Newbie from southside Chicago
Hello everyone, I've been reading around the site for a few weeks now and finally decided to sign up and introduce myself.
My name is Sam and I am 23 years old. I am engaged, soon to be married in May of this year and I've been wanting to start planning ahead of time so that after the wedding I can jump into real estate investing.
I currently work as a journeymen carpenter in the union and would like to get into real estate investing by flipping and rental properties.
I am not completely clueless to the real estate world as I purchased my first property last year. I initially was looking to purchase a SFH that needed renovation for cheaper and have the house for my future family. But I ran into this turnkey property in Burbank that was newly renovated by an investor and I figured I'd save time and money just buying a turnkey and then renting it for a year before moving in. So that's exactly what I did. I saw the house on Sunday and put an offer that day as they had multiple offers. And on Monday I got the news that they accepted my offer. Bought the house for $167k and got approved for a 5% conventional loan with an interest rate of 4.875. About a month later I got the keys in hand and my realtor put the house for rent. 2 weeks later had a contract signed for a 1 year lease at $1800 a month. My mortgage is $1280. So I've had a nice cash flow but all that is coming to an end April 15th. That is when the lease is up and I will be getting the house ready for me and my fiancé. I've had the privilege of still living with my parents so I didn't have to pay rent.
Now that I'll be moving into the house and having that mortgage to pay I am looking at purchasing a condo/SFH and flip it or keep for cash flow.
sorry for the long introduction just wanted to get that out there as I have seen many of you give great advice to newbies. And Id like to thank you in advance