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Updated about 8 years ago,
My ultra slow beginner strategy
Hi all, I'm extremely new to real estate investing. So new that all I've done is audio books on my commute back and forth to work. I've looked at my personal house as my first investment. I've fixed it up and payed down the mortgage to where I only owe $48K on it in about six years. Rents in the area for a similar home go for $1300 a month. I could sell the house for approximately $1750,000.
My thoughts have been to get this one payed off, (100 percent cash flow) learn to manage it and get another home and do the same. My goal is to collect enough rentals that in the next 15 years, I could retire from my career in broadcasting (which is very fun and exciting). But I am of the mindset that I'd like to unplug from the adrenaline and spend more time on vacation. I've also recently bought into Dave Ramsey's debt free advice. In my mind, my strategy seems like it'll be too slow. But at the same time, I'm not big on being super risky. I know more people who have failed at this than the other way around.
My question is, do you think there is a medium risk taking strategy that speeds things up? Maybe instead of going fully debt free that I'd go with half down instead of debt free? Or am I just being a scaredy cat?
Thanks for any advice in advance,
-Jeff