All Forum Posts by: Mitchell M.

Hello, I am about to be a third year law student at a T6 school that I don't want to specify. I already have a job locked up at a large firm next year in the DFW area, but I am originally from north east florida. I have been studying real estate for the last few years, on this site and many books, and although I want to practice law, I have always believed that RE is the best place to put my money. In the firm I will work for next year, it is typical for attorneys to last 6-10 years and then exit to many different areas (big law). I will be graduating with no debt and expect so save anywhere from 80-120k over the next 8 or so years, as I will start out making around 170k, with raises every year. I also have about 90k saved that I will start off with. With all this savings I definitely plan on pursuing buy and hold single family up to four-plex properties, at least at first. Since I will have quite a bit to invest into new properties for the next few years I have many questions. I really want to find properties with cash on cash returns of at least 16%, at least while interest rates are low, which would mean that most of the properties I am interested in would be well under 200k. Therefore, while pumping in so much saved income into new properties, I will quickly exceed the 4, or 10, property limit. Will I be able to put another 10 in my wife's name? What will I do once I exceed the 10 property limit? How hard is it to find a line of credit? Is single family buy and hold even the right strategy considering I will be buying so many so frequently? Will I not have enough time (even while using property management) to keep up with my investments while working 55-65 HOURS A WEEK alone in my primary job? I need any advice and help you can give. I feel that while I am fortunate to have landed such a well paying job, my situation is different than most investors and therefore I am a little stressed. Thank you

Actually it would make the most sense to sell the house,, freeing up 150k with no loan attached, and you can then have enough cash to buy multiple houses. You are slowing your progression as an investor to have equity that is just sitting around doing nothing for you.