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Updated almost 6 years ago,
A first time Home Investor. How to spend my money.
Hello folks. As a first time Home Investor in the Houston, TX area I’m looking for a little advice on how to dive into the rental market. My goal is to buy 3-2-2 or 4-2-2 brick homes in good school districts. I’m thinking those are my best bets for attracting long-term rentals.
I have $200,000 free to invest. I’ve found a few homes that fit my criteria that range in price from $160-$199K. These homes are essentially turn key. My question is do I fully pay for one property or do I try to purchase two properties and owe on both?
I’m getting into the game late in life. I’m 56 and currently debt free. Over the next 10 years I plan on putting an additional $30-50K annually towards buying more properties and paying down their debt. I want to use the rental income to pay for any home debt, repair expenses, and taxes.
I don’t plan on using any of the income generated to live on until I retire. I would like the properties to be self sustaining. So with these goals in mind do I buy one or two properties with my $200K? Thanks for your input. It’s appreciated!