All Forum Posts by: Daniel Miller

I've been reading for months about leveraging rental properties and I am set on becoming finacialy independent this way. I have made spread sheet after spread sheet. But I'm still lost.

Im 26 and have 40k from my last deployment and zero debt. I make only around 60k a year. now that I'm out of the military it's time for me to move out of my parents house and into my own. But at the same time I want to start investing I live in Indiana where housing is rather cheap.and VA loan is out of question cause I want to be able to rent the home down the road so I think a first look fannie mae loan will be for my first home.

Now my first rental will be a 35k home that will be FHA. After a year of renting in the books I want to really start leveraging properties. I want 10 100k homes as fast as possible. Lets face it I'm greedy and I am determined to do what ever it takes to not work 50-70hrs a week. What loans do I need to take and what steps in order to qualify for these loans my credit is exceptional.obviously I don't want to over leverage or go to fast but I also don't want to just keep buying 35k houses for 20 years.

so are you guys just trying to get your number of post up or what? Why no advice?

I guess what I'm asking is after I renovate and rent for 1 year and pay off house. What would I be better off getting a loan for my first personal home and then leveraging multiple income properties at once?

With a decent credit score and 70k in bank and then a 150k house payment would I be able to leverage other properties? Could I get approved? Or am I better off as a new investor sticking with original plane.

im 26 and have worked very hard to save up 40k dollars of my own hard earned money.im getting ready to invest in a foreclosure. the target price is 19k. with 30k of renovations needing done. the comp showed home value at 70k.
 

5 year plane.
renovate above home and use rental money and personal money to pay off home within 12mo.
sell  above home
buy two homes for 35k and rent for 600 a month.

Buy my first home valued at 150k (800 month)

take loan for another rental property and pay off ASAP with left over rent from first two rentals(400mo) and rent from newly bought home (600)...=1000 total to home.

30 months later new loan for another 30k home using above income

and so on....

and so on...

Obviously there will be cost that come up and a few set backs but this is the plan I have developed to hopefully one day retire. What do u think?