I'm new to the site but I normally come here to read the forums because there's great knowledge here. I'm in the process of buying my first real estate investment property in which I will be living there and renting the other 2 rooms to college students. I'm 25 so I don't think that would be much of a conflict. I'm projecting a positive cash flow of anywhere between $600 - $900 per month. I'm more so already thinking ahead after I've obtained this property, what's next? How long must I wait to obtain another investment property? My end goal is to have several pieces of property that i can have at least $5000+ cash flow a month from them. Could anyone share there experiences from start up until where they are now? Any success stories? Any obstacles? I would like to hear them! Thanks
Can't help you too much with a lot of your specific questions since I'm relatively new to investing myself, but one of the most important things for your situation is that you don't have to pay tax on capital gains up to $250,000 on your primary residence if you live there for 2 years.
Thanks for the tip. So If I may ask, have you bought any property recently? If so, did you buy and hold or more so for flipping purposes?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!