New, but have a plan, advice is extremely welcomed.

[Russell Fleming]

Hello everyone, so I’m pretty new to the whole real estate world, just been listening and researching into it in the last month and plan to keep going, but I’ve been interested in it for awhile but haven’t had the courage to do anything about it, thats changed, while I’m still scared, terrified even, My goals and aspirations have surpassed my fears, as well as my hate for boss drama. 

Anyway, so let’s get started with my plan, currently I’m doing tons of research, about 8 hours a day on reading or listening, making spreadsheets and running numbers (I’m not currently in a position for the next 5 months while I’m in school to start) I’m getting my diploma for welding which after 3 short months of working up in Georgia I’m moving down to Phoenix Arizona which I will have a job lined up and upon moving down will get a mortgage with a welding mate that is coming down with me. (I somehow roped him into joining me and we are going to do-sign while I manage funds) I will manage everything and we will co-sign with him as we both plan to invest a high percentage of our income, about 85% of our income will be used for this (including taxes) which will be around 60,000 (as a minimum each, which will give me 100,000 to use towards this venture roughly (including taxes) I’m 22 currently and he is 25. I have little experience in retail as my dad owned 3 houses and my uncle 30, although all I did was help fix things, so a very base level of understanding. 

I’m currently reading books on the subjects starting with the millionaire fast lane to get my mindset, as well as other books by Brandon turner and J Scott, I’m looking into the areas and the places we are going for which will be either trailer homes, or houses under 300,000 with atleast 2 bed 2 bath as long as they flow 1% and not use 50% for expenses monthly (I’ve been listening a lot to retail rookie and the big pocket podcast) either way my knowledge on the subject is still pretty small, and as far as the legal side I might as well be a rock under Patrick’s rock. If you have any suggestions I would love the advice and I will respond as quickly as possible. 

Thank you in advance!

P.S. my credit score is over 700 if that is anything you need for info although I’m trying to raise it to 750 currently.

[Tim Delaney]

@Russell Fleming I would strongly suggest that you look for a house hack opportunity. Depending on your income you and your friend could each buy your own duplex. If you are open to roommates you could each put your extra bedrooms on Airbnb for even more excess cash.