Starting with the end in mind

[Tim Y.]

Hello all,

I've been enjoying reading the threads. I'm new to rental properties and exploring strategies to produce additional long-term retirement income. I own my home outright and could deploy up to $250,000 cash against opportunities. My goal is to generate produce net rental income in the $3,000 per month range.

Given that, I'd appreciate hearing your thoughts on how you'd proceed, based on your experience. 

• Set criteria for single family units and acquire one at a time?
• Acquire multi-family smaller units (duplexes)?
• Look for a small apartment building?
• etc.

I know it's vague. I'm committed to educating myself and have enjoyed reading Brandon's book. Just looking for nudges in the right direction.

Thanks for listening and sharing.

[Marvin McTaw]

@Tim Y. it's really a personal decision. I feel like the grass is always greener in an area outside of where one practices but I would suggest looking into multifamily. It will likely take longer for you to make a purchase but you'd be much closer to the end goal with the one purchase. 

You should also consider looking into the BRRRR strategy of buy, rehab, rent, refinance, repeat. You could do a ton of cash out refinancings which could then also result in additional purchases.