My plan, constructive criticism?
Hey BP iv already made an intro but my names Landon and i'm 19 and i finally created for myself a 5yr plan to financial freedom. I was hoping you guys could critique this because most of this im sure is wish washy. but here it goes...
Iv begun an internship as an assistant property manager at a section 8 housing complex ( so a little different than normal tenants and processes) however at the end of my 6 months im hoping to know a little more about the realities of PM. Anywho it kind of a making money with a job thats dual function is to help me learn how to manage my own property. Given my age i am still living at home so my expenses are a little lower allowing me to save more. the average for assistant managers ive seen range from 14-16an hour in the south-king county area. so im looking to make 1200 after all my expenses. So the plan is to save that and for every 6 months which will be roughly 7,200. ( given that i dont dig deep into my inner teenage petty desires) Iv got three ways that im building credit at the moment just fyi. So hoping that i can do 0 down and my "future experience to help advertise and bring tenants in asap."after first house im sure your credit score doesnt apply to buying a second house? Not to familiar with how the bank-credit score works, that i can continually purchase another house every 6-8 months. Also i wondered about why a hard money lender would lend you money if your already got a mortgage on another house because that would seem risky? anywho so hoping over a course of 5yr of Property Management and tenants building equity for my property that i could accumulate around 200-250 in equity. I know some groups on linkedIN that work with Large Apt complexes that are valued over 2M that will help with loans. So as long as i show ive got skin in the game im hoping to liquidate the houses an buy a 50+ apt complex that will fullfill a passive income of x dollars a month.
There are so many things i dont know and eager to learn about. im hoping my internship will answer a lot of them but i know i also have you guys to back me up so please tell me my plan is wish wash and give me more facts so i can overcome them and find the way to financial freedom thank you BP :)