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Updated almost 7 years ago,
Graduating College in 2018, planning for 2019
Hi all,
Fast forward to January 1, 2019. I have recently graduated back in August, 2018. I have saved up $14,000 for the purposes of investing. I'll buy a duplex with an FHA loan total of $75k (leaving 1/3 or more of that for rehabbing the side i'll live in). That leaves about $7k to buy two SFHs that will need the whole works. After hours from my day job, i'll work like an ant to totally rehab all three of the potential rental income properties( 1 side of the duplex, both SFHs). By the end of 2019, hopefully, i'll gross 650 per SFH and 700 or so out of the duplex to cover my mortgage there.
SO, the outcome is looking like i'll own two houses worth $30-50k apiece and live freely in a place that is possible of generating cash flow when I move out (plus it'll have equity right?)
1. When can I move out of a FHA acquired property?
2. Is it reasonable to think I can afford the rehab materials for the SFHs (not labor as I am doing it on my own) on a newly opened credit card? Aiming to repay about $25,000 in 18 months before the interest starts to hit. (the monthly payment would come from my day job+the gross income from the SFHs.
3. Could I take mortgages out of the properties I own?
4. After the cc debt clears, i'd throw as much money as possible at student loans. Is all of this a decent idea?
If there is another way to tackle my student loans, please give me some pointers.