All Forum Posts by: Glenn Lovelace

Man do I love this place! First I'd like to thank @Ned Carey and @Mehran K. You guys are great for sharing some insight into the rental world.

I guess my goal when I decided to go this route is that eventually I would be out of the red on this property and I would have it forever. I'm not trying to get rich now but I am trying to retire by the time I'm 45-50. So the plan was to continue to scoop up properties to build a portfolio that will eventually pay for itself. I would then cash out and ride into the sunset when I'm ready to retire. I still have a steady 9-5 that will keep me afloat for a long while

What do you guys think about this approach or eventually will the 50% catch up with me?

Thanks for the welcome @Ned Carey . Unfortunately it will not. I will be in the hole about $150-200/mo due to the $100 prop mgmt fee and the difference of my asking and actual mortgage price. I'll be living mortgage free once the house is rented so I'm currently willing to cover this. I'm thinking of investing further when I stock away some funds to make up the difference and to hopefully come out on top. There are a bunch of deals in the DC Bal area.

As far as expenses I've already hit that wall head first. I've had to do $3K of work just to get it up to snuff!!! I want to get the most I can out of this site to make my next move the best move.

Hi All,

I'm one of millions that have found their beloved starter home under water and instead of bailing I'm doubling down on a rental transformation. I never thought I'd go this route but I've found the whole process intriguing. So that's why I'm here. It'll be great to learn from all the pros and beginners like myself.

Accidental Landlord,

Glenn