New Home Owner/Investor to be in Minnesota

[Tylor K.]

Hi all,

I'm Tylor. I am a recent college grad (economics) and currently work in a tax specialty field. I had a vague but general interest in real estate for my last year or so of college, and recently bought my first place. It is a duplex that I now owner occupy (I will be beginning to advertise the other side for rent in the next week or so). Looking back, I should have done more research on the investment side of my plan (it will 'cash flow' in the 2K gross and 1.2K PITI sense, but not based on the 50% rule of thumb or according to the 2% rule), but I was excited and looking to get the tax credit and needed to move out at some point so I went for it. I got an FHA loan and can more than handle the payments on my own without tenant even in the other side, so I plan to use that money as money for REI, possibly as well as some of the tax credit to get a jump on the cash fund.

I have been 'lurking' for a week or so and literally read through page 20 or beyond on almost all of the forums just trying to get the lay of the land. Though I bought my duplex retail (hence the CF situation), I bought it from someone I now realize was either a wholesaler or flipper (though there was VERY little work done so I suspect more wholesaler or other 'facilitator' type roll). They made some money on the deal (didn't realize how much until closing), and that really piqued my interest.

My current goal is to learn as much as possible, with the long-term goal of eventually becoming at least moderately active in REI. Given my current situation and goals, I see myself primarily as a buy-and-hold investor, but would like to understand/experience as much as possible. My dad has been really active in the renovation work we have done (definitely the 'GC' of our 'crew') and would love to be able to get into this with him, both so we can make some money and spend some time doing something we enjoy together.

Thanks for any feedback/direction, I feel like I already know some of you pretty well from reading all of the forums, and realize that there is a lot of experience and knowledge available through this site - I look forward to taking advantage of this tool and adding to its value where I can. Sorry for the obscenely long into.