Hello! My name is Jordan Pouncey, I'm 22 years old looking for some guidance on buying the first rental.
My current plan.
1. Purchase 1st home (Cheap, Good "Rentability", Under Market Value)
2. Live in it for 6 months
3. Move into a very cheap apartment
4. Repeat, If the banks allow me.
I only make 3600/mo from my daily job so Im not sure if its feasible for me to purchase a multi family unit, that I could live in AND rent right now unless I find a really good deal.
My question is, What would you do in my situation, in order to get your hands on rental properties? I'm very uninformed and not even sure if my plan is even a good one.
Hey @Jordan Foster Pouncey what locations are you looking at? A good idea would be what BiggerPockets calls house hacking where you live in one room of the house and rent out the others. This also works with a duplex which has two units on one piece of property. Message me if you want to talk further.
Well dang, that makes it 10x easier. Didn't think about duplexes. Hopefully I can find one around here. I'm hoping for somewhere in Northeast Louisiana where I live!