Updated over 12 years ago on . Most recent reply
New Members in Boone, NC
My wife and I are both 25 and we have a 5 month old boy. We live in a college town, so we have always had the idea of rental income in the back of our mind. My wife's parents sold us 2 acres a while back and we built our first house on it a year ago. My wife's father is a contractor with a great local reputation, so with his help we have some equity built up. We built a 2 car garage with a 2 bedroom, 2 full bath apartment above it with the intention of building a main house down the road. We live in the apartment now, but we will rent out the apartment and offset our overall mortgage eventually.
That would get us in the game, but we would really like to start acquiring rental properties sooner. Our market is great for renting and there are a ton of great rentals on the market. Since we went small on the first project we have enough wiggle room to purchase another property.
As far as our goals and aspirations go, we are in the process of writing out a long term plan right now. We both have state jobs, she is a teacher and I am the production manager at our university's arena. We have great benefits, but don't want to end up in Kiyosaki's rat race. Within 5 years, we would both love to quit our state jobs and be in the real estate game fulltime. The podcast and this forum have already brought a ton of inspiration and motivation to our vision. Given our market, we would like to buy/hold for the most part, but I wouldn't mind flipping a few house here and there when the deal is right.
That's us and we look forward to being a part of this community.
Most Popular Reply
Welcome to BP. Be sure to check out the many resources here. Podcasts, blogs etc. Get some healthy networking in, plan your work and work your plan. Happy investing and holidays too.
Kudos,
Mary