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Updated over 16 years ago, 09/29/2008
Help me create my plan!
OK, so I am relativity new to the forum but I've been a little confused about my plan. I'm 17 and I'm going to be going to college this January. I've read alot of good REI books like "Real Estate Riches" and "The Millionaire Real Estate Investor." Right now I have $4,000 in my bank account. I'd like to buy a duplex next summer and rent out the other unit while I work as a bartender/waiter to increase my savings so I can buy another property.
I'll eventually transfer the following January of 2010 to a 4-year school and I'll either sell off the duplex or have a property management company take it over. I hope to be buying real estate whatever four year school I go to, even if I end up going to New York City.
Alot of people ask what you're goals are, but pretty much my biggest goal is that after college (in about four years) I'd like to have enough monthly cash flow to pay for my basic necessities so I can invest in real estate full time. That's my dream but I'm not sure if it's possible. I'd get a job after college if necessary in order to keep investing.
Here are my concerns:
1.) If my parents sign on using their credit with a loan, would $4,000 be enough for a down payment?
2.) How many properties would I have to purchase during college in order to be somewhat financially free (being able to live off of the income) after college?
Thank you for your help! Any advice is appreciated.