Hey there, I’m currently in the midst of my computer engineering studies. When I finish up, I won’t have any student debt hanging over my head because my awesome parents are footing the bill. And get this – I’m planning to crash with them for a good 3-4 years post-graduation. Why? To stash away as much cash as I can. I reckon I can pull in around 100k annually during this time, and with some serious budgeting, I’m hoping to tuck away 50k each year. That’s some serious moolah, right?
So, what’s my financial game plan? Well, once I’ve socked away about 200k in a high-yield savings account, I’m going to dive into the real estate game. I’ve got my eye on a sweet 600k duplex that I intend to snag using an FHA loan. That means I’ll only need to fork out around 21k upfront, leaving me with a cool 179k in savings. I’ll rent out one side of the duplex and bunk in the other for a year to sidestep the occupancy rule. After that, I’ll rent out my side too, and with that 179k nest egg, I’ll make a hefty dent in a condo or townhome purchase.
Then what? Well, my plan is to keep the ball rolling by investing in more rental properties. Am I being too ambitious? Smart? Unrealistic? I’m all ears for your feedback on my grand financial scheme.
So, what do you think – is this plan a recipe for success or a recipe for disaster? Let me know your thoughts!