Poking Holes in my "Plan"
Ok, so right now I have a very rough sketch of a plan before I make my first purchase. However, the more I look at it, the more I think I have to go back to the drawing board.
Here are a few details..
I do not own my residence.
My income at this point is fairly low. (Clearing about 1800/mo)
I have about 20K saved.
My plan was to buy a very small studio apartment that is located close by. The apartment is listed at 70K. This would leave me with some money still in my pocket after a down payment.
Now lets say everything goes according to plan and I am able to rent the place out and I am bringing in a profit of about $100/mo or so.
I understand I have to think long term, but with my low income and the low income from the rental, it is going to take me a very long time to save up the money for my next purchase.
Is this a good strategy for a beginner with pretty low cash flow? think long term and be patient? Or should I look to do a few flips and get some cash in my pockets before I start to buy and hold?
Any advice?