Advice/Out of the box thinking/Reality
Hi community,
I purchased my first home at the age of 23 this past February. It was a short sale that took about 10 months to complete (very ugly long short sale but I'm now a pro in short sales!). That being said, those 10 months of uncertainty were worth the wait. There is $100k of equity in the home. I work full time (gross income $40k annually), just started a property management business (gross income $15k annually).
My mentor is suggesting to take the equity out to buy a multi-unit property, while keeping the first property and rent out the rooms to maximize dollars. He is saying I should be able to afford something between $300-500K and says I should be looking for a 4 unit property. My goal is to keep increasing my monthly income with this move as apposed to "flipping" so I can quit my job and keep investing in properties. Once my monthly income is high enough for my liking, I would consider flipping. I am very blessed by stumbling upon the short sale and the help of my mentor
Does anyone have any advice for me? I am very blessed by stumbling upon the short sale and the help of my mentor. Does anyone have any other ideas? How realistic is all of this?