Updated about 6 years ago on . Most recent reply
New investor from Austin, TX
Hi Everyone, I have been surfing the boards and listening to podcasts for a while so I thought I would introduce myself! Maybe it will help with my accountability and hopefully start taking some action soon!
My name is David, currently living in Austin TX. I am hoping to make my first investment property purchase in the next 6 months. I have some equity in my primary residence that I will be using a HELOC for my down payment. Pretty cash poor right now since my fiance and I are saving up for a wedding, so I figured I would put my equity to good use.
I have zero experience in rehabbing so I will most likely be looking for a turnkey property to rent out to start. Long term goal (5 yrs) is to have 10-15 properties that cashflow enough to where my wife doesn't have to work and can help out with the properties and do the stay at home mom thing.
Hardest thing is, I cant decide which market to enter. I have done tons of research on markets, read the neighborhood guides on BP, looked at the google maps here and I'm not sure where to turn next. I would like to visit the market to talk to turnkey providers, PMs, etc but I need to make a decision first.
That's where I'm at now, looking forward to being part of the awesome community here and hopefully make some great connections!
Most Popular Reply
@David Chapoell
Hi David. My advice is to stay positive and keep learning about real estate through podcasts, books and sources like BP. Just wanted to say your goals are realistic. I started exactly 5 years ago and have slowly picked up 10 SFRs that cash flow $4,000/month (not including cap ex or vacancies). And I didn’t know anything about real estate when I jumped in. Also, disregard all the negative Nancy’s that will either tell you horror stories about bad tenants from their friends’ rentals or that real estate is a bad investment..that we’re in a housing bubble etc. I hear this all the time and just laugh it off. My cash flow isn’t crazy good, but good enough for my wife to be able to retire. And most of my properties will paid off within 12 years. At that point my cash flow will be 12k/month from my 10 rentals. Not trying to brag at all. Just want you to know it’s doable and don’t listen to negative people who take shots at your real estate endeavor. Good luck and enjoy the ride!