Hello from Kentucky... Dan

[Daniel H Truex]

Hello All!

I am not officially into REI yet but have started reading extensively, listening to podcast, and browsing this forum. I currently live in Kentucky and have no plans of quitting my day job(s) which I enjoy. My plan is to buy my first property at the beginning of July with a target date of 11-12 months for the second one. Currently I think I prefer a buy and hold strategy possibly using the BRRR method if possible.

Since my wife is indifferent to this venture I have to use my own money to fund this. I should have $25-27k saved by that point. I have currently lined up an agent (not a friend but I have known him for years and REI is his thing), a management company (owned by the REA), and I have spoke with a loan agent from a local bank. After giving her my financial details and a initial plan I believe I should be a go for a 5/5 arm commercial loan on a 20 year note with an attached construction loan if needed. I have formed an LLC (which I know means nothing) as well as an operating agreement, business plan, etc.

I look forward to learning from you all and am willing to accept any and all advice. What I am currently struggling with is how I jump from small 100k duplexes to 500k+ properties.  Anyone who has made this transition (on an investment budget of approximately 20k a year) I would love to hear from you!  Thanks!  Dan