New to the Real Estate game
Hey BP,
My name is Nate and I live in SE Wisconsin with my wife and four kids. I've always been interested in real estate; my dad owns his a property management company, handling large multi-families for other investors, and owns around 20 doors himself, so I grew up with real estate being a focal point of the family. I even added a real estate major during my undergrad. Now I want to use it to take my family to the next level.
My dad and I have flipped two homes together and are currently working on our third (a pain of a cat house we had to tear down to studs). I also bought a side by side duplex in July for my first long term rental investment. That property was purchased for $164,500 with 25% down (HELOC on primary residence to obtain) and a 3.5% note. It currently rents for $2,025/month with monthly expenses (including the interest on my HELOC) around $1,400. I'm extremely anxious to find my second property, but don't have the capital right now.
I have a goal of an additional 8 doors in the next five years, which I think is extremely achievable if I can find a second property this year. After that, that income snowball should begin to make it a lot easier to put together down payments for a third, fourth, fifth, etc. I'm just putting this out there for some accountability to keep pushing toward what I want. I'm looking forward to learning from so many of you.