All Forum Posts by: Paolo Reategui

Oh right! Employment. 

I'm currently a waiter at a private country club making about 30k a year.

Hello there!

I'm extremely new at real estate and I want to get a little bit of advice on this plan I have come up with to get started with investing. 

I'm 23 years old with no college degree and no money saved in the bank. In the next year I plan on purchasing a duplex and renting out BOTH spaces to make double the income. How? Well, I have ways to generate funds through my family. My mother and grandfather are willing to invest in me and get the ball rolling as long as i present them with a valid plan. So let me give you a little back story. 

I currently live in a rented town home with my mother, we got a sweet deal due to my mothers friendship with the landlord and are paying $1100/month for a 3bed/2bath. (some back story, huh?) I plan on living here as long as I can while I execute my plan to purchase a duplex and rent out both spaces. That should cover mortgage and a little more, yeah? Since I am brand new to this I am wondering what would be the best way to tackle said plan. Should I start investing elsewhere? Or should I follow along with this plan? 

P.S. I live in the West Palm Beach, FL area and most duplex around here are from 80-115k. With a down payment on a mortgage (about 20%)? I'm looking at about 16k start up cost. Maybe I can have my mother co-sign to get a lower down payment?