Turned out first home into a rental last year, I have the itch now. Hoping to buy another rental this year
First, we live in Des Moines, WA and our open to meet anyone looking to grow, develop their aspirations to be rental property investors!
Our goal is to pay off our current debt, we have this debt from building out our 1st home into cash flowing house-hack. In July we were 30k in debt now as of today we are at 9k we hope to have this paid up in the next 2-3 months then we are looking to refi the loan from an FHA 30yr at 4.25 into a Conventional 15yr at 2.375 for 3 discount points. At the same time, we want to process our Heloc I suspect we will get a line of credit somewhere between 80k-100k.
Then we will reapply for another FHA and purchase another 2 stories single family at 3.5 percent down. The house should have at least 3 beds 1 bath upstairs and 1 bed 1 bath downstairs. We will rent the 3 bedrooms upstairs to 3 tenants at 700-750 each for 2100.00 to 2250.00 per month. Then we will move out of our current home and rent our current living space for 1200-1400 a month, and we will cash flow close to 1000 a month. We then will move into the second and rent the 3 rooms upstairs to cover the mortgage, while we live in it the basement for a year then repeat the process. Our goal is to FHA 5 more homes over the next 5 years, then start working towards 1031 exchanging the properties into commercial multi-family buildings.
If we have enough money to work with after the FHA buy we want to try to buy a small home in the Tacoma area but the numbers will really need to make sense!
This year we will also be very aggressively looking for a mentor and like-minded people who are also really making moves and are 100% in on creating passive income. We are going to make business cards and hand them out like candy, we going to attend more meetup groups and we will put ourselves out there to manage other investor's properties.
We have lots of goals but at the end of the day we want 2020 to be the year that changed our lives forever, please feel free to message me my wife and I are open to learning, helping and doing whatever it takes to win.
Looking to Syndicate an 80+ unit apartment complex by end of the year, $150k in soft commitments so far. Seeking $1M by end of March!
Sell my SFH in Portland and complete a 1031 exchange to acquire one or more multifamily properties before the end of this year.
Among one of them being getting at least 15 deals this year in wholesaling, one of them is getting a deal of at least $30k.
My goal for 2020 is to purchase 20 more doors in Columbus, Ohio (either personally or in my partnerships) and I have 4 doors down so far! Furthermore, the goal is for those 20 doors to produce an additional $30K+ in residual income for me.
Build a wholesaling business that nets at least 500k and purchase at least a 4 unit property that I could house hack.
BIG GOAL: To expand my business to a place where I need to begin my search for my first team members!
My goal for 2020 is to jump start a business focusing on the BRRRR method of investing.
To accomplish this I plan on selling my current rental property to take advantage of the equity and get out of a negative cash flow situation. With the equity I plan on purchasing my first BRRRR deal. :)
As for reaching financial freedom (that may take a while thanks to Pepperdine Masters Degree debt!), I am hoping to make a profit of at least $25k on my current renovation project and will use that money to invest in a short term rental property. Being a notary loan signing agent is a great side hustle so I plan to continue that but I'd like to scale back and only accept higher paying assignments or assignments that are less time consuming so that I can focus on helping buyers and sellers and grow my real estate business.
I have a few of them but at the moment I am looking to help my mentor purchase a 100+ unit apartment complex and also help raise capital and syndicate either one of his apartment or hotel properties! I am new to capital raising, therefore I am looking to start out by building a network of investors while looking for deals for him in the meantime.
My goal is to get 5 Lending partners that will fund my first 5 deals. These will be buy, renovate, and hold/rent properties. The intent, is to use the cash flow from these 5 rentals, to fund down payments on more invested properties.
At the end of 2020, I plan to be fully funding my own purchases, before the renovations.
I am looking at 5 people currently that have cash, or can get cash. I just need to get the deals, and Sell myself and my numbers. This year should be the last that I need to wonder where the money will come from. Yes, your help is welcome!
I'm moving to Dayton, OH this summer after I graduate from college this spring. My 2020 goal is to build connections and learn as much as I can about the market and real estate to prepare to purchase my first property.
My goal will be to at least buy a 4 plex or couple of duplexes in Columbus area
I want to be financially free by becoming a wholesaler. I’m 21 days in and I hope to close 2 deals by the end of the year
@Sharanpal Singh Sandhu *Buy all the quads and duplexes in Columbus
Haven't you played Monopoly before?
@Katie Miller to fix and flip 2-3 houses by the end of this year and profiting $70k
My #1 goal for 2020 is to determine a viable, sustainable strategy for low-money down financing of future properties!
Hey Katie, though I'm a newbie in the field, I sure will reach from zero to 30 doors in multifamily it all about visualization and manifestation
Wholesale 100 SFR's individually.
Develop 10 Wholesale JV partnerships that produce 5 deals per month each.
Explore additional revenue streams like trucking business, car washes.
Hello my ultimate Goal is to Successfully comeplete 3RRRR.. Last year I was able to buy and flip 2 propertites.. This year Im switching my focus to the buy and holds to keep myself on track for financial freedom
@Katie Miller My goals are to do my first rental property with the FHA loan do house hacking retire before I'm 38! Continue to purchase properties 7 because I'm born 7of the month! I would like to also do some deals flipping houses. Also purchase other properties in the tri-state area. Also own land and build a house out in the Caribbean I'm not sure which island yet!
Be a full fledge entrepreneur focus on my creative endeavors!
My goal is to get my first cash flowing property purchased. Start my BRRR method with my own personal residence, and use house hacking to get into a multi famliy property with low cash down.
I have two main focal points for 2020:
1. Complete my first BRRRR deal from start to finish! P.S. It is already in the works.
2. Substitute my income that I made in a previous profession with that from real estates sales.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you