One Investment Property in One Year (Newbie)

[Matt D'Arco]

Hello BP Community!

This is my first post to BP although I have been following this site, webinars and podcasts for about a year. 

I am a fresh college graduate and I start working full-time next Monday. I am both excited and nervous but mainly happy that I will be able to start financing my first real estate deals. My goal is to have my first investment property within one year of the day that I start working (5-23-2016). So, I am reaching out to all of you for help and advice on my first acquisition. 

Currently, I have $51k worth of school loan debt. I have $3k worth of credit card. I start at $15/hour and will be bumped up to $20/hour after the first 3 months of working at my new job. The pay is increased again after another 3 months at which point I could move into a management position and make even more. I plan on paying off the credit card debt withing the first 3 months of working before tackling my student loan debt. I have watched Robert and Kim Kiyosakis program "How to Get Out of Bad Debt" and plan on using this method to pay off my debts.

Books I have read so far include the BP Ultimate Beginners Guide, Rich Dad Poor Dad, What every Real Estate Investor Needs to Know About Cash Flow, Retire Young Retire Rich, The Millionaire Real Estate Investor and Landlording on Autopilot. Rich Dad Poor Dad is really what got me into thinking real estate and I really loved Landlording on Autopilot.

So my plan is to house hack for my first investment property. I want to invest in my hometown of Wakefield, MA and I will be looking for a duplex or a triplex. After a year or two in the game, I would want to start investing in single family homes that I would rent out in my hometown and build my empire big enough to the point where I can quit my job and go into REI full-time. I'll be at that point once I've tripled my income and I want to do this in 10 years or sooner if I can. I plan on following the method described in Landlording on Autopilot to achieve this goal while I am working a full-time job. I also plan on getting a Pro BP membership and joining a local REI club a couple towns over from me to start networking and learning more.

I've always been entrepreneurial (my business degree actually concentrated on that) and I've never liked the idea of settling; working for someone else, selling my time and body and maybe having enough to retire when I'm 65. That's not living. I want to have a family and be able to spend all my free time with them. I want to start a non-profit organization to restore steam locomotives (railroading has always been my true passion). I want the freedom to do what I want, when I want to do it without having to answer to anyone else. I suppose that's why most of us get into REI to begin with. And now I am at the point where I can finally start pursuing that goal and so I come to all of you for help based on the information and goals provided. I thank you all in advanced and will be back often to respond to replies and questions.

Have a nice Monday!

Matt