Hey Bp

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Hey bp , I recently had a conversation with a friend who recently became a realtor. He was informing me that the int rate on a mortgage loan might possibly reach 7-8% in 3 years. We also discussed my goals and plans in REI. I formulated 2 year plan to save 20k , improve my credit and acquire all the knowledge I possibly can. I plan is/was to purchase a tri plex or quad plex and occupy one unit and rent the others enough to leave rent free and cover expenses and still have left over for a positive cash flow. I also understand that my cash flow may decrease to pmi. I planned on opening an escrow account to avoid writing a big check for taxes and insurance when that time ia due .I plan on financing this purchase with an fha loan which to my knowledge only 3.5 % down payment. I also kept in mind that even though 3.5 % is only due I still have a closing cost assuming I won't be getting a no closing fee which would increase my int rate. So say for instance I purchased a home for 100k with an fha loan 3.5 % or $3500 will be my down payment. Factoring in closing cost which constant of attorney fees , application fees , appraisal , carrying cost ,points ,.etc. I'm possibly looking at maybe another $3000. Which brings my total to $6500 and I haven't included possible rehab cost. After purchasing my home and 2 years later when I learn the ropes I plan on flipping one to two houses a year. I planned on using the cash flow I've saved with my first purchase plus earned income for theDown payments. I've been interested in rei for quite a while not but been reading and studying for about to months. I plan taking courses and going to seminars soon. If anyone have any advice or anything I should incorporate in my plan please free to share. And to add I'm an autodidact so I enjoy the pleasure of learning. Thanks