First Time Real Estate Investor looking for advise and guidance into the market

[Christopher Gardino]

Hello,

I am a young investor looking to get into real estate. After reading multiple books by Eric Tyson and "Rich Dad, Poor Dad" by Robert Kiyosaki I have come to realize that real estate is the market and investment vehicle for me. I was turned on to this website by a friend and after a few hours of making my way through the blogs and forums I felt comfortable here while not being intimidated by investors who have been doing it for a long time. It is why I have decided to seek out some real world advise.

My investment strategy is pretty simple I feel and would require a good amount of time and effort to reap the benefits, but I think it has potential. Living in the suburbs of Boston MA, I plan to locate a multi family house to move into . I have roomates who are willing to move in with me and plan to renovate and rent out the other floor once it is completed. In moving in, I hope to secure a FHA approved loan in which I can hopefully get lower mortgage rates although I am aware of the PMI. Once the other apartment is fixed and rented I can the begin to fix up the apartment I am in and prepare to sell it in a year or two. The plan is to build enough equity to get another place and keep investing. In doing this whole transaction I plan on going in with some partners due to my young age, financial limitations, and lack of knowledge in handywork. I am also in the process of building my team in search of A players but this will take time and money.

My questions are : Does moving into the property in which I plan to rent and sell grant a good potential for profit? How do I make partnerships work? Where to find the best attorneys ?

Is this a good investment strategy or am I just kidding myself?

Thank You,

Chris Gardino