Rentals

[Mike Chandler]

Hello BP,

I am an aspiring landlord looking for some advice. I am a licensed contractor (although I work a full time job in another field) and I am currently building my own home which should be completed within the next few months. Upon completion, I should have in the neighborhood of 100k to 130K in equity in my home which I would like to put to work immediately investing in rental properties. I would like to quit my job asap and replace my income with rental property cash flow (about 40K/yr.). I would love to hear from anyone who may be able to advise me as to the shortest path to what I would like to do. I would like to avoid as many pitfalls as possible along the way, and I know there are many out there who have the benefit of hindsight and what they would do differently if they knew then what they know now. I thank you for reading and look forward to your comments.