24 Years Old, Ready to Quit Job and Get Started
Hey BP Community - My name is Alex and I'm a recent college grad (24 y/o) ready to make the leap from my job to learn how to generate passive income through real estate. Wanted to run my plan through here for any tips, suggestions or feedback.
I'm a recent college grad and have been working as a Digital Marketer for roughly 2 years now. I like what I'm doing but I hate sitting at a desk 9-6 Monday thru Friday for a fixed salary. I would much rather be building wealth via my own small agency and real estate. I've saved up a good amount of money in my very short career but I've also recently been willed a large sum of money from a very generous grandparent who recently passed (RIP Gpa). His instructions were that the money was not to be touched unless used towards a tuition or as an investment in real estate or a business. All in I've got about $150k to start putting to use.
My plan is to take my job remote (or quit if not successful) and move back home. I would live with my parents for a couple of months while I dive deep into learning real estate. Looking for some advice on where to start with the learning about real estate and my specific market in the suburbs of Philadelphia. My goal is to househack a 4-plex within 6 months of my remote/quit date. I also have a former mentor in the area that works on 4 to 20 door student housing deals. I plan to re-kindle this relationship and work on deals for free for him as I know he has a lot of capital from a very successful exit earlier in his career.
During this time without a strict job I also want to travel to different cities (funded mostly by credit card points and crashing on friends/family couches). My goal here is to identify a cool city where I want to househack a second 4-plex and rent out my unit in the first one. Then I'll continue to work on deals in this area, building my rental real estate empire (through the BRRR method once I learn more about it).
After I've got my feet under me and feel good about spotting deals and setting up the right teams of contractors and property managers, I plan to go back to work in my field and continue to tuck deals away with my salary.
I'm 24 now. With this strategy I think I could hack financial freedom by 30 and retire by 50. That's the goal at least.
Thanks for reading this far. Let me know if you have any tips or feedback, particularly on where to get started.