22 year old getting ready to buy his first rental property

[Ryan Auber]

Hey fellow BP members,

Time is getting closer and I am looking to buy my first rental property. I'm 22 years old and would like to pick the brain of successful real estate investors. Currently I am working full time saving as much money as I possibly can. I pretty much have no bills living with my father at home making roughly 50k a year. I really am curious on how to go about this...

• Obviously I need 20% down, which wont be a problem here shortly.
• I want to spend around 40k-60k on a foreclosure home to get the best deal. Some work needed done to the house like drywall, paint, carpet, kitchen, bath, room work.
• Seeking for advice on how much money I should have stashed to spend on fixing the house and also for emergency funds.
• Once i get the house, I would like to live there for 2-3 months fixing the property and going from work from there.
• Once i get a tenant, move back in with my father, refinance the home and find another one and repeat..

Yes I know I am young but I've really taken the time and held off on not staying on a college campus or making stupid young purchases. Right now Im debt free, and willing to take a risk early in life where I don't have much to lose. Goal is to have financial freedom, and be able to quit my full time job. If anyone has any advice for me please please reply to this thread. If anyone would be willing to give me tips along through my journey please shoot me a pm to stay in contact. It is very appreciated.  

Also i posted this in the wrong section on the fourms prevously.  Hoping someone will delete that one shortly.

Thanks!

-Ryan