New to real estate. Ambitious and ready to learn.
hey all,
This is my first getting into real estate; i'm 21 and ambitious. The idea of making profit from this area seems theoretically quite simple. Theres a house selling for 70k near my hometown. I was doing some research and theres a law where buyers only need to put down a 3.5% downpayment which would be about $2500. Zillow says that the mortgage would be about 300. If I rent the place out for lets say, 800 a month. Thats 500 in profit every month. Do that process for multiple houses and its money and i'll be started!! Then with a financial basis I could flip houses. I dont have much cash now but with some financial support from family as well as working I think I could make this work. Please let me know what you all think. There must be more to it. I dont have any experience so I want to learn. Thank you