Investment #1

[Andy McNeany]

I just purchased my first home. My plan is to live in this house for 5-7 years. Then, because of the location being five minutes from a large college campus, rent it out once I find my next home. The goal is to purchase 1 or 2 extra rental properties in the area by that point, and continue to grow from there. With this being my first home purchase, and with it being the home I bought to live in, I am very unfamiliar with the rental business. Hopefully, by this time next year I have a plan in place to purchase the first true rental home for myself. I plan on spending the next year researching, putting together a plan, and saving $ to make it happen.

Does anyone have input on how much money I should have saved before moving to purchase that first property? Any insight into the first steps I should begin to outline for myself over the next year, or deadlines I should make for myself?