Updated over 7 years ago on .
New Investor Start Up
Hey guys,
I wanted to start a little discussion mainly to educate myself, build some self confidence from others more experienced and hopefully continue a road map for others like myself.
I'm 30 years old and I've been wanting to get into the real estate business for probably the last decade. I was fortunate enough to do manual labor for a friend on six houses they flipped and learned what to look for and how to estimate repairs. In 2018 I finally found a partner to go in on two deals with. They are funding these flips 100% and I am doing all the leg work and we are splitting the profits 50/50.
My goal is to quit my full time job in three years or less. To do this I will need $4000/mo or more in passive income. My plan is as follows:
1. Complete the two flips I have going on right now. After profits are split I am planning to have $25,000 in cash.
2. I currently live in an apartment where my lease is until Oct. 2019. Find a quadplex and buy using an FHA loan.
3. Continue to find deals to flip with my partner and buy multi family properties with the profits.
Has anyone done anything like this or is currently doing this? What advice do you have? What lessons have you learned and what are some of your wins?