Total Greenhorn from Chicago, IL
Hey guys!
I'm a recent graduate from the Chicago area with a bachelor's degree in architecture. I'm not sold on the idea of trading my time for money until the day I die, so I'm pursuing buy and hold rentals as a means of achieving financial independence. Right now the plan is to accumulate enough passive income from rentals to live life on my own terms - I imagine that this means 25-30 properties. This feels like a ways off, but what is life without goals?
Due to some decisions I didn't fully understand at the time, I'm bleeding out from student loans, around 80k. Most of these have an interest rate greater than 8% which is obviously quite frustrating. Right now I save ~75% of my income and throw it at my loans, so if I stay the course I should be free from these shackles by 2018.
Any advice for someone in my position? Am I just stuck until I pay off my student loans, or are there wise ways to get cash flow started in the meantime?