New Kansas City Investor
Hello,
I am looking for my first investment multi-family property. I am joining BP to get great information, and meet others who are in love with Real Estate investing. I am currently looking for a property to provide a space for my mom, who currently lives with me. I am thinking about looking for a duplex or an SFR.
This is what I am thinking: I would consider my first property to be an owner occupied property for 6 months- 1 year ( ie, mom living in it while I work on any fixes necessary) then save enough from my other income sources and mom's "rent" to rent out the first place to upgrade mom to a nicer home. My current plan is to slowly build up enough assets and use the cash flow to pay for a nice place for mom and have passive income to cover for my family in 3-5 years (about 5k a month).
Is it realistic? Is my plan a bit complicated and over whelming? Right now, I think it might be, but I am hoping I will learn much from the gods of BP Know-how .
Excited to get started!