Secure financing to achieve specific goals

[Jason Scharf]

Getting right to the point.

Current profile:

Age 33, single, no children, full time employee w/ annual salary of 49K, 403B Retirement Account of a little over 45K (as of today), Money Market Account of 30K. 700+ credit scores across the board. No debt.

Monthly Fixed Expenses:

$1,500

($1,170 of that is base rent for my apartment in a suburb of Syracuse, NY )

Monthly Average Spending:

$2,200

Goals:

$3,700 positive monthly cash flow

Quit 9-5

Method for Obtaining Goals:

Turn-Key Rental Properties through out-of-state companies

Questions:

Will it be possible to get qualified for financing to obtain the amount of rental property needed to achieve the above goals given my profile?

If I were to quit my job today, would I be able to obtaining financing to achieve the above goals?

Possible Wild Card if needed, but prefer not to use:

Generous and loving father willing to give up to 100K to attain above dream. Would much rather accomplish this with 100% independence, but if the seed money is needed I would consider. 

Conclusion:

Let's assume I've done the research on Turn-Key companies and have found a match.

Am I crazy? Probably. But I know some people on this Earth have made this happen. Any advice would be great. Preferably not advice saying, don't quit your day job, you're unrealistic, keep dreaming, nice try, etc.

Thank you everyone!

[Will Chamberlin]

@Jason Scharf, my recommendation would be to pick up a couple SFH in your neighborhood, work on them, work with contractors and rent out as long-term buy and hold. In my opinion, the cuse is a pretty good market for that so no need to go out of state unless you really want to be hands-off. If you build some hands-on knowledge of how everything works and what types of things can go wrong it will help you greatly should you hedge your geographic risk by going turn-key out-of-state. I think turn-key has a solid argument if you line in high cost and appreciation markets but you are right where a lot of people want to invest. Since you are currently renting, why not go FHA owner-occupied on a duplex locally for your first? I would also say to keep your job until you have replaced your income since it makes getting financing so much easier. Good luck and happy to answer any questions. Will be in the cuse in a couple of weeks if you want to meet up and go over spreadsheets.