New Member Introductions
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago,
How to reach my goal: Is my goal correct? Beginning buyer
I am a teacher and my wife is an accountant. We live in Kansas. For the last ten years we have been investing in stocks. I would like to diversify into real estate. My wife's grandmother passed away. My wife and I went 50/50 partners with her parents to buy her grandmother's house as an income property. We bought the house for 55,000 made about 3,000 in repairs (all cash). It is currently being rented for 825 a month. The town the rental house is in, $800-$1000 rent a month, usually gets more reliable renters. There are several houses between the 60 and $80,000 dollar range that come up and are close to turn key ready. (My philosophy: Would I live in this house) I know this limits me but I want nice houses with great renters. I am currently 34 about to turn 35, my goal is to buy another house within the next 2 years and have 5 by the time I am 45, 10 by the time I am 55. What I am looking for help on 1) what information about the town do I need to be looking for to know if this is a good goal/ where do I find the info about the town 2) was the first house a good deal to begin with 3) any info/books/articles/advice/ you can give to me would be much appreciated.
If I left any info out that would help, please reply and I will do my best to provide it to you.
Thanks
Jeff Ast