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Updated over 4 years ago,
Starting from Scratch
Hi guys any advice on what I can do with my situation or some best practices. My goal is roughly to have one or multiple properties, commercial or residential that can supplement my income. Goal right now would be like 3000 a month from x number of properties. The goal is Financial independence ultimately. I want to write books, have a podcast, give a ted talk and all sorts of stuff in my lifetime. The goal is not to stop working necessarily. To make that clear.
I'm 22 with 1 year until graduation. I live with my parents for this last year(0 rent). Im broke like less than 500 in the bank broke, just starting to save with a seperate allocated bank account. Currently unemployed from COVID, from a 10$/hr job. I'm thinking about househacking a hopefully 4 or 3 unit property that I still would have to find as well then finance etc. If possible I would like to get a property right now while I live at home and rent it out so that the rent covers PITI and maybe cash flows with no money put into it, or none of my money. I have an above 760 credit score for what it's worth but right now wouldn't be able to show a strong and reliable stream of income.
For those of you that have been through it or have achieved what I would like too. My main question is: What are some of the best properties to get with little money or but good return being that time is on my side? What path did you take?
Other things you can include..
Would brrr be the best strategy? Or househacking into a brrrr maybe. Curious to see what others did or what they have to say. How can I build a team and how did you around you? Go to REIA meetings and ask around? Go to an agency like keller-williams and ask around?
Thanks guys sorry for the length I will take the time to read any responses however! Answer to your own perspective and don't overthink it, How did you achieve your success? Did you have any similar obstacles and how did you overcome them?