUC! Now that’s a boss chick!
We asked Lauren if she had any tips for those with similar goals of becoming a homeowner but are in need of funding. How did she do it? Where did she get the money?
The main tip that I can give when it comes to funding a home is to find and apply for grant programs. The grant program that I qualified for when closing covered most of my closing costs! There is so much free money out there, it’s just about being able to find it.
The best way to get information on grant availability is to contact your local government office, including your state, county, and municipality. They are often the sponsors of the grant programs, or can also recommend private source grant programs as well.
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