Updated over 3 years ago on . Most recent reply
An IT guy with ambitions of investing
I'm a full-time IT Professional looking to build up additional streams of passive income. More than that, I've owned a SFR since 2009 in the Atlanta suburbs (30518) and am going to be moving to Florida next year.
I've done a little of everything with this house: lived with roommates (bad idea), rented it out while (effectively) self-managing (good idea, extenuating circumstances plus bad tenant equaled a whirlwind of a 2019 for me...)
I decided that I'm going to make another go at renting the place out ( when I move and want to buy a new Primary Residence in FL assuming the market conditions are favorable in a year.
My "end game", aside from having a pile of passive income from rentals, is to own a couple of acres with a custom-built home on it. I'm looking forward to the journey but only have a vague idea where to start.
I'm starting with refinancing my current residence and pulling enough cash out to cover the expenses in getting myself relocated and the house rent-ready, exactly how much I'll have in the "down payment or invest it" bucket is in the wind at the moment. I'm hoping to having around $25k. 60 days and counting...
There will be 8-12 months between the closing of my refi (the bank knows my endgame for it is "investment property") and relocating.... I'm left wondering if that's enough time to look into other investments first without fouling up my "move into a STR for a few months and house hunt" strategy for early-mid '23.
The big question is... do I dive in now or wait until I have a portfolio of one SFR?
Most Popular Reply
Brad, if you're looking for options in the Sarasota market I'd be happy to help. Custom home builders that I've worked with in the past are at least 12 months out right now. Make sure you're giving yourself enough time when planning your new build/move.