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Updated about 8 years ago, 10/13/2016
Can anybody take a quick look at my entry plan ?
I am a recent business school grad from the University of Colorado. I came down to Texas to work because I can stay with family and my wife was pregnant, she has since had the baby. So I am not paying any rent. I have some expenses but not too much. I am working to pay off some credit card debt I had from a few years ago due to an unforeseen circumstance with my roommate. My Fico is currently 589, but I am looking to get it up to over 620 soon. I have been using the surplus to pay some of it off.
Once I get into that spot, I am looking to buy a house here in the texas area to rent. Ill likely take my own loan out. I am really just looking for a little cashflow to cover any expenses and hopefully generate a little income.
Next Spring//Summer I would like to move back to Colorado and purchase a 3 or 4 family unit with a VA loan and house hack one of the rooms for myself and rent out the other 2 or 3.
I then plan on working as a real estate agent to make some commision and connections to invest in more homes.
I plan on managing them myself, and maybe hiring a family member or a property manager for the Houston home once I leave.
Anybody see any faults in this plan?
I am trying work each day to get closer from talking about it to actually doing it, but I dont want jump head first into a mistake.
Thanks for any advice.