Newbie in the real world: advice for investing in a flip/rental home

My idea is to save enough to lay a small down payment on a home, and get a mortgage. Then get a loan to fix and repair whatever needs done (in a flip sort of fashion). However, I wouldn’t sell it because I still owe. So (from what I’ve researched), I read you can rent a home out while paying an existing mortgage depending on local laws. Now, I don’t care about cash flow at this point. I just want to rent a home out and have that renter practically pay the existing mortgage. Once the mortgage is payed in full, I either keep the cash flow each month from the renter, or sell the home for a much larger price, and use a portion of that profit to then do the same exact thing on another property, repeating all steps.

I would also work a general job, and possibly invest my time in getting in to real estate sales. I would just do this renting thing on the side.

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Is this realistic, or am I being too ambitious with this? I’m only 19, and I’m suddenly really trying to educate myself on investing and money. I know it wouldn’t be easy, but I want to know the catch; I know there’s a catch.. What isn’t realistic, and how could I maybe make it more realistic?

submitted by /u/Doobency
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My idea is to save enough to lay a small down payment on a home, and get a mortgage. Then get a loan to fix and repair whatever needs done (in a flip sort of fashion). However, I wouldn’t sell it because I still owe. So (from what I’ve researched), I read you can rent a home out while paying an existing mortgage depending on local laws. Now, I don’t care about cash flow at this point. I just want to rent a home out and have that renter practically pay the existing mortgage. Once the mortgage is payed in full, I either keep the cash flow each month from the renter, or sell the home for a much larger price, and use a portion of that profit to then do the same exact thing on another property, repeating all steps. I would also work a general job, and possibly invest my time in getting in to real estate sales. I would just do this renting thing on the side. ā€‹ Is this realistic, or am I being too ambitious with this? I’m only 19, and I’m suddenly really trying to educate myself on investing and money. I know it wouldn’t be easy, but I want to know the catch; I know there’s a catch.. What isn’t realistic, and how could I maybe make it more realistic? submitted by /u/Doobency [link] [comments]

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