New 23 year old Investor from Michigan

2 Replies

Hello BP! After listening to the podcast for a while I finally decided to check out the website and create a profile.

I am a 23 year old, newly married, from Macomb, MI. My wife and I bought a condo a month before our wedding with a 20% down 30 year conventional mortgage. My plan is to live here for a couple of years then to turn it into my first rental. In the mean time I want to renovate the place a little bit, it doesn't NEED anything but the kitchen and baths could definitely be upgraded along with the carpet. I'm trying to find the line where the upgrades become more than needed or too much. 

I also am trying to figure out how much I want the mortgage paid off before I move onto a single family home, which I will also turn into a rental. So far I've been making extra payments each month to try cut my interest down and get my monthly payment to the point where I'm paying more principle than interest. At first I wanted to have the condo paid free and clear before moving on, I don't have any other debt and I really don't like debt, even a mortgage, but I think it would be smarter to save some of that extra payment money for another 20% downpayment on the next home down the road.  

The ultimate goal is to have multiple rental properties owned free and clear and to build wealth for my family and create legacy for my kids and their children. I've been listening to BP podcasts a lot and soaking up information but I'm still very ignorant to a lot that goes into becoming a landlord. 

Any advice is appreciated!

Thanks,

Austin Schafer

@Austin Schafer  

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