Newbie to Real Estate Investing

[Paul Adeseiye]

Hello everyone, I am new to real estate investing and thought it’d be a good idea to layout a little about me- who, why, what & how, to see what other community members think about my goals and plan.

I’m 30 years old, just started an 80k/year job in the railway industry, married with no kids. I’m currently doing the basics - working on my credit and paying off my bad debts.

My why is first, I want to build wealth for my family & the next generation. Secondly, to generate cash flow to finance my retirement and also my projects in Africa.

I want the real estate portfolio to comprise of mainly residential properties- single family, multi family, mobile parks and farmlands. My main strategy would be buy and hold for rental income.

After listening to lots of the BP podcast episodes, I know the importance of having an exit strategy and I have got a few exit strategies. My very first exit for properties in downtrending areas would be rent to own to buyers. While my main exit strategy which aligns with my long term goal would be to setup a REIT with the portfolio.

While paying off bad debts, we’re also saving up one year of emergency funds before saving up for a down payment. We’re currently renting and I would like to implement creative financing strategy to purchase our first home in order to start building equity instead of continuous rent payments. The reasoning behind this strategy is because it’s the only strategy I know now that would allow us get into a property for house hacking with no credit and little cash down.

Thank you for your time reading this. Every feedback is much appreciated.