Updated over 8 years ago on . Most recent reply
San Francisco Newbie Looking for Out of State Deals
Hello BP! So excited to finally have gotten around to making a post here.
My background: 29-year-old former Economics major, turned self-taught programmer and San Francisco transplant. I'm a software engineer and save over 50% of my income and I just got out of debt, so I'm super excited to start saving and playing this real estate game.
I've probably listened to 40 BP podcasts and read about 10 real estate books. I'm definitely going to continue to absorb as much information as my brain can handle, but I'm now at a point where I can really start taking action. My first investment will probably be a duplex, triplex, or fourplex in a B/C class neighborhood. I have a friend who is more experienced than me and we will likely partner on a deal closer to where he lives, in Texas.
My short-medium term goal is to generate $2000 rental income from cash flowing properties, so I can quit my job and travel. It probably sounds like a low number but I can live cheaply, and that's just a starting point. I'm sure my goals will change quickly as I gain momentum.
Right now I'm taking steps to get pre-approved for a loan so that when a deal comes up I can make moves. Looking forward to interacting with you all and learning from you. Thanks to everyone at BP for this incredible resource.
Most Popular Reply
Welcome @George Pickett ! I've got similar goals. Being young and not tied down means just a couple thousand a month can set you free. I started 6 months ago and will be at about 1400 net cash flow in a few weeks when I close on my second duplex. it's nice knowing that my absolute worst case scenario is to go live on the beach in Thailand for $1000 a month. Probably won't happen, at this rate I'll retire by 30, so I can't complain. good luck out there!