I recently read Rich Dad Poor Dad and decided I wanted to pursue financial freedom via REI. I am a 24 year old who graduated college with about $30,000 in student loan and pay-day loan debt and will be acquiring about another $20,000 in loans to obtain my MBA. I am currently unemployed and living with my parents while searching for full-time work and taking classes online (one at a time). I currently have no savings but plan to start saving for my investments after obtaining the next job. My credit score is horrible due to some poor decisions I made last year in acquiring close to 10,000 in debt that I have yet to finish paying due to not being able to find a job that I like (I have since chosen to work any job I can my hands on). I am also a mother (of a 2 year old daughter) who co-parents with the father so I do not have a husband or partner to invest with (may or may not be relevant info). I started researching the various ways of investing this past week and plan to continue learning over the years. With the little knowledge I have acquired so far I am questioning if a good route for me to go would be to save as much as I can by limiting expenses as I pay off my debt while either living somewhere with low rent or living in a property my parents own and only paying for utilities. As of right now I plan to just put my savings into my bank account but I am curious about other places I could put my money to gain more in interest.
I plan to save until I can put a down payment on a house or buy a home in full and rent it out to save for the next property as well as to pay for any expenses that arise with the property or expenses in other areas of my life. I am poor and some of the homes in my area (Cleveland, OH area suburbs) have greatly depreciated over the last few decades but I am curious if there is an opportunity to buy cheaply and use the little money from rent to save for other properties. I've seen homes for as low as $50K and even saw one going for $30K with the MORTGAGE at less than $200. Not sure if the ROI is worth it for homes in my area or if I should just seek a professional's help (going to do anyway) to find better areas near the universities or better neighborhoods. I am interested in the idea of getting enough cash flow coming in from multiple properties where I could purchase larger warehouses or smaller apartments. I know I will have to repair my credit for any loans I would need for more expensive homes if purchasing the smaller fixer-upper homes in my area turned out to not be worth the investment. My goal is to one day have enough cash flow to be able to easily afford to pay for a $3,000 mortgage on an $800,000 dream home I have my eye on in a neighboring suburb (I know it will appreciate in value) while still acquiring more propertie. As you can tell I am very new to this but I plan to educate myself as I greatly desire to be able to retire early or at least to not have to work for the rest of my life while contributing to my daughter's college savings. I would appreciate any information that could be helpful. I know my situation is not ideal but I am determined!
