All Forum Posts by: Dalton Beauregard

Forgive my lack of knowledge and my naivety but I'm a beginner.

My friend and I are both 19 and we wants to start flipping properties and investing into rental properties. We both have around 12k in debt combined, from osap loans after dropping out. Our plan was to pay off our loans as fast as we can, start a corporation to mitigate risk and start a joint savings account where we do 50/50 contributions to build up cash to invest. 

One of issues I'm having is figuring out how to register a corporation before you have any property that produce income. We have the goal to focus on flipping single family homes until we build enough cash to buy large building with 4+ units. 

I will also be getting my real estate license to save on commissions and we'll outsource the contracting and other work.

Our goal is to purchase a property by the end on 2018 under a corporation and to have no personal debt since we prefer to have no debt under our names. We're aiming for around a 20% downpayment since we're so young and credit takes time to build.

We're hoping to do the Cardone approach to investing with multifamily and buying 4-12 units at a time instead of buying single homes. We aim to make 100k a year in income by 30 years of age. 

We make a combined $50,000 a year, is this a realistic goal? Our incomes will go up over time and my job is based on commissions so it has some upward potential but not much.

@Brian Mathews I never plan to get married, I find to be unnecessary and very risky. My parents had a god awful marriage and it really made the idea really unappealing to me.

And I don't want kids until I am financially independent because as harsh as it may seem, children are just walking liabilities. Luckily we have free healthcare.

this is just an idea, I was also considering the luxury car rental business. I'm exploring my options so I have a plan out of college.

@JD Martin bad income is very subjective and there's always a chance that I excel in the field because I have a natural business mindset.

@JD Martin after reading what you said I understand how vague my question was, I apologize.

I wanted to live in the first duplex until I get 10 units or enough to pay for my dream home which is modest because I was raised in such a ugly and poor place that just having groceries is a luxury to me.

I don't plan to have kids so having a small house with a pool and low maintenance would be a hoot and a half. Plus I love marketing so I don't think I'll be in a hurry to retire.

I never thought about flipping duplexes but after looking at the market It looks like I'll need to buy a fixer upper to get a good deal and flip it for cash. I'm still deciding because I hear a lot of cases where a lot of people break even with real estate and don't any money through rentals.

I might add that a duplex around here is right about 300k if I want something nice or 150 for a fixer upper.

@Brian Mathews

I need to pay my tuition somehow and I will be working during schooling if I find a job.

The marketing pay varies a lot and the word terrible might of been an exxageration.

I'll most likely open my own firm which will help will provide a better income.

@JD Martin I don't understand how I didn't give enough information.

I said 10 units because I graduate at 21 and I want to buy a duplex every year over 5 years, 5x2= 10 units.

At the end I'll be 26. That's why.

I didn't say 100 or 1000 because marketing majors make bad money, between 40-70k so I'm wondering how much I'd need to make to reach my goals.

@Brian Mathews 

I have no choice but to take student loans but I am keeping them pretty low at like 6k a year. Plus I don't need to start repaying them until I make 25k a year.

I'm just worried because the jobs outside in the marketing field pay terribly with a salary of about 40k-70k which isn't much if I'm putting 50k towards a duplex or triplex every year because I have such an aggressive goal in my opinion.

My family's income was at around 15k a year and I'm trying to be the first millionaire in my family and break the poverty cycle.

Plus I'll need to save for a long time to get a 4plex, I can't get one around here for less than 600k. Plus I plan to put 25% down at least of every property and buy my dream home by 30 years old.

Thanks so much.

I'm 18 and my goal is to own 10 units by 26 years old. How much income should I be making to start? I'm going to college for Business Administration Marketing. I'll be done in 3 years. I'll be taking about 20k in loans.

I'm looking into becoming a real estate investor once i graduate college and make more cash. I'm only 18 right now.