Question for the experienced and successful investors...
Ok guys, I'm brand new to this site. Here is my situation and my goals. I am 31 years old. I will be done paying off a 2010 built home in 4 years. Purchased at 222k and currently valued over 300k and growing with the community. Excellent location, builders, neighborhood and all. After paying this house off, I plan to have my eyes open for the next opportunity. Another middle class home with growing value in a new subdivision. After purchasing my next home (200k+ home), rent out the previous one for a reasonable amount (2200/mo, per Realtor).
With the profit I make from my rented out home, i plan on slamming it on the new home, and 6k-8k more a month towards the principle from my career's income (oil field related) and pay the next house off within 5 years. With this, I will still be able to set aside at least 50k into my account per year. After wards, repeat this process on a new home, so on and so on until I can pay a middle class house off within a couple of years. I know this will consist of alot of moving, but I can upgrade anything on the house while I live in it, and repair anything that needs repair if necessary. Do a quick flip here and there during the process. Do this until I reach 45 years old, then sit back and let the houses do the work for me.
I currently have 1 home rented to family at a value of 145k that is being payed off within 5 years as well. It currently does not provide an income since I took the other route, but here shortly, it will pay 1200/mo.
Good I dea? Bad Idea? I need any professional advice, insults, do's and dont's before I get knee deep in these properties.