All Forum Posts by: Matt Scott

Hi all, I'm a 23 year old real estate novice and after thinking (and truthfully I've been thinking about this for months) for a little while, I wanted to write out my 5 year goals, and realistic expectations. In the next month or so I will (fingers crossed) close on a house in a B neighborhood surrounded by A and B neighborhoods. I'm purchasing said home for roughly 37$/sqft. Comparable homes in the area are selling for 50$ /sqft or more. All in all it appears no major repairs are needed, just cosmetics. In the next year I plan on getting my Real Estate Sales licensing. Realistically after Piti, utilities, savings, misc repairs savings, I should be able to save up around 7500 per year. Within the next 2 years I would like to add a duplex to my.. Portfolio? With 15k after 2 years I should be able to purchase a duplex in a b neighborhood in my area surrounded by b and c neighborhoods. ( currently many are selling for 60k or less, obviously can't predict the market but I think I have a good shot). I would move into this duplex and rent out the SFH for (comparable houses ~1200 per month). Within 2 years of that I would plan on doing the same in a second Duplex. Sorry if this is the wrong place for this, I just wanted to write out my plans. Do these seem realistic to you? Would I need to revise them?

Thank you everyone for the replays and advice. Suffice to say I have a lot of reading ahead of me, not a bad thing. Hope to be seeing you all around here soon!

@Paul Timmins

Hey all, my name is Matt. I'm in the process of buying my first home, and in the process I've become extremely interested in investing in real estate. I'm 23 years old and I'm here to learn anything I can. Thanks for having such a wonderful resource available to everyone.

I'm not educated enough to have a full plan yet. But I would say that the bare bones of my long term goals would be to gain equity in my house, and invest in duplexes in the future. Eventually turning my sfh into a rental property.