Updated almost 5 years ago on . Most recent reply
Starting Out on my Real Estate Investing Journey
Hello Everyone.
I am 45 yrs old and just starting out as a real estate investor in Louisiana. I have a 5yr plan to acquire a total of 10 properties that will supplement my retirement in about 10 yrs with passive income and/or appreciation/equity growth.
I acquired my first 2 single family properties this year in October 2020 fairly easily....actually had both properties rented before I closed on them. The first one was turnkey, I haven't had to put a dime into it yet and it is producing a monthly cash flow of $475. The second one I had to put about $7k into it and it is producing $495/month. So I was off to a good start.
Since then, I have made offers on multiple properties (5) with no luck, the market here is moving so fast and sellers are not negotiating very much. I am trying to stick with single family houses in my area and manage them myself. I have not pursued homes that need extensive rehab yet since I have limited free time with my current job and raising a family. But I may have to tip my toe in that water to open up a few more opportunities. May even consider a flip to generate some investing capital.
My current lender will allow me to finance 2 more properties, at that point I will need to find another lender.
Real Estate investing has always been a endeavor I wanted to pursue, I am having a blast with it so far and I think it will be a great way to supplement my early retirement at age 55....looking to generate $3-4k in additional income per month.
I just wanted to take a minute to introduce myself, I enjoy reading all of you guys stories and opinions.