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Updated about 11 years ago,
Investment path advice for 24 year old investor.
Hi Everyone,
My mother has been investing in real estate for the past 10 years and I have helped her along the way with basic work. I never looked at it as a career path until I recently came across a video of Brandon Turner's and it inspired me to begin investing.
As of now I have one property which will be finished within a week. It is paid off and has a value of roughly $90,000. I have a tenant moving in January 1st and will be making $900 a month in cash flow from the property.
What should my plan be to expand my portfolio at this point? As of now I think it would be best to refinance my property and use that money to acquire another house and pay for repairs. Is that a bad idea?
My long term goal is to hit a net worth of $1 million by 30, and have around 10 properties. I think that is very achievable for a 6 year plan.
Thank You,
Kyle