I'm in the MI/OH area and I want to get started in real estate investing. I'm not sure where to start and what expectations to have yet, but I want to learn everything I can. My goal is to eventually own 30 rentals putting out a steady stream of passive cash flow for as long as possible. I want to keep taking equity out of my rentals to grow them more and more as time goes on. Would you say that this is realistic?
Just about anything is possible provided you can find that property that meets your criteria. You just need to make sure you have the cash flow to cover that or have another way to pay it down. Always have a plan B. If they won't give you a HELOC you could try a Refi cash out. If both of those are denied you will need to find some other way to get your down payment.
FHA and conventional both offer fairly low down payments for the first few homes.
Start listening to the podcasts, reading the blogs and forum posts here. That should keep you busy for at least a year. In the meantime checkout some local real estate meetup groups in your area. Start networking with other investors, wholesalers, etc.
@Mike Brown Hey Mike, I’m pretty much in same boat and I live on the border of MI/OH. If you ever want to grab coffee sometime maybe we could throw some ideas around.
@Mike Brown of course it is realistic but realistic doesn't mean easy. Keep in mind that if you always take the equity out of your rentals you are borrowing to the max. That will hurt you cash flow and increase your risk.