All Forum Posts by: Matt Donley

We only planned on traveling in the RV for a year, then settling back home in RI. So I wouldn't be buying a property until we are settled back home. I don't think I'd want to manage a property remotely, at least not at first.

Thanks Regina. No, I haven't really pulled the trigger yet, I'm still in the mental phase of deciding on whether we want to commit to this. I recently checked my credit score and it's at 818, so I'm confident I'd be able to get approved. That sounds like it would be a good first move though so I know I can actually seal the deal once I start searching for a property. 

I'm trying to strengthen my mindset. 

Real estate is something I've always wanted to get into, but I was never able to put myself into the right financial situation to pull it off. I've been in debt my whole life. But, that has all changed and I feel like am finally getting to a point where I could pull it off. I keep telling myself that there's no good reason why I shouldn't jump in now:

• I have project management experience in a commercial construction company managing $50-500k projects.
• I used to be a carpenter and a contractor. I have extensive knowledge in construction (remodeling, additions, kitchens, baths, roofing, siding, etc) and I'm very comfortable with assessing and executing repairs and improvements. 
• I have sales training from a window/siding/roofing company. 
• My wife and I do not have any children at this point in our lives (I'm 30, she's 29). Our living expenses and responsibilities are minimal.
• We sold our house (our first home) last year, bought an RV, and are currently traveling the country. (I would like to by real estate when we get back home in RI.) We own everything outright. Zero debt. We have about $30k saved up. 
• I actively participated in the marketing of our home. I took professional photos, ran Facebook ads, and lead showings of the home when my realtor didn't show up. 
• I own an online business which continues to grow, can work from anywhere, and have a very flexible schedule, allowing me to respond to opportunities, tenant problems, etc. (I'm not longer working in the construction industry directly.)

Although I'd love to buy a nice house for my wife and I to live in when we get home, I'm trying to convince myself that it would be a better decision to focus on buying a rental property first (I'm thinking apartment). We have the RV, I have a place we can stay in the RV for the summer for free, we would just have to find a temporary home or house sit over the winter (looks like we'll be able to pull that off too.) Eventually we can figure out where we want to settle ourselves. The key here is we have flexibility with our own living arrangements, lowering our own personal living expenses and buying us time to make a decision.

If I can get one rental under my belt that is producing positive cash flow, I think it will make it much easier for me to execute the next investment, or buy a home for ourselves perhaps to flip. It will "prove" to me that I can do it.

I guess I'm just looking for a little validation and encouragement, lol. Thanks!