Fastest way to financial freedom?

[Mike Lynch]

Okay, let's say safe and relatively fast?

Here's one scenario that I have been tossing around this month after reading Rental Property Investing by Brandon Turner and a couple of other books.

Say I have around $250,000 cash in the bank, and I am very handy in repairing homes. I can buy at least 3 mobile homes with land for $120,000 furnished or semi furnished in NC. I can rent them out total for $2100.00 per month. Then take half of that, which is $1050.00 and put it in a rental savings account for CAPEX / taxes, insurance, maintenance, etc. I put the other half, $1050.00 per month in a rental checking / investment account.

I take $70,000 and pay off the loan for my primary residence. That leaves $60,000 from the initial $250,000 plus the $1050.00 coming in from the rentals each month. Now, I am 100% debt free except for the monthly normal water bill, electric, gas, insurance on the primary.

So, I now own 3 mobile homes with land and one 3/2 brick primary residence. I have $60,000 left in the bank and $1050.00 rental income each month after putting the other half in savings. I will have no home loans, car loans, equity lines, or equity loans. No debt period and a great credit score! -- The slate is clean!

What would be a good next safe move or suggestion, or do I need to start all over, rethink, and totally do something else like buying some more homes to fix and flip first? Is the mobile homes idea a decent strategy or dumb strategy. The more books that I read the more confused or dumb I seem to become, for some reason. :)

Here's a YouTube video below, of the home that I am working on right now that we intend to sell to start buying other properties. 3 bed plus bonus room and 4 full bathrooms. We paid $118,000 for it and have put around $80,000 in it. My wife and I have done about 90% of the rehab labor. All of the neighbor homes and comps are selling for around $300,000 to $400,000. It should be finished in about 2 months or so. Once it is sold, I want to get the ball rolling on my investing career.

Shallotte River House

Thanks for your feedback!