Hey all. I’m a newbie here, looking to start investing in properties. My goal is to have a few properties under my belt within the next decade, providing decent cash flow. I am 21 and currently live at home with my parents while finishing my associates in Marketing. I’m thinking about buying a home in my local area of NJ, with my girlfriend wishing the next 6-12months. There are dozens of foreclosures being listed around me. Is it a good idea to live in a home for a few years, then rent it out. I figured we could fix it up and start building equity, then refinance our mortgage hopefully reducing our mortgage payments. This would give us more room to generate cash flow, once its being rented out. Thanks in advance! Looking forward to learning from all the experienced members on this platform.
Hey Marc, I did this same thing when I was 20 years old. If I could go back, I would have stayed at my parents house and tried to buy as many rentals as I could. It will get you at a much better start.