Rental Property Investor · New York, NY · Member since 2018 · 14 posts · 15 votes
My goal is to achieve 3000 a month in real estate for my future and i would love to see if my following strategy sounds realistic or if it can be improved. I’m open to hear everything.
THE FOLLOWING IS MY SCENARIO:
I’m 22 and I live in NYC BROOKLYN. I want my first property to be a triplex or fourplex.
Everything in NYC is expensive so my plan is to purchase my first property in New Jersey using a FHA loan.
Once I have that loan and get the property I want to use the BRRR strategy and continue to get a couple other triplexes or fourplexes. Also how much money should I save for the Rehab portion?
I really do not want single family homes or 100 properties.
Just want about 3,000 a month of passive income in a future from my properties.
Hate to be negative but Reading this gives me a headache.... Kind of annoying how people hop on this site and make posts before taking even a moment to read an article or book or listen to podcast. "long distance house hack FHA BRRRR"
Read a few books pal then come back and we are happy to have meaningful conversation....
Cheers
...and your point being,....what?
@Joe Villeneuve Point being read a few books rather than hop on here and throw a few buzwords around while not having the slightest clue about the most basic concepts that can be learned in a matter of minutes of research.
How exactly do they hurt you when they come here first?
@Emile Papillon How to Invest in Real Estate is written by Brandon Turner and Josh Dorkin and can be bought on this site. Go to bookstore, you can buy it in digital or audio for only $14.99! I am a newbie myself and have just completed reading it today. You'll be able to set your goals, determine what strategy you want to use, how to find deals, finance them and a whole lot more. I've listened to many of the podcasts before but this book has brought it home! I've spent my entire weekend reading it is about to start Investing in Out of State Real Estate.
Bought and read the book, it's an excellent starting point ! Thanks !
@Emile Papillon Glad you found the time to read it! It surely is a great way to get the basics to starts your investment career. You will also like Long Distance Real Estate Investing by David Osborn. Don't be turned off by the name; it applies to local investing just the same. What I like about it, is how he gives step by step instructions and detail information in every aspect. So far, it's my favorite. And, don't forget to tune in to the podcasts while you are in your car! You'll learn so much, so fast without taking time out of your day! Best of luck!