I'm new and want to get enough residual $ to travel in a sailboat

[Billy Pumphrey]

Greetings all.

I have recently fell in love with sail boating. Along with knowing a couple of distant people that are successful in real estate, I figure what better way to fund a sail boating life. I could get enough rentals to fund my family when we are out on the boat.

I work in Indianapolis, IN and live about an hour away from there. From what I have heard, this is a great place to invest. Here is what I think my plan is looking like.

Right I make decent money, 80k-100k, working in IT and some music ventures. Most and about all of it goes toward taking care of my wife and 7 kids. I filed for a bankruptcy about 6 months ago. I have a rich step dad that has done investing and some in real estate. With enough knowledge and planning I think he will help in some manner to get me started but I haven't asked yet. Right now I do not own a home, but I rent for $500.00.

I would assume that I would want to be a landlord vs. flipping house in the long run to provide the sailboat lifestyle that I would want. I semi-figured with my limited knowledge that I would need at least 20-30 properties to provide a 10k income a month. I also assume that I would need someone to manage it while I am away on my boat.

I am giving the boat about a 250k price tag, I would probably like to buy it out right but I think I would be willing to have payments. If I make 10k a month after taxes, I figure after a boat payment (not having a house payment), some living expenses I would have about 6k left over for everything else to pay for maintenance and fun things.

At any rate that is my dream plan right now. Now I just need to learn how to start making it happen. Is there anyone in the Indianapolis area that would be willing to be buddies, have some coffee, etc and learn together? Or if you know some or a lot already I would love your mentorship.

Thank you!

[Kibby Twong]

Wait.. I don't know what the bankruptcy does to your credit score, but i'm assuming if you just recently filed for bankruptcy, it would be very hard to qualify for any loan. Will your rich step dad also loan you the money to get started? I'm in the NYC area, which I know is a different RE market. My husband and I make about 3x your income, have above 800 credit score and still jumping through hoops to qualify for a 3rd investment property (@350K with 25% down). Not dashing your dreams!! I hope it works out, but I'm surprised no one highlighted your bankruptcy as a red flag to getting a loan...unless your step dad is helping you out on your first couple, and you're able to save enough to buy more houses in cash.