Saving For My First Duplex - Live in flip - Rental Portfolio

[NA Freed]

Hey guys, so I’m new to bigger pockets and this whole real estate world. I’m currently 19 - just turned in may, and I’ve just been hit the real estate bug after reading rich dad poor dad. So far my last 4-5 months during this COVID lockdown has been spent reading a total of 72 books. Majority of which being business, real estate, self development, and bio-hacking. I’ve also been binging on all the bigger pockets podcast. I plan to have all the shows finished by my 20th birthday in May 2021 when I plan to buy a duplex as my first rental property.

I’ve been looking at some duplex’s in my home town of Timmins Ontario for roughly $140,000 to $160,000. I’m looking at a duplex with a nice basement apartment. I think after all expenses and putting away money for capx, insurance, mortgage, etc.. the building should cash flow $500 - $700.

After the first duplex I plan on buying building a year with owner occupant loans. I think I’d do minor cosmetic repair with friends and family so my side of the duplex will always be up to date which would hopefully add $100 to rent when I happen to move out. I’d even be willing after a tenant vacates to move into their old apartment and rent out my old one which could be emptied, cleaned, and new tenant ready within days.

[Joseph Firmin]

Nice plan @NA Freed, I like your goals by your 20th b-day. See how you can get creative to accelerate your cash flow to move more quickly on your plan. Take it as fast or slow as you need to in order to achieve your end goal. Good luck! You're in a great place!