New investor, 1st deal advice
Hello BP, I’m a first time investor and have been researching the best way to achieve my goal of 40k passive income in the shortest time period possible.I’m thinking of starting with a multi-unit house hack where I can hopefully live in one of the units, rent the other(s) out to cover the mortgage, and then move onto searching for the next investment.Again, I’m a noob, but this is my current train of thought.
I have approximately 70k cash to work with, great credit, and no debt and a decent job making about 53k.I’m located in Philadelphia suburbs, specifically Phoenixville area, and am interested in purchasing in the suburban Philadelphia area, Montgomery, Chester or Berks county, in a decent neighborhood with at least an average school district, preferably a good district.
How would you deploy your resources if you were in my shoes to achieve both short term goal of initial purchase, but more importantly, the long term goal of 40k passive income?
Also, any tips or ideas on where to find the off market “deals” are appreciated!Thanks in advance!
Most Popular Reply
Hi Rob,
Welcome to BP! It sounds like you have a plan of attack which is always the hardest part. In my opinion, I feel as if Multi-Family investing is the way to go especially if you're looking to to scale up (which it sounds like you are from the $40k passive income goal.) As the others have said, I would first use the forums, podcasts and blogs to familiarize and educated yourself. Don't forget, books are great too! Once you have a pretty good understanding of real estate, jump on in!