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Updated almost 8 years ago,
Am I in a position to invest in multi family homes?
I was hoping to get some advice here from people who know more about real estate than myself. I want to get a multi family and start collecting money for rent but I'm not sure if I should do it now or wait.
I'm 19 and make $350-450 a week right now working for a marketing agency. I'm due for a promotion in the next 6-8 months which will put me at $625-$730 a week, depending on how much I work. My credit is just below excellent and I have about $25k saved up.
Right now I have next to no expenses. I don't need a car and I'm living with my parents. I travel a lot for work so even if I had my own place I would hardly be there, which is probably why my parents don't mind. When I'm traveling for work my company covers everything so no expenses there either.
Right now I save 60% of my paychecks to go into an S and P 500 index fund, 20% to fund some side ecommerce businesses (using what I'm learning at work, not making any money yet), and 20% for the expenses I do have.
I want to start building a real estate portfolio now of multi family homes if I'm in a position to do so, would love to hear some advice from the members here! There are some of duplexes around me for $40k-$50k that I have been looking at.
Thanks in advance!