Thoughts on Starting

[Jared Chenel]

Hey everyone,

A little about me is that I am 22, I have recently graduated last fall with a bachelors degree in IT. Starting a new job in the next two weeks that will start me at roughly $40k (current job *2 jobs* combined makes about 34,500 py). I have about $6200 saved right now as a sort of down payment that will only increase over the next few months. I have a 9% DTI. I owe nothing on student loans because I worked my butt off during those 4 years and only owe about $8500 on my car with a few other small debts like a 0% interest computer loan and a credit card with a balance of $500 on it

I want to buy home rather than rent because there is no reason to pay a mortgage payment every month and not receive anything in return other than a roof over my head. My thought is to buy a multifamily house, rent it out to cover the mortgage and if the unit I stay in has extra rooms, then I would rent those out. I don't mind not having a huge cash flow seeing having everything from mortgage and utils covered with tenants would take care of my biggest expense. 

I would later refinance and try and take the equity to purchase another unit and another until I have enough cashflow to cover my bills. Then I can either work and save everything I earn or quit and go full time into real estate. I realized over the past couple years that I don't want to be stuck behind a desk for the rest of my life. Real Estate peaked my interest because of the flexibility I can have in the future as long as I stick to a plan and work hard. 

So I coming to everyone here for some advice or what you suggest I should look into or if I should stick to the path I am on for starting with a multifamily with the plan I have mentioned.

Thanks!

[Tim Herman]

@Jared Chenel If I was starting again I would do your plan. Find a nice 4 plex put 5% down owner occupy, Live it for a year and then do it over. 10 years you will have 40 units. My area it is hard to find good cash flowing units. Learn to use a spread sheet or an investor calculator like they have on bigger pockets. It will be your best tool. Good luck.