First off, Hello!
This website has been a tremendous value in terms of the knowledge and members. I would greatly appreciate your insight and suggestions as I begin this journey.
I am 37 years old and have been charged by my mom, who is 70, with stewarding the assets left behind by my father, who passed away a few years back. This is an extremely serious matter for me as my Dad worked for 30+ years. I am seriously looking into real estate as a method to build a legacy and long term income for myself as well as my two sisters.
My Dad left behind a 401k worth approximately 460,000, which we are required to either withdraw or move in roughly 3 years time. After some research, I've been seriously considering using a company like, Memphis Invest, as I've found a lot of positive reviews about them, and spoken with a few of their clients.
My game plan would be, over the next 3-4 years, to purchase, 7-8 properties, putting roughly 50k down on each, and financing the remaining balances, 30 year mortgages. They would all be in my mother's name, and moved over to an LLC after closing, possibly a series LLC. Now neither I or my mother need the extra income these properties would generate right now. So my plan was to use the extra income from these properties, to pay down their mortgages, and once they're all paid off, begin acquiring more properties, through portfolio loans, etc. These properties, once paid off, and taking into account the property taxes, home owners insurance, and prop management fees, would be cash flowing at $1000 per month roughly.
My long term goal is to get to 50 properties. I live on the east coast, so my game plan would focus on properties in the Midwest as the price points are better.
Appreciate your input, and please be blunt and tell me if I've fallen off the deep end!!
- Carl
