Updated about 10 years ago on . Most recent reply
My 10 year real estate investment plan;)
Below = my 10yr Real Estate Investment Plan = any comments, thoughts and ideas would be GREATLY appreciated!!
- 10 Year Real Estate Plan
- SFH: current home; Will pay down loan to $50K left on loan. Hold/wait for 2yrs = time to rebuild credit through secured credit cards (5k), secured lines of credit (10k) and then rent for $1200 (mortgage is $960).
- Buy 1st duplex: We will live in one side and rent out the other side as we remodel our side if needed. Hold/wait for 2yrs = waiting period before we can take out equity from the duplex since it will be our primary residence at this time
- Buy the “Big House” residence: refi the other two rental properties, pulling out enough equity plus our regular down payment to keep mortgage under $1500 per month, place the “Big House” under the business and pay rent to the business. Hold/wait for 3yrs, pay down mortgages on rental properties, make improvements and save all net income as down payments for next multifamily.
- Buy 2nd multifamily: Leverage the equity on the other rental properties to buy and use the saved net incomes as down payment to pay for at least half the purchase price if not all of it. Hold/wait 2yrs, pay down mortgages on rental properties, make improvements and save all net income as down payments for next multifamily.
- Buy 3rd multifamily: Hold/wait 1yr, by this time the net income generated per year if done conservatively will allow us to use it to leverage our way into a new SFH or multifamily for this year on out till we get to our goals as we pay them off fast and increase our cash flow year over year.
- Buy 4th multifamily: Hold/wait 1yr
- Buy 5th multifamily: Hold/wait 1yr
- etc, etc, ETC.......