Member Returning, now in Mystic CT
Hey all!
I just wanted to introduce myself. I'm a 27 year old Supply Chain Professional living in Mystic, CT. I'm currently in the process of working with a Loan Officer now to get pre-qualified for a Loan. At the moment, given my credit score and income, it looks like I'll be able to take out about 200k. The loan will likely require a 3.5% down payment (although there are assistance options available depending on the area I buy). With this loan, I'll be looking to house hack a duplex. I've got a realtor that's going to help me find a property that falls within my price range and that will be able to generate cash flow. I'm looking primarily in the New London County, Groton area.
Once I settle on a property, find a tenant, and begin collecting rent, I'll be setting aside the money I save from the rental income into a separate account for a down payment on my next property. I'd like my 2nd real estate investment to be a flip house. I have connections to a strong network of contractors. Many of the men in my family have their own trade business and are very familiar with the other contractors in the area, so my intent is to leverage that when I take the dive into rehabbing a property.
I'd welcome any tips or advice for the (very general) plan laid out above. My plan is to get a solid grasp of potential cash flows and expenses before signing any deal. Opportunities to network are also welcome!