Entry to real estate, 5 year plan

[Matt Scott]

Hi all, I'm a 23 year old real estate novice and after thinking (and truthfully I've been thinking about this for months) for a little while, I wanted to write out my 5 year goals, and realistic expectations. In the next month or so I will (fingers crossed) close on a house in a B neighborhood surrounded by A and B neighborhoods. I'm purchasing said home for roughly 37$/sqft. Comparable homes in the area are selling for 50$ /sqft or more. All in all it appears no major repairs are needed, just cosmetics. In the next year I plan on getting my Real Estate Sales licensing. Realistically after Piti, utilities, savings, misc repairs savings, I should be able to save up around 7500 per year. Within the next 2 years I would like to add a duplex to my.. Portfolio? With 15k after 2 years I should be able to purchase a duplex in a b neighborhood in my area surrounded by b and c neighborhoods. ( currently many are selling for 60k or less, obviously can't predict the market but I think I have a good shot). I would move into this duplex and rent out the SFH for (comparable houses ~1200 per month). Within 2 years of that I would plan on doing the same in a second Duplex. Sorry if this is the wrong place for this, I just wanted to write out my plans. Do these seem realistic to you? Would I need to revise them?

[Matt Scott]

Steven Butala honestly if I could go back a month I think I would not make an offer on the property I'm under contract for, I would ideally search for a duplex. However If as you say all good deals (where the would be positive cash flow I assume) are taken, that wouldn't necessarily work for me. Within the next year I plan to have a license. Education for me is a must. I've talked to some local bp members (notably James Wise ) and it has definitely reinforced my desire to pursue a career / lifestyle / education in real estate and investing.