Hello all,
I will be making my first rental property investment(s) by the end of this year and am interested in any thoughts on my strategy thus far. My overall goal is to reach financial independence and/or create a portfolio lucrative enough that I'm comfortable with walking away from my current job within the next 2-3 years. I'll provide some details about my situation for context:
I'm 27 and debt free with ~100k saved in an account specifically for real estate investing.
I have a strong credit rating.
I do not own a primary residence.
I'm a Veteran and qualify for the VA loan.
I travel overseas a lot for work (gone about 3/4 of the year), but make frequent short trips back home.
I've been speaking with an agent in Central Florida for the past 2 months and have been registered within the MLS system for that area.
I'm hoping to buy 4-5 rental properties by the end of 2020 in or around Tampa / Orlando. My target homes are single-family in the 80k-100k range with 2bd 2ba layout, ~1100 sq ft, near decent school districts. Ideally, I'd like to find homes that have enough space to add a 3rd bedroom or that have similar upgrade potential. Since my time home is limited, I'll have a POA in place with a family member in Florida to assist with the buying process.
For now, I think my best option is to use traditional 30yr mortgages with a 20% down payment with 10k set aside for rehab/repairs for each property. I'm also interested in the BRRRR method on similar properties, however I think I'll be more more effective at this once I stop traveling for work and can be present full-time.
Thoughts?
Thanks!
-Dan
