Minneapolis, MN · Member since 2016 · 1 post · 0 votes
I have been saving and improving my credit score for some time now and I am getting close to my originally set goal before attempting buying my first property, then I came across one video after another, to open my eyes. The typical way of buying a home, at least the way I used to see it sounds stressful and costly, but after looking around here...lets just say, I am ready to apply myself and my assets to real estate.
So, Hello! I will have many questions since I need to develop my own strategy....
To get some addition ideas, How many houses or rental properties would I need to have in order to live comfortably (take home of $2500/monthly) , and have options to use equity/lenders in order to continue?
This question, might not make sense, but they'll begin to once I understand the material.
Specialist · Lakewood, CO · Member since 2014 · 1k+ posts · 1k+ votes
10y
Hi @Derek Stein and welcome to BP. There are tons and tons of resources on here to get your launched into RE investing or jobs in RE. You will have to answer your own question with what you are going to buy. Depending on where you buy and how well you calculate your deal you can lose money each month or make money. How much will change with every property and every location. Many people will say that they generally want $150/door after all of their expenses and capex. If you use that as a starting point, you would need 17 doors to do that. You other questions about having options for equity/lenders is completely personal as well. Will you have any equity? I don't know, are you buying with cash? Do you already have property with equity? Lenders: are you talking about private/hard money? Traditional?
Keep on learning and make sure you know what makes a deal a deal. Network on here and with your local REI groups, or maybe there is a BP meetup near you. Get out there and start rubbing elbows with those that are doing it and keep learning, then jump in and start doing the thing.