Hello! I decided to take initiative on creating an account after reading the beginners guide to REI and decided to start engraving the path to failures and success today. I recently turned 20, in my third year of college (MIS), and currently applying for jobs around me to have stable income so when the time comes, i can purchase a multifamily home. I have around 12,000 in my bank account and use my time reading books, researching online, playing the stock market with imaginary money, and recording my progress through excel.
So my plans for the future are to find good deals on multifamily homes, rent them out, and repeat the process increasing the number of units(cashflow) per year through exponential income until i'm good enough to 'retire' or have financial freedom off passive income and ultimately explore other passions. That's just my simplified scope.
I have many questions in my head that I don't know the answer to
-When will I be able to start, since i'm barely in the process of building credit and getting a job, It would take two years to even have my W2's to qualify for a mortgage let alone be accepted, should I look into other loans? could i cosign with a parent? Its disheartening having to lose so much time that I could be spending more proactively. Can I really do nothing else in the interim other than work? What would someone with experience do in my shoes?, should I just take my time? AAHHHH
I'm just a young monkey happy to learn the ropes, hopefully with this forum and further research, I will be able to answer questions such as these and guide myself on the slow journey to success. :)
