Another New Member from DFW

[Gary West]

Hello everyone. I love the site and my friends and family tell me that I spend way too much time here. :o)

I am a 43 year old Registered Nurse. I would very much like to become a full time real estate investor. Its a very slow task when you were not born with a trust fund. Still with everyone's help I may be able to live my dream.

I own one rental property that pays 1250 in rent and has a small and ever shrinking balance of the original mortgage left. I should have it free and clear by Nov 2013. I also own a land property free and clear where I would like to build to rent or build to sell.

Im a bit more conservative than alot of you "go getters" but if anyone has any pointers Im always glad to listen and learn.

Currently my investment plan consists of paying off my current SFR rental and then building a 65k(ish) structure on my land. Once the house is built Ill sell for a profit or rent it out. Once its paid for Ill grab another one. Ill rent it, pay it off then rinse and repeat. The beauty of the plan is that the second structure will have 3 people paying the note. Me from my w2, the renter of the first structure (since it will be free and clear) and then the new tennant of the 2cnd structure. My goal is to have 10 - 15 free and clear structures by the time i retire. Where the last structure actually has up to 16 people paying for it. This way I will slowly develop wealth (assets), simultaneously with considerable income.

Certainly there are ways to make this better such as finding great buys and possibly flipping. Im open to those avenues as well. However (unless i change tactics) ill only be buying properties every 2-3 years as thats how long it should take US (me and my tenants) to pay the latest purchase off.

Im open to suggestion for improvement. Thanks all.