Determined future real estate investor in my early 20s

Determined future real estate investor in my early 20s

Plainfield, IL · Member since 2016 · 139 posts · 53 votes

Hello BP! I just created my profile and I wanted to say hello. I live in the Chicago suburbs. I'm 22 years old, recently graduated with an electrical engineering degree, and I have been working for almost a year now at an electrical control systems company. All my student loans are paid off and I'm ready to start putting my savings to work(Real Estate). 

My goal is to work my full time job, but steadily increase my real estate portfolio. I want to start out with a small property and slowly accumulate more properties using the cash flow earned from renting. Eventually, I want to have enough properties that accumulate enough cash flow so I don't have to work an office job! (Yuck)

I would like to get started at the end of this year. I currently have 9000 saved up. By the end of the year I project to have around 40+k saved. That being said, what do you readers suggest the best plan of action for me? My loans are paid off, and the only negative cash flow I have is a car loan of 14k at a 0.9% interest. I appreciate your help and feeback, thank you!!

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Investor · Downers Grove, IL · Member since 2015 · 135 posts · 55 votes
10y

Thanks @Mindy Jensen! Meetup is in Downers Grove on 3/23 at 6:30 pm.  See BP post here for the details. 

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  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    10y

    Welcome to BiggerPockets, @Adam Juodis. There's a DuPage County meetup coming up soon - I'd recommend checking that out. I think it's meeting in Des Plaines? @Account Closed runs it, I think. 

    There are a lot of great cities in and around Plainfield to invest. (I'm from Lockport) Start learning your market - what properties go for in fixer-upper condition and what they go for all fixed up - so you'll know what a good deal is when you find it.

  • Investor · Downers Grove, IL · Member since 2015 · 135 posts · 55 votes
    10y

    Thanks @Mindy Jensen! Meetup is in Downers Grove on 3/23 at 6:30 pm.  See BP post here for the details. 

  • Investor · Downers Grove, IL · Member since 2015 · 135 posts · 55 votes
    10y

    @Adam Juodis hope to see you there.

  • Real Estate Agent · Chicago, IL · Member since 2013 · 386 posts · 218 votes
    10y

    Place offers.  That's it, everything else will fall into place.  

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