First time rental investors Intro!!!!!!!
Hey Everyone!
My name is Joe Gentilli and I am basically new to all of this! I'm married with two children, whom my wife stays home with. I am a Sales Manager at a Ford dealership and we live in Wisconsin. I have done real estate appraisals, loan officer, and finance so I feel we have a ton to learn. All exciting stuff though because we are more than willing to put in the work to succeed!
I have a decent income coming in, however I trade much of my time for this income and am looking to build long term wealth. Since my wife Becca stays home with kids she is going to be able to help with a lot of the day to day.
As a family with one income we don't have a ton of disposable income. I make about 120K per year but divided 4 ways that only goes so far. We think the B.R.R.R.R. method is the way we want to go for our first rental property. As we would like to have 5-8 properties in 3 years. At least this is the plan;). We recently sold a foreclosure we bought rehab'd and lived in for two years. We came out pretty good on it and now have some Equity in our new home as result of large down payment from foreclosure profit.
We are planning on tapping our Equity and using a HELOC as down payment and fix it budget. Neither of us are the 'handy' type so working with laborers and contractors is probably something we will have to explorer and budget for.
We are analyzing deals and getting feel for market and our risk tolerance. In effort to not make this post any longer I will end it here. Looking forward to learning and sharing a lot and sharing our journey a long the way!
Cheers
Joe & Becca