New to Texas Real Estate!

[Joseph Chew]

Okay so I’m going to attempt to make this as short and simple as I can.

Me and my business partner are getting into rental property real estate here in Texas.

We have both taken out personal loans for $10,000 each for a down payment on our first property (20% down).

We are looking for a duplex for around $100,000. We have found several for around that price.

The goal is to only take a loan out for the first duplex then use the income from this first one to buy multiple properties after this with straight cash.

We want to save every dollar we can from the first year to invest and buy our second property our second year and do this same cycle every year slowly building our profits.

So starting off we can safely assume we will be $130,000 in debt off the bat from the personal loans and the initial loan for our first duplex.

My father in law flips houses here in Texas and also can pretty much do anything maintenance wise for us so we will save on that end of everything.

Can I get some feedback and just see some general thoughts of this plan from some experienced real estate personnel.

We are just doing our best to break in to the business.

Keep in mind we both have jobs making slightly over $55,000 a year so we also have some of that money for budget room.

Thanks!