Have capitol, looking for tips to start in real estate
Hello,
Well i am 26 years old, educated, job paying around 70k a year, currently rent, paid all schooling off, absolutely no debt, just started a Vanguard Roth IRA, and have quite a bit saved up in saving account just sitting there doing nothing. I travel mon thru fri all over the US for my job so it makes owning real estate that much more difficult to manage.
What would i like to do? In a nutshell: finance 5-20 houses/duplexes/tri/condos/apartments, have my renters pay off my mortgage, collect a small amount of income on top of that, wait 20 years(if i dont refinance) and sell building for pure profit after appreciation and inflation.
I'm sure many people have thought this thru, put blood sweat and tears into it and could not come out on top. To me it seems fairly simple despite the late calls, tons of $ spent into upgrades, and terrible tenants but in the long run it still seems worth it. If i feel like i cannot keep up with a few building and a full time job i will hire a company to do all the leg work for me. If hiring a company take all my monthly profits then so be it....ill still make out big in the long run with appreciation and inflation when i sell after mortgage is paid off.
I do not have any friends or family member in the real estate business, so i dont have anyone to go to for advice. Does my plan seem realistic or just a dream?? Should i pick a city and stick with it or buy around the US?
Any info from people who have been in my position or have useful advice is welcome.
Just a young guy looking for direction/advice from seasoned veterans who have "been there and done that" plus some.