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Plan for next 2-3 years advice and recommendation for it

I’m 23M, and while life is good, I want to stop messing around and start building a future for myself and my future family. So that's why I’ve developed a plan for the next couple of years and would love your advice or insights, especially since I have no idea what Im doing. Anything helps honestly I want you all to be as honest as possible I really want to do this right.

My Situation:

  • Income: Recently started a job paying $70,000/year.
  • Credit Score: Currently 707, aiming to improve it over the next two years.
  • Living Situation: Staying with supportive parents, which allows me to save money.
  • Savings: After covering expenses, I can save $3,000–$4,000/month, giving me hopefully $60,000 or more but 50-60k is the minimum in two years.

The Plan:

  1. Save Aggressively: Save at least $60,000 for a down payment and related expenses.
  2. Buy a Duplex:
    • Location: Plan to invest in Texas due to affordable prices. I don't live in Texas nor do I plan on living there, I just want to buy the property there.
    • Budget: $150k–$300k. Aiming for $250k, a 16% down payment is what Im aiming for which would be around 40ish K for 250k. All these prices are ideal in my opinion.
    • Mortgage: Expecting monthly payments would be around $1,700–$2,000. Also Ideal for me.
  3. Rental Income: I don't plan in living in the duplex the plan is to rent both units out and for the the rent from both tenants to cover the mortgage on the property. My goal is for the property to break even or generate slight profit.
  4. Emergency Fund: After I've completed the purchase of the property I hope to have around $20,000 aside for unexpected costs.
  5. Repeat: After I buy the first property the plan would be to keep living with my parents and save up for another year and repeat the process until I have 3-4 properties to my portfolio.

Key Assumptions & Challenges:

  • Rental Market: Unsure how much I can charge for rent or how much I have to put down on the down payments—relied on estimates from Zillow and other research for that info
  • Parent Support: Staying with my parents is critical to save money and I have a great relationship with them and don't plan on it changing, but I know circumstances might change.
  • Long-Term Goal: Build a solid foundation for financial independence and passive income through real estate.

I hope this is clear and easy to follow. I understand some of you might think this plan is a bit optimistic, but I genuinely believe it’s achievable, and having a solid plan for the next couple of years is a strong starting point.

I’d love any advice or insights, especially on potential challenges I might face. Please feel free to be as honest as possible—whether it’s about the feasibility of investing in Texas versus another state, or any tips for a beginner in real estate. Any feedback would be greatly appreciated!

submitted by /u/Zestyclose_West_5075
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source https://www.reddit.com/r/RealEstate/comments/1gynf9w/plan_for_next_23_years_advice_and_recommendation/
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