Currently just a guy working in the IT industry for a health insurance company. Doing good for myself, own a house and car and make an ok salary.
Purchased my first home at 24, sold it and bought my parents house 2 years later. No experience whatsoever haha.
Renovate my parents basement to bring in 2-3 tenants and rental income. I figured if I take the rental income and put it towards the house, in 5 years I could switch over to a home equity line of credit and hopefully look at purchasing a rental property. And maybe every 5 years repeat the process.
When I came up with this plan, it was more of a long term goal and working towards early retirement.
I just attended an interesting seminar by Fortune Builders that opened my eyes to the possibility of private lending and real estate. I come up with the place, the plan, the cost and put together a proposal. Present that to private lenders and put that plan into action, making money for both parties.
So now I'm thinking that I could put real estate to work for me this year even and want to begin learning and understanding all I can and developing my own path.
I have renovated and rented out my basement. Now I need to renovate the upstairs and rent that out as well. I'm actually more interested in investing in the US instead of purchasing $350,000 homes in my city (average home price). I was targeting houses with potential for upstairs and downstairs rentals to double the cash flow. It might still be possible but I'm not sure how to go about acquiring the lending. Definitely want my house rented out so I can use leverage. I'll contemplate this more haha.
Strategies for investing in the US, or more money to buy more property up here!
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Member since February 14, 2013 (last active 3 days ago)