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Updated almost 13 years ago,
Starting RE investing with multi-family units? My plan.
For starters, I have zero RE investing experience. I am not interested in owning SFH. Is it's reasonable to believe I could be successful starting off with multi-family units?
Here is my plan (keep in mind my 0 experience):
Purchase a duplex and pay it down using my pay and the tenants rent. Once paid off, purchase a second duplex, again using my pay, tenants rent and cash flow from first unit to pay it down. Rinse and repeat until I have 4 units. Sell all four and purchase a 12+ apartment complex.
Just for a little background of my financials so you know what I'm working with.
0 debts
6k saved, will save at least 30k before I start any of this.
I'm active Army and I will not be getting out, so basically I will have around 1,500-2,000 a month to put towards whatever loan I have.
I think that’s a pretty basic overview of how I want things to pan out. Granted I know very little, so please be brutally honest in your replies. I need the info.
-Tyson