Updated almost 10 years ago on . Most recent reply
New member from Rowlett, Texas
My name is Chris and I can't believe I just found this place. I've been reading articles, blogs, etc. all over the internet for a while getting ready to start our REI journey.
I am a small business owner and I work too much. My wife is a stay-at-home mom and I work from home so we see each other all day but I am tied to my desk 60+ hours every week. Taking a vacation is nearly impossible due to the fast-paced nature of my business. We have 4 children and another on the way so my time is not just my own. Most importantly, I don't want my children to look back on a bunch of childhood memories that all involve Dad sitting in his office plugging away. I want to be right there with them through it all.
I've been fortunate to meet several people over the last few years that have experience in rental property. One gentleman has 20+ years in residential construction and rental investment/long-term ownership and has offered to mentor me in any way he can, so that's awesome.
We have yet to buy our first property. We just closed on a property for ourselves this morning and we are keeping the current house as our first rental (been here 13 years, payments are low, equity is high, should be a great first rental). I fully intend to learn as much as I can as quickly as I can and charge ahead into the rental market. I might make some mistakes on the first few, but hopefully those mistakes will be minimal.
My goal, whether realistic or not, is to own 15-20 rental properties within 4-6 years. Some of you are probably laughing to yourself or thinking, "this guy is crazy", but that's ok. If I set a goal of 5 properties in 5 years, I'm setting the bar too low. My ultimate goal is probably the same as everyone reading this: create passive income that does not require full-time commitment. Own properties that earn income while I'm sleeping or away on vacation.
Thanks in advance if you read this far. I look forward to learning as much as I can from as many of you as I can and hopefully I'll be paying it forward before long as a seasoned rental kingpin!
-Chris
PS: I'm tossing around the idea of getting my realtors license for three reasons: 1. considerable savings when buying and sometimes selling properties, considering the number we want to own and 2. education - the classes required to pass the test, the continuing education, the networking, etc. will only help in the long run and 3. access to MLS listings sooner than the average Joe may see them.