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Updated about 9 years ago,

User Stats

23
Posts
2
Votes
Nick Taskani
  • Investor
  • Cincinnati, OH
2
Votes |
23
Posts

Advice on Investing...

Nick Taskani
  • Investor
  • Cincinnati, OH
Posted

Hi I'm new to this forum and to real estate investing. I wanted to get advice on my investment strategy and see if anyone has any thoughts on this. To give some background, I currently have a very lucrative job, my yearly salary is around 1 million. However, my hours are very long, and the job is incredibly stressful and demanding. I do not want to do this for the next 20-30 years. I'm 40 years old. In short, I hate my job but it pays well. I would like to build a real estate portfolio so that in 10-15 years I can quit my job and reap the benefits of rentals from my properties. To that end, my strategy right now is to buy turnkey properties that are relatively new, that are low maintenance, and that would attract quality tenants. Have been looking at SFR in 250-400K range. With 15 year financing with low rates, my rental income from these would pay for the mortgage. I just need to put the downpayment. I don't want cash flow necessarily right now, because my tax bracket is so high, whatever I make I have to give so much of it to the government. What I want is to break even now, so if my expenses are, say 2500 a month, I want a place that rents for 2500 a month. My plan is that in 15 years, my tenants have paid off these homes and then I can live off the cash flow at that time after I quit my job. My goal is to buy about 20 or so properties like this in the next 2-3 years.

Again my hours are very hectic, I have no time to be an active investor.  Which is why I want to buy really nice places that attract nice tenants.  

I know this is a strange post, if anyone else is doing something similar, or if you have other suggestions on how I should invest, I would  love to hear it.  

Thanks!

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