Birmingham, AL N00B
Hello Everyone,
I hope this post finds you doing well.
My name is Sean.
A little personal background:
I'm a 27 year-old argumentation coach whose recently become interested in real estate. I'm originally from Virginia but moved to Birmingham for work. I received my B.S. in economics, an M.A. in communication, and am currently finishing up an M.B.A.
Here is my current situation and plan:
I'm looking to purchase a multifamily property (i.e., duplex, triplex, or quad) in the Southside/Highlands/Downtown/Avondale area. Although I don't have a ton of money to throw around, my preliminary research suggests that I can use an FHA loan to finance my first purchase. Given that an FHA loan has an occupancy requirement, after a year of living in the purchased unit, I would move out and subsequently collect a healthy cash flow from tenants.
Once finished, I aim to wash, rinse, and repeat the process all over again
I know this is easier said than done, but I'm going to try to get pre-approved for a loan in the next few months so I can pull the trigger when the time is right.
My goal:
To create a $3,000 per month passive income stream from my property portfolio in five years.
Thanks for reading my post and I look forward to hearing from everyone!
Best,
S