Birmingham, AL N00B

[Account Closed]

Hello Everyone,

I hope this post finds you doing well.

My name is Sean. 

A little personal background:

I'm a 27 year-old argumentation coach whose recently become interested in real estate. I'm originally from Virginia but moved to Birmingham for work. I received my B.S. in economics, an M.A. in communication, and am currently finishing up an M.B.A.

Here is my current situation and plan:

I'm looking to purchase a multifamily property (i.e., duplex, triplex, or quad) in the Southside/Highlands/Downtown/Avondale area. Although I don't have a ton of money to throw around, my preliminary research suggests that I can use an FHA loan to finance my first purchase. Given that an FHA loan has an occupancy requirement, after a year of living in the purchased unit, I would move out and subsequently collect a healthy cash flow from tenants.

Once finished, I aim to wash, rinse, and repeat the process all over again 

I know this is easier said than done, but I'm going to try to get pre-approved for a loan in the next few months so I can pull the trigger when the time is right.

My goal:

To create a $3,000 per month passive income stream from my property portfolio in five years.

Thanks for reading my post and I look forward to hearing from everyone!

Best,

S

[Jon Huber]

@Account Closed

Welcome to the community! being an "argumentation coach" may help you in your negotiating tactics. I've never heard of that profession, but I think it's great. Now be sure to be active... you will get so much from this site if you interact. Read blogs, ask questions, join meetups, and I always suggest a podcast marathon. Good luck!