Hi everyone, glad i finally found this place.
I am twenty five years old, getting ready to graduate form Emporia State with a degree in Economics and a minor in mathematics. I have worked full time during my college career, so i could save money and purchase real estate. I currently own one house which i live in. I purchased my first home at 19, lived in it for a year and flipped it for a profit after making some repairs.
Now that i am getting close to graduating i have come to the realization that i really don't want to work for someone else my entire life. I have some construction experience; carpentry, flooring, electrical, plumbing. And i actually enjoy working on homes and fixing things. Therefore my goal is to buy as much rental property as i can, with the goal of making it a full time job. Emporia is a small college town, roughly 25,000 people so i am going to focus on college rentals. I plan on buying distressed properties, rehabbing them and renting them for the long term.
Some key things i believe to me being successful in this are:
1. Cash Reserves - I plan on having at least 3 months of cash reserves on hand for every property i own.
2. Property Selection - Only buying properties that i feel comfortable with the risk, and have concrete numbers on repairs etc.
3. Maintenance - I see a lot of rental properties around here that are run down and landlords do not care about the long term value of their property. I want to make sure repairs and maintenance are done correctly even if it is more costly. I am in this for the long term and will gladly take a little less cash flow if it means my property is being taking care of. I want to make this a career with life long income.
Glad to be here and I'm sure you'll be seeing a lot of questions from me.
