New Member Charleston, SC

[James Shelley]

Greetings from sunny and warm Charleston SC!

My name is James and I am a 28 year old account manager at a software company. I recently finished a MBA degree and have been renting while working full time and going to graduate school. As I began the process of evaluating options for first time home buyers a friend recommended BP. Since then I have tried to think more intentionally about this investment past general ROI.

I have listened to a few podcasts and am about a 1/3 of the way through reading The Millionaire Real Estate Investor. While still very new to this concept I believe my preferred niche to be multifamily. I see a number of benefits here. My thoughts starting out are to purchase a duplex, rent out one unit to supplement my mortgage cost, live in the other until I can make a move to a more permanent home, then rent out both units.

This strategy is obviously subject to change. Also I still need to work to build up capital for a down payment.

A few initial questions I have are:

1) What red flags do you, as experienced investors see with this strategy?

2) Are there ways to creatively and expeditiously grow capital for FTHB that wont require me to resort to a diet of rice and beans and lifestyle of coupon clipping for the nest 24 months?

3) What other thoughts and suggestions BP may have to newbies?

I look forward to learning more.

Best!

James