Any Advice would be Great !

4 Replies

Hello,

My name is Damon Cameron Jr. I am currently a sophomore in college working towards my bachelors of science in business analytics and marketing. I have a game plan and great mentors and I want to get your opinions and advice ! All advice negative and positive accepted !

Get a entry level job as a B.A (50-60k starting entry level) in high GDP growth market

Real estate business

1. Single family homes- less risk, time , high quality tenants, appreciation.

2. Below the median 200-220k ( preferably 100-150k)

3. RoI 20% ( Good economic growing market ), Cash flow $100-200 and Equity position (min 20k)

4. Renovate the rental ( flooring kitchen bathroom paint ) Bump value and rental value

5. Use the equity in home 6 months later to invest in Investment property exactly the same criteria. Use same renovation system and rent out.

6. Turn primary residence into investment at the 12 month mark and purchase a new primary residence 3.5 % down .

7. Continue this process and use social media to attract partners over the years as I build my brand and portfolio.

That sounds like a reasonable plan but it's pretty vague and doesn't explain what you're trying to accomplish. Do you want to be the next Warren Buffet or do you want to be financially independent in X years and spend your time digging wells in Africa? Figure out what your end goal is and then work backwards.

You know the whole, “everyone has a plan until they get punched in the face.” It’s easy to list out the step of what need to go right. You just need to take the first plunge. But I would say, it’s better to be humble than hopeful. Be super conservative on all your numbers. Plan for the worst, hope for the best. You get the point. This is your first deal so it won’t be a straight line from A to B. You’ll have C,D, E and F come up. So have a plan for those.

And last question. Your making 50-60k a year. How you gunna get the 150k+ rental?

@Steven Ko Appreciate the advice ! And yes a business analyst makes 50-60k entry level across the nation . I have family who are business analysts. And the end goal is financial freedom. I’m prepared for the worst and understand that of course adversity situation will come ( happens to all successful people) but perseverance and hard work is my middle name . Thanks for the advice !

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