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Updated over 11 years ago on . Most recent reply

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12
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Philip Sample
  • Rochester, MN
0
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12
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Starting out without wholesaling

Philip Sample
  • Rochester, MN
Posted

I'm moderately introverted and wholesaling seems like too social of a practice for me to get into so I'm considering another plan. I don't really have the experience to flesh it out fully so I'd appreciate any comments and suggestions to it.

1) get construction job & hopefully a mentor (for experience and to earn about $5000 dollars)
2) get FHA loan and buy distressed 4 unit property
3) Live in one unit and rent the others out while keeping my day job. (perhaps add another unit so I can rent out four? Not sure if that would be legal.)
4) when I have enough money I'll take out another loan and flip a property part-time
5)eventually earn enough to quit job and flip full-time
6)apply for real estate license (for MLS)
7)get real estate professional status (for tax breaks)
8) continue flipping properties until I have enough money to buy a single-family rental while continuing to flip properties full-time.
9)continue obtaining single family rentals while flipping.
10)potentially hire a manager to continue the process while I enter early retirement.

I'm young and have very little financial knowledge so if a plan like this is impractical please let me know. I'm aware I may have to change due to the changing market, and I'm unsure how to estimate how long this may take. I currently don't even have a credit card, so I assume I'll need to get one to add to my credit score. I really need a basic financial education, and I am unsure where to get it. Please give me any tips and suggestions you have, thank you.

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