Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 3 years ago,
Truck driver - Rookie questions
I am a truck driver, and I team drive with my girlfriend. We are both interested in real estate, and both looking to purchase our first investment properties in the first half of this year. I have been intrigued by the idea of new construction. I am hoping that this would cut down on repairs and be easier to manage while I'm on the road (I intend to use a property manager). We both live on the truck and rarely take time off, so I am also hoping the first property could serve as both an investment and a primary residence. I live in Houston, TX and she lives in Dallas, TX. We would love any recommendations on good property managers in both markets.
We are both interested in multi-family, but I have also been looking at Lennar Next-Gen homes with the hope of converting the "next-gen" suite into a short term rental. Has anyone here tried this strategy? If so, with what results?
We are currently W-2 but are planning to get our own truck after buying the first two properties. I am concerned that the transition from W-2 to 1099 will make it harder for us to grow our portfolios. Does anyone have any suggestions for this as well? Barring a major setback buying our own truck should equate to an immediate increase in income. It will also mean that we went 1099 in the same industry where we already had 3+ years of W-2 experience. I have heard that sometimes it helps with lenders that you already have experience in the industry.
Spending weeks and months at a time on a constantly moving truck takes its toll physically and mentally. We both want to regain some of our time freedom and feel more in control of our lives. We understand that one property doesn't create financial freedom, but we are committed to growing our portfolio and want to make sure we get off to a strong start. We welcome any suggestions on how to build a team of "rock stars" from long distance. I know from reading David Greene's book on long distance real estate investing that finding the right agent can be a great start. Any recommendations on rock star agents in the Houston and Dallas area would also be greatly appreciated.
Additional info: Her credit scores are high 600's. My lowest score is 583 and the other two are low to mid 600's. We will both have over $25K each before making our purchases, but hope that first time homebuyer programs will eliminate our need for a down payment and reduce or eliminate closing costs. We have been looking primarily at FHA and USDA, but I keep hearing David say there are 5% down conventional loans out there as well.
Thank you.