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 8 years ago,
Let me know If my plan is dumb.
A little bit about me first, I am 24 years old married with 1 child and I love finance and managing money my mom is a realtor and broker and she was my inspiration partly to get into real estate. I followed Dave Ramsey Before I found Robert kiyosaki so I got completely out of debt and learned how to manage my money before I started reading about leveraging my money.
All that being said I am currently living in Mckinney Tx, I have a house I just purchased with a VA loan, I am a paramedic and, make enough money for me and my family to live comfortably on my salary alone, My wife makes about 34k per year and we are able to save all of that. we just finished saving our first 30k so my plan is to use that as my bank reserves then every 1-2 years from now on buy a house with a 20% or more down payment each time. from what I have seen any rental property within 30 miles of Dallas rents out for about 400-600 per room, example a 3 bedroom house always gets close to 1500$ monthly. I figure if I can put enough money down on a property to keep my mortgage and taxes under 1000$ I can make a 400-600$ profit on each house I buy.
my goal is financial independence and Ideally cash flow of about 4,500 would be more than enough. So the benefit I have with my mom as a realtor and broker is that I can use her as a property manager and I get to use the MLS system to find deals. I feel like I am just being a dreamer and need to be smacked back into reality so by all means help me but with my current plan if it works out I should be able to technically retire by 35ish.