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Updated almost 3 years ago,

User Stats

9
Posts
4
Votes
Deric Allen
4
Votes |
9
Posts

New learner aspiring for financial freedom

Deric Allen
Posted

Hello all,

I'm curious on view points for my new adventure. So background story is i rented an apartment for 3yrs. Never missed a payment and was never late. No issues caused by my own fault. Yet once covid restrictions were lifted i was evicted. I promised myself and my family that won't happen again. I've decided I will be buying multifamily buildings and become a landlord. I want to be fair to tenants and not put people thru the issues ive had. But there are alot of variables to determine things.

I'm a first time home buyer. So i can do the 3.5% down and then repeat that same process with my wife. So we'd both have 1 to start in the first 2ish years. which will help me get my foot in the door and Massachusetts allows multifamily for first-time buyers. Goal is to have 5-6 2 or 3 family units within my first 10 yrs. Is that realistic?  And what hazards should I watch for. Also anyone with knowledge of this that can give me advice. Money isn't abundant and I'm no where near financially secure. But I'm better off than most people in my situation.

As i said I'm completely new to it. But i will succeed at this. Anyone with knowledge, advice, tips is always welcome

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