Critique My Plan! - yet another student loan discussion
Hey everyone!
Without boring you with numbers and a long story I'll just jump into things.
I just graduated college and started working a salary job at a large general contractor in Chicago. I accumulated quite a bit of college debt the last 5 years and I need to get rid of that. I'd like you guys to critique my plan, throw some ideas, share your opinions/feelings.
So I have $78,000 in loans sitting at 6.7%. Still in grace period till January 2018.
I make about $60,000 (~$40k after tax) at this job I just started and I get some bonuses throughout the year.
I have about $3,000 saved up.
Currently living at my parents with a monthly expense of around $905/mo (oh the joy of living at home), but soon I'll be living closer to my work because my long commute. Then my monthly living expense will be about $1,600/mo until I start paying off loans which will put me up at $2,200/mo.
Now my plan is to save up around $10,000 which will give me some leeway into my first investment. I am very good with construction and very connected in the contractor world. I plan on getting funding (no idea how yet. I'll take any ideas from you guys) to flip my first property. So subsequently that will be $10k down with around $70k financed to flip a $50-$60 property (numbers allowing). Then the plan is to profit from this, and do the same exact thing. Take 10k from the last transaction to fund another flip. I estimate that I'll have around $5-$10k (hopefully a conservative estimate) of profit which I will use to pay off my loans quickly. Then after I get my stupid loans paid off I'll be able to flip for capital to fund my buy and hold strategy and my full time flipping career.
I hope this is clear enough for you guys to comment on. If it isn't please ask some questions. I'm looking for a plan clarification here. If you see any problems that I need to consider please let me know. It seems clear to me but that could be because I made it.
Thank you for reading this far and I'll take your considerations to heart.
Ryan