All Forum Posts by: Garvin Yu

We're looking into conventional mortgages for rental properties. Our business strategy is to buy 2-3 per year, and have them be paid off through rental income in 10-15 years max. Meanwhile we'll rehab and sell as many houses as possible each year to use for down payments and also to pay down the mortgage principals. 

Our goal is to be retired from our current full time jobs in 10-15 years once enough rental properties are paid off to bring in more passive income.

Our question is: If there are no early pay off penalties, can you think if any negatives with using a 30 year fixed at 3.675% and sending in monthly principal payments from rent income to psy down the loan? Unless we're not understanding correctly, this makes more sense than getting a 15 year fixed at 3%, since the earlier payments will be mostly interest without the extra principal payments.  With the 30 year we'll pay less interest overall and monthly as long as we pay additional payments.

Any advice would be greatly appreciated!

Thank you all for the advice.  I just upgraded to the "pro" account, I'm absolutely amazed and also a bit overwhelmed as to how much info is on this website.  I have a lot of reading and watching to do.

My wife and I are brand new to real estate investing, we are planning on a mixture of buy/fix/sell rehab houses and also rentals for cash flow.  I am enrolled in a real estate salesperson course starting in two weeks to hopefully get my state license.  I figure cut out the middle person and find our own deals to purchase.  It would also save on commission fees if I'm the one buying and selling.  We also figure no real estate agent will work as hard finding leads as we would for ourselves.

Is this a worthwhile plan or am I wasting my time and it's not needed?

Thanks for any advice you can provide!

Hello everyone, new member from the Trumbull, CT area.  My wife and I are interested in starting a real estate venture focusing primarily on buying/updating/selling rehab houses and some buy and hold for renting.  Our goal is to one day achieve our level of financial freedom to be able to give our family the life that we are dreaming of. 

My current profession is a career firefighter which I am not giving up. I also work part time as a personal fitness trainer and I do some small renovation contracting work on the side for family and friends.  I am also currently enrolled in a class to get my real estate license to facilitate our real estate venture which I will hopefully pass the course and test by this December 2016. 

I'm looking forward to learning from this great community!