Newbie from Salt Lake

[Travis Fisher]

Hi I just found this forum yesterday and I've been reading as much as I can. TONS of great stuff!! I would call myself a newbie to real estate. I've flipped one house where I took too long & broke even. So even though it may not have been a financial success I learned a whole lot and should be able to do a much better job next time.

I've accelerated the payoff on my home mortgage so that it will be paid off in less than 4 years. After that I plan on buying my first rental. I know... That's the sloooow method but it's the plan I've chosen. For now I want to soak up as much information as I can and learn how to do it right.

Thanks again for this great forum!

Travis

[Travis Fisher]

@Mehran Kamari, a lot has to do with not sticking my neck out too far too fast. When I flipped my first house I made all the repairs with cash that I had saved up rather than going into debt. I did plenty of things wrong and if I had done it all on credit I think it could have ended up badly. Once my house is paid for I can easily cover the (investment) mortgage whether I have a renter or not. I can be more selective on who I rent to rather than having to choose the first renter that comes because I'm worried about being able to pay my mortgage. After my first rental I think leverage makes a lot of sense. I'm just being a little more cautious than most I guess....

I'm not saying it's the right way (especially since I'm the noob). It just seems to be the right plan for me.