Rental Investing Strategy

[Jon Brewer]

Hey all! I will be building a real estate rental portfolio and would love to bounce some ideas off of you for a long term strategy.

Yearly income: $160k (W-2)

We will be putting away at least $30-40k/year to invest

We own a townhouse that I freshened up (I’m pretty handy)

Owe: $190K

Value: $240K

Interest Rate: 4.325%

Can easily rent for $1600/month

Goals:

In 15 years: Have rental income of around $5k+ (assuming no inflation and more is always better obviously)

Would love to have a dream home for Wife and Kids in 5 years if that is possible but I realize it may not be. Cost: ~$500-600K

I may have access to a heloc on my parents paid off house but not a guarantee.

So just wondering what would you do in my situation?

Thanks,

Jon