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Updated almost 3 years ago, 02/17/2022
wholesale my way to my first investment property
Hello thank you for reading this post
My 90 day goal is to have X dollar amount in my bank account to fund my first house hack.
I will wholesale distressed properties in my market by door knocking or driving 4 dollars, I have very little experience but have already been out in the field a few times while saving 5%-10% of monthly income from Pharmacy w-2.
My challenge is figuring out or at least have a exact figure for down payment and work backwards from there.
1. How much money do I need to secure home "Down" (moving expenses, PITI, maintenance, etc.,) if I decided on a SFH with and attached garage and have permitted as ADU
2. How much money per wholesale deal, x how many deals would I need to close to reach x dollar amount
3. How many house hacks would it take if i plan to 1031 any properties here in CA for Multifamily out of state?
As I am writing this, I understand there are lot of factors to consider but it is more of a general guideline I will follow as a beginner real estate investor. Thank you to all for any input (comments/questions). I am looking forward to learning you all.
Feel free to reach out directly on bigger pockets.