24 years old, 65K+ saved & No Debt - What would you do?
Hi BP Community,
I am 24 years old with a job that pays me $80k-90k, I have saved 65k and counting with all debt paid. I do work long hours during the week (10-12 hour days). My goal is to be financially free as many of you are and I would like to get your opinion from those who have done so using real estate.
Should I invest in MF Syndications for the next few years? I like the idea of being passive, but will this gross me the most money to become financially free? I have listened to several podcasts where investors have stated MF Syndications are good for those who've already made a ton of money and want to park it somewhere - am I too early to start investing in this asset class? Should I save more and do something else? I feel like 50k wont take me to financially freedom if I am only receiving 8-10% as an LP, is this a reasonable statement to make?
Or should I invest on my own in smaller properties (2-4 units)? I was trying to do this for the last year but have been absolutely struggling to find any good deals in my market - currently looking at upstate NY and CT. I also work a lot during the weekdays so i am not sure this would be best. I could always hire out a PM once a find something, but all good deals are usually swept off the market in a matter of days and I seem to be left with crumby MLS deals.
However, I am young and will do whatever it takes to become financially free as soon as possible since I would like to quit my W2. If that means trying to invest more in smaller MFH because it generates more CF - I will do just that.
Thank you in advance BP community!
Most Popular Reply
@Ted Baker Congrats on the debt free and well paying job! I would continue to read and post on BP, attend podcasts etc. I would also join an REI group and/or the State LL association and hang out with other investors to gain their insight.