Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 10 years ago,
Funding my first REI
Hello BiggerPockets!
I'm an seventeen year-old aspiring investor, and I would like to hear your suggestions.
For the moment, I study the International Baccalaureate program which is slightly demanding. Except for that, I work about 8 hours per weekend at a local cafée, which brings me about 11.5 $ / hour, of which I save at least 80% for RE. I will have about 4700$ of my own assets by the end of the summer, not mentioning being able to lend from home.
Except for school, working, networking with otehr realtors, investors and people in my surrounding, I'm studying the theoretical part of RE.
My goal is to cash flow 2100 $ per month by the summer of 2017. Might sound like a lofty goal, but I have several plans.
Option one: Get one apartment that my family has, it's a three room apartment of which I could rent out 2 of the rooms for about 580 $/each, which would generate 1160 $ per month in passive income, using what you call house hacking. This might happen within one year. However, I can not depend on this outcome. I want to buy houses that need a major fix up and then either rent them for passive cashflow, but rather resell and continue to do that until I can buy a duplex/triplex/multifamily home to get my 2100$ cash flow/month from "one roof". I will of course try to build my track record for hard money lenders, or other credit unions or smaller financial institutions. My weekend job + a track record might back up credibility.
I want to know your opinion guys, how to start out and how to pursue this 2 year challange. Tell me that my goal is lofty/irrational? Bring out your history book and look what Alexander The Great managed to do on his Persian expidition whithin eight years. My goals are fully rational, even if they will require me to lack some sleep some nights, or skip casual activities.
Thank you guys for your time reading and answering!