And we are off!!! This ride is a rocket... So Hold on!
We started our Real Estate business in October with a goal of purchasing 30 houses in 3 years. With an income of at least 250-300 a month clear from each rental after expenses (including management and not doing any of the maintenance ourselves). To get there I took the idea from one of Brandon Turner's YouTube videos. If obtaining 30 houses in 5 years seems impossible, does it seem possible to get 5 in year one, then 10 in year 2 and 15 in year 3? This seemed like an attainable goal. Purchasing homes that are nearly rentable for under 30,000 for cash in our area is possible. In three months we now have two. After the first year then we plan on leveraging our properties to continue. The other income source will be to purchase at least 2 houses a year to flip and also using income from those.
So that plan so far is on track. We have purchased two homes for rental in the right price range. The two are basically both now ready to rent. Average Rental will be $7-$800 a month. The houses should pay for them selves in 5 Years.
The First house we purchased to Flip we got at a good price and on a 9 month interest only lone from a local bank @5.5% for the Purchase price and cost of repairs.
Three months ago it was a dream, we had a plan, and listened intently to as many podcasts and online information we could find. That and the rehabbing of our own home was all the experience we had. There are great resources out there. Thanks to first to Flipping Junkie for getting me fully interested, then to my wife for her desire to help and be all in with me. To Bigger Pockets for an abundance of podcasts and Youtube videos to give us confidence and motivation. Then to all the other hundreds of resources that are out there we have listened to and learned from.
I am looking forward to being highly successful. This will require our due diligence, our team of people we put together, (contractors, lawyer, accountant, bankers, etc.) There will be pitfalls and learning experiences, successes, and failures. But we were willing to find the first deals and take the chance to make the offers that got us the doors.
Believe in your self. Take everything with a grain of salt. It's all good information, but not all things will fit your model so use what you can and give back as often as possible.