Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
11y
There are as many goals with rental property as there are investors. What you have outlined would be one.
Most people, however, would much rather have cash flow from day one, rather than waiting 30 years. Others want to pay down the mortgage as quickly as possible, so they pay more than the minimum towards the mortgage. It really depends on your style and what you want to do.
Investor · Hagerstown, MD · Member since 2014 · 299 posts · 140 votes
11y
@Jonathan Pockets really then you would want to look for deals that would cash flow with the financing you want. Keep in mind that if you are purchasing in the name of an LLC for asset protection, most likely you'll have to get a commercial loan, so the terms there are usually 25% down for 20 years. That really crushes cash flow!
Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
11y
My goals are the same as yours, plus cash flow of at least several hundred dollars per month. If I lived in your area, I would consider moving and/or investing elsewhere.
Investor · Appleton, WI · Member since 2012 · 1k+ posts · 464 votes
11y
Those goals do not meet my goals. My target is to be able to purchase a property that will cashflow at least $100 a door by financing the total purchase price on a 15 year note. I will then fix up the property and improve to create equity usually 30% within the first year or two. Upon completion of work.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
11y
That goal is good, but I'd add to it having additional cash flow after the mortgage payment to add extra cash to your pocket! And cover expenses. Ultimate goal- no expenses to you (tenants cover) and you end up with extra money in your pocket each month.