I am 54 years old. My goal is to generate income for retirement. Will have approximately $80,000 a year generated from flips after living expenses to reinvest and also have a private investor with deep pockets.
@Deano Vulcano that's great! Generating nice income from flips and having a lending partner. I assume you don't plan on flipping in retirement? Talk about non-passive income!
Originally from your title I thought YOU had $300k. Partners change things a bit for me, as it adds multiple layers of complications. Many do it. I have chosen not to. Many have offered to 'invest' but I don't want the oversight or in the end, to possibly lose a friend.
I like small multi-families in my backyard. 4 unit properties are nice, as they are residential, but my sweet spot is the 7-24 unit. Especially if you have the money to buy outright or come up with 25%+down payment requirements. Can you see yourself mowing the lawn (I still do it because I like to) of your little apt bld in retirement? Works for me!
I would get over to Charleston and find great deals there... its going to be one of the shinning RE stories over the next 5 years...
just pictured you on your riding mower... :) have you ever read " into the Sage"
I do have 300k plus a deep pocket private investor as well as access to bank money. Here's my thoughts: Buy the first two properties for cash, and 8 more rental properties by the end of next year putting $25,000 down on each with 15 year notes. Take all the cash flow from properties one and two and put it into property 3 for early payoff. When that's paid off, put cash flow from those three into 4th, rinse and repeat. My goal is to generate $10,000 a month free and clear on 10 rental properties in 10 years.
@Jay Hinrichs Thanks for heads up. I see a Charleston trip in my near future. But I don't see myself on the rider yet. We are also 30 minutes from Charlotte...major growth there as well.
based on whats happening in Charleston If I was going to make a move to any market in the country right now.. that's were I would go and set up shop... for many reasons.
and its a really cool town... !! I was just there last week...its small enough that smaller investors can get in and play.. but strong enough that properties sell .. and rentals are tight. not anything a TK type company would look at as margins are too tight but... its got a lot of room to run
PS I googled your town.. I just fund a deal in Rock hill for a flip... :)
Here is some general info on conventional financing.
Lend it to me?
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