Path to my third investment

[Chris Schoonhoven]

Hello,

Posting to share where I am on the path towards my REI goals. Appreciate hearing if other members are on a similar path or if anyone has strategies that I might either be missing or which might help me.

My goal is to have RE investments bringing in approximately $8k/month in 15 years time. Currently I have 2 rental properties bringing in about $250/month (all of which is coming from 1 property while the 2nd property is currently breaking even). I'm now looking to make my third turnkey rental property investment and my goal with this acquisition is to find a property that would create enough cash flow to help me save up to be able to purchase my 4th property within the next 12 months. I have $20K saved up and specifically I would like to use that money to purchase a property in the $80- $100K range that would be in what I would consider B-C areas in attractive markets of either the Cleveland OH area or the Memphis TN area. I'd love to find a property that would be near 20% below market value and would be in an area that would be easy to rent and throw off cash flow of around $300/month after all operating expenses and financing.

My plan is to wait to find an attractive turn key property in the range of $80-$100K. Buy at a 10-20% discount, so my purchase price would be $74-90K (20% down payment). Hoping to be making around $250/month with the rental income. This would put me at around $500/month coming in from rentals. So in a years time, this would bring me to $6K from rentals. I'd plan to save up another $10-15K from work to go toward the purchase of property 4 in the next 12 months.

Any ideas or suggestions are welcome!