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Updated almost 5 years ago on . Most recent reply

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7
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Michael Everett
  • New to Real Estate
  • Southern Pines, NC
0
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7
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Eventually renting my current SFH vs. Buying a Rental Property

Michael Everett
  • New to Real Estate
  • Southern Pines, NC
Posted

Hello all BP members! This is my first post here on BP as I'm a new and up and coming REI just wanting some insight into a situation I'm trying to work my way through.

I am currently living in my SFH in a residential area with a 30 yr mortgage and have an ultimate goal of acquiring enough cash flow through rental properties to achieve financial freedom and tell my W-2 employer goodbye.

My wife and I eventually want to purchase a tract of land and build our "forever home" there and turn our current home into a rental property. 

I'm trying to figure out whether I just need to concentrate on paying as much as I can towards the mortgage on my current home now to give myself more equity (and more cash flow more quickly once I rent it out), or to be saving that money for the down payment on a tract of land and our forever home while making only the minimum payment on my current home in order to save more capital?

Any input would be greatly appreciated. I'm starting out on my REI journey and just want some advice from people who've been there/done that.

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200
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Replied

Good advice from Jaysen. Spend your money on acquiring great cash flowing investment properties.  Build your portfolio to achieve financial independence and then worry about your dream home.

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