Need advice for Starting Investing Journey

[Damien C Hyatt]

The goal is to acquire enough rental properties to generate $10,000 in monthly cash flow after expenses. Short-term goal/first milestone: acquire enough rental properties to generate $2,000 in monthly cash flow after expenses.

In my current situation, my wife and I are dealing with a mortgage of $74k at a 3.5% interest rate on our primary home. We’ve secured pre-approval from Chase for a $200k conventional loan at 8% interest with a $40k down payment for our first rental property. My credit score stands at 780. We’re targeting the Florence/Hebron/Burlington area in Boone County, Kentucky, near Cincinnati, OH. We’re actively participating in auctions, but unfortunately, we missed out on our last bid by one bid higher. For preliminary numbers analysis, I’m using an online calculator available at this website: https://www.calculator.net/rental-property-calculator.html. We’re eager to acquire our first rental property and are looking for any advice that could expedite this process.