An Updated More Bold Approach

[Chris Marshall]

So I want to lay out my plan so far to see what you all think of it so far. Last I had shared I was looking at buying and renting out my first rental property by January 2017. Like Grant Cardone says "if your not scared your not doing anything big". And that idea of doing this did scare me since I had no idea how i would get the money or what i could do and i haven't seen real numbers yet. But i wanted to go bigger because i could be more scared. So over the last week I've been looking at my financial situation and trying to find how i could save money.

I decided I wanted to go bigger with my plan and goal of having one rental by 2017. So if you will bear with me as I have not mastered the lingo of the trade nor am I the best at writing, grammar, spelling, or punctuation. 

I would like to start off describing my personal financial situation just a little. I currently have a $20,000 on my house that will be paid off in 5 years so we could renovate the inside before we moved in. and then i owe a little under $30,000 on my wife and I's cars. Now what i am looking at doing is taking out a 30 year mortgage on my house for $150,000 If i can achieve a 4% or under interest That would be ideal but i could go higher if needed. My thought is take the $50,000 and pay off the other loan as well as both vehicle. The payment on the House would be $400/ month cheaper than all three of the other payments together. 

Immediately it betters my financial situations and frees up some room in my monthly expenses before I ever factor in the rent every month. If we keep both of our jobs We would never have to worry about if one of the places goes non-rented for a short while.

Now beyond that I would have the struggle of finding 2 properties to purchase for $100,000 or less (whatever closing costs might be or any other fees we may have) So Ideally I'd have $100,000 and i would go buy two houses at $50,000 each and they would need 0 work put into them and people could move in the next day. but even I realize that's a fools hope. 

I have a couple ideas on how to gain the rest of the money I would need to purchase the houses, such as family that may want to start an investing career. I could try notes on the house's or whatever it takes. Now rent for a 2 bed 1 bath 1000spft home in this area is looking to be around $850 just by looking around on zillow. I still have to meet with a real estate agent to figure that part out. 

I just want to know what people think about what i have so far and if you have any suggestions please respond I am a dry sponge let me soak up your knowledge! As well if any one here is local to my area I wouldn't be against a partnership especially if you are the type that can write very well or you are super organized.