Newbie From NE Indiana

[Scott Conner]

WOW what a great site and service!
Hello I am a 37 yr old father of 4 who is tired of the 7 to 4 rat race! My wife is studying for her real estate sales license, and I am trying to study up as much as possible about rehabbing so I can get out of the rat race. I unintentionally got in to the landlord business when we bought our second home, it is an 1890 Victorian money pit with a one bedroom apartment above a 2 car detached garage.

Here is my plan (Goals) I would like to rehab and resale enough houses to buy and pay for in cash a single family rental, and continue to repeat this process. I am not sure if the paying for my rentals with cash is agreed on by all, but if, all I owe on them is taxes and insurance and hard times come at least the banks won't be able to take them away!

We have been in our home for 12 years and are about to pay off a second mortgage (July) that I took out and wasted when I was young and stupid. Once paid off I beleive we should have at least 50K equity in our home. In our smaller city I should be able to buy and rehab my first house for under 40K if I find the right deal, and expect between 5 and 10K profit after expenses.

I am sure I will be asking many questions along the way and I look forward to some of the great answers I have already seen on this site!

If anyone would like to put in their 2 cents about my plan and goals please feel free.