Entering Real Estate by House Hacking Multifamilies in KC
Hello Everyone!
I'm new to the world of real estate, but real estate has intrigued me. I'm coming into real estate after 8 years of research experience in various molecular biology laboratories. Learning complex systems and ideas is my favorite activity. Real estate happens to be amazing in the fact that it fulfills that desire, and my desire to create a solid financial future for myself. As a result, I aim to dive in headfirst while working a 9-5 job to acquire the funds I need to start investing.
Currently I'm living in Champaign Illinois, but in December I plan to move back to Kansas City to be near my family. Once there, I want to enter into the world of real estate by purchasing a small multifamily property. Preferably a quadplex with an FHA or 203K loan. From there I want to build my portfolio up to 20 cash flowing units, $200 per door per month, so I can have $50k of cashflow each year. I can effectively live on less than $25k each year, so 20 units is when I can leave my job if I so choose, and still have $25k to grow the business. I also plan on hiring property management companies to manage the properties since my time will be mostly occupied by a day job. To make this happen I'm educating myself with books written by bigger pockets, reading the blog, listening to the podcast, and as of today I'm starting to analyze deals.
That is my general business plan, but I'm going to continue refining this plan while I read, learn, and get to know people on bigger pockets.
Sincerely,
Erik Andersen.