Updated almost 4 years ago on . Most recent reply
About to start sanity check
BP Family,
As I am about to enter the Real Estate journey I thought id put my baseline COA out there and see if the minds more experienced than mine can see any areas I might be missing or not considering in my plan. I am in Sterling, VA.
In order to get started, i will be using 1031 funds from my recent home sell to purchase 2-5 properties (4-10 units total) no farther than 2 hours from my primary residence for LTR. Real Estate has a very expensive barrier to entry in the immediate area. This will still allow me to do the property management myself so that i can learn as much as possible before handing over the reigns to a PM company, making those decisions with a bit more knowledge and experience. The properties have to meet a certain criteria as far as being able to immediately host tenants , no major reno needed, etc. Is there anything else i need to consider as i push through? Are there any major gaps in my COA?
I will admit that as i get closer to finally starting (the sale of the house is already underway, as is the 1031 attorneys, and identifying replacement properties) i do find myself beginning to worry or second guessing. However, understanding that a major part of failing is never starting so i am eager to really get going!
Thanks for reading and any input!