New Investor from Minneapolis

[Joseph Griffiths]

This post is long overdue for me. After reading many books and listening to all the podcast episodes I have finally come around to making an intro post. I have been reading the forums and going to a few meetups already (I would love to go to more). I plan on buying a small multi-family property within the next couple of months. 

About Me:

I am currently a Senior in college at the University of Minnesota Twin Cities. I will graduate with a degree in architecture in May 2020. I am interning at a small residential architecture firm in Edina at the moment while I finish up school. I have worked as an exterior siding contractor and have built and installed various products for luxury homes around lake Minnetonka. I have also helped my dad construct various side projects for friends or family (most recent was a boathouse for our neighbor). I have always wanted to invest in real estate and feel now is a great time since I will be wrapping up school and I will have more time and capital to use.

Goals:

My current goal - To get a small multi-family house hack going before the end of August 2020 (when my current lease ends). Unfortunately, I do not qualify for a loan right now because I am in school and working part-time so I do not have enough income. However, I did find OPM to use and it would be all-cash up to 300k. So I currently started looking for properties with the intention of buying instead of just running the numbers for practice.

Long Term Goal - I want to acquire a few multifamily properties that generate enough passive income so I have the option to quit my job (around $4000 a month). Once I achieve that I want to start scaling up my business to tackle larger properties such as a 15 unit building or partnering for even larger complexes.