Steadily paying off debt and eager to buy rental properties

Steadily paying off debt and eager to buy rental properties

Contractor · Highland, CA · Member since 2020 · 3 posts · 0 votes

My situation is similar to someone who is $20,000 in debt on this forum. I live in the Inland Empire of Southern California and have an interest in investing in rental properties. I am currently paying off my debt as fast as possible through my current job and running a business as a landscape contractor. I listen to many podcasts through BP and books to give me a good grasp on my finances and real estate.

I  have come to notice that through my skills, I can go the route of rental properties. My only setback is with my amount of time, being that I am working about 16 hours a day 5-6 times a week. I look around through Zillow and notice the tip of the iceberg information to what potential properties can go for rent. I should take on paying off my debt first but wouldn't want some opportunities to slip by or be unable to handle it because of a busy schedule. I'd consider a property manager but don't have a relationship with any as of yet. I am looking for guidance on how I could go about this? I feel like there are a lot of holes in my post. I want to see what can be the next few steps. 

Thank you so much in advance!

Noe

0Reply
23 views

Most Popular Reply

Cameron TopePro Member
Property Manager · Katy, TX · Member since 2015 · 1k+ posts · 1k+ votes
6y

Noe,

Congrats on making the decision to buy rental properties! They have been instrumental for me in gaining my time and peace-of-mind. 

I wouldn't worry so much about missing deals. There are always going to be properties to buy and if you take the long term approach, where you buy a property or two every year for a decade, you won't rush into anything. 

I had $37,000 in student loans when I started investing in real estate. I house-hacked which lowered my expenses and allowed me to payoff debts faster. 

This is a great first step for someone like yourself. But if you can't find a property that will work, then just payoff the debt. You're not going to be mad at yourself in 5-10 years for paying off debt and building a strong financial position. 

Best of luck!

See this reply in the discussion

5 Replies

Jump to latestLatest
  • Cameron TopePro Member
    Property Manager · Katy, TX · Member since 2015 · 1k+ posts · 1k+ votes
    6y

    Noe,

    Congrats on making the decision to buy rental properties! They have been instrumental for me in gaining my time and peace-of-mind. 

    I wouldn't worry so much about missing deals. There are always going to be properties to buy and if you take the long term approach, where you buy a property or two every year for a decade, you won't rush into anything. 

    I had $37,000 in student loans when I started investing in real estate. I house-hacked which lowered my expenses and allowed me to payoff debts faster. 

    This is a great first step for someone like yourself. But if you can't find a property that will work, then just payoff the debt. You're not going to be mad at yourself in 5-10 years for paying off debt and building a strong financial position. 

    Best of luck!

  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    6y

    @Noe Ramos

    Great advice from @Cameron Tope there are always deals to be found.  Get yourself prepared so your ready.  Nothing worse then putting yourself in a difficult position and then saying real estate doesn’t work.  It works but you need to ready.  Ready is different for everyone.  It’s your investing business.  Your first deal will be full of anxiety and doubt which is normal, but if your financially prepared you have a much better chance of success.

    Good Luck.

  • Contractor · Highland, CA · Member since 2020 · 3 posts · 0 votes
    6y

    @Cameron Tope

    I really appreciate your words on this! Yeah, the FOMO feeling is can really steer me away from the main focus here. 

    Thanks!

  • Contractor · Highland, CA · Member since 2020 · 3 posts · 0 votes
    6y

    @Kenneth Garrett

    Thank you for your words! I definitely wouldn't want the wrong idea about real estate if I weren't prepared. Both of your posts have helped me steer in the right direction.

  • Cameron TopePro Member
    Property Manager · Katy, TX · Member since 2015 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @Noe Ramos:

    @Cameron Tope

    I really appreciate your words on this! Yeah, the FOMO feeling is can really steer me away from the main focus here. 

    Thanks!

    For sure! FOMO does it to all of us! Just get your numbers ready and take down the deals that meet your criteria. Some years it will be more and some years it will be less. 

    Best of luck! 

Join the conversationCreate a free account to reply, vote on answers and follow this thread.