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Updated almost 7 years ago,
Tips on my situation
Hello, this is my first post on this forum
My name is Dylan I am 23 years old, I live on Montreal's north shore in Quebec, Canada and work in the industry of cinema. I am currently making around 30k per year, but the income is highly unstable, due to the nature of my work. I am looking to make my income more stable through real estate investing.
Right now I have around 30k on hand to make a cashdown and a few familly members ready to help me get a loan.
My goal is to have a 2500$/month cashflow in 5 years.
The way I am looking at to get there is using the BRRRR strategy on Duplexes and Triplexes, Planning to put around 10k/building in Rehab. From my calculations I would need approximately 10 units to get to my goal. I am planning on living in every one of the properties I will buy since right now I have no property of my own. I am planning to be very hands on for Managing, but not for Repairs or Rehab.
Do you have any advice for me? Do you think this is the right path for me?