This place looks nice... what's the neighborhood like though?
This place looks nice… what’s the neighborhood like though?

I want to own some property because it seems like a good investment. I plan to own a multiple bedroom house or condo and rent out the extra rooms so that I can make some passive income. Ideally the rent that I charge would cover the mortgage and taxes and other stuff that costs money in a house and I can live for free. I am not sure if this is possible, which is why research is on this list of sub goals. The date of November 1 2017 is chosen because my lease for my apartment ends on 11/1/16 and I will probably renew it since it is a nice place and I won’t have enough to make a down payment by then so 11/1/17 is the next time it will be up, by then I hope to have enough saved for a downpayment.

Sub Goals:

  1. Start a savings account
    • This was actually done awhile ago since I have known I wanted to buy property but didn’t have a date
  2. Start automatically saving monthly amounts
    • I am currently saving $750 a month so it should add $18,000 to the $8,000 I already have
  3. Research Local Market
  4. Research how to buy a house
  5. Research how to rent out a house
  6. Go to 1 open house
  7. Go to 10 more open houses
  8. Get comfortable going to open houses
  9. Figure out what kind of property I can afford
  10. Figure out how much I can charge for rent
  11. Read books on real estate
  12. Subscribe to getting all listings and sales in the area I am in
  13. Figure out how to qualify for a good loan

Photo Credit: Bob Dass