New member 5 year plan.
im 26 and have worked very hard to save up 40k dollars of my own hard earned money.im getting ready to invest in a foreclosure. the target price is 19k. with 30k of renovations needing done. the comp showed home value at 70k.
5 year plane.
renovate above home and use rental money and personal money to pay off home within 12mo.
sell above home
buy two homes for 35k and rent for 600 a month.
Buy my first home valued at 150k (800 month)
take loan for another rental property and pay off ASAP with left over rent from first two rentals(400mo) and rent from newly bought home (600)...=1000 total to home.
30 months later new loan for another 30k home using above income
and so on....
and so on...
Obviously there will be cost that come up and a few set backs but this is the plan I have developed to hopefully one day retire. What do u think?