Newbie/Wannabe Landlord with the PERFECT Circumstances?

Newbie/Wannabe Landlord with the PERFECT Circumstances?

Selma, CA · Member since 2017 · 26 posts · 2 votes

Hello,

My name is Jeremy. I'm have strong creative drive, and for last couple years I have begun to feel that I'm too smart to just be working full time. I know I can make money in a much smarter way, working less hours, but I often suffer from analysis paralysis.

I've discovered the idea of being a landlord and living on rental income. I've never owned a home. My landlord owns at least 15 rental properties, and I just know, if he can do it, then so can I. Over the last few years I've proven to myself through various projects and hobbies that I can learn any skill to accomplish my goal. I just need some direction to get started. I would appreciate any advice you could offer.

I also feel I'm in a very good position to get started:

- I'm 28; married 4 years

- No kids

- No debt whatsoever

- I work full time, $22/hr or gross about 45k/yr.

- Wife does not work, but she may have a part time job soon, about 13k/yr gross

- Currently $18,000 savings and ability to save more

- 1.5 yrs credit history, FICO score is 747

- Central valley CA area

Even better, I have a family member (Grandmother) who has been successful in real estate and has been giving me what I would consider "early inheritence" for the past couple years, hence my savings. I'm in VERY early talks with her about going into rentals, but she has expressed a willingness to invest in me, possibly even buying a duplex outright; again still very early.

EVEN better, I also have a twin brother who is a lot like me. He is very interested in working together since I started talking to him about the idea. He and his wife are double-income-no-kids, though they do have around 15k debt I believe. But they do have postive cash flow, more than me. He has good credit, I think around 800 with about 10 years history.

I don't know anything about buy a house, but I'm learning. I'm looking for recommendations or "If I were in your shoes" type suggestions. My/our goal is to eventually replace our incomes with rental income while working only a view hours a week. I know this will take some time, but I'd like to make some good progress toward this goal within 3-5 years. My goal is to stop working full time and gain back my free time for other pursuits, personal and maybe even business.

I'm open to single-family units. Multi-family seems more appealing to me. My Grandmother recommends a flipper that we live in for a year while fixing up.

Thanks again for any advice or suggestions!!!

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  • Visalia-Fresno, CA · Member since 2009 · 1k+ posts · 863 votes
    9y

    @Jeremy Martin  Do you have any friends that own investment properties?  If not seek out new friendships with people that are investing.  Getting into the investment mode is much faster when your are around like minded people.  I would still have a day job if I had never created new friendships.  There will be people around us that we might need to leave behind.

    Let me know if you need to chat on phone or meet to kick yourself into 2nd gear.

    Keep the momentum. 


    Franklin

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