All Forum Posts by: Jake P.

I've been on many forums and accumulated thousands of posts over the years, but have never received this much meaningful feedback in less than 24 hours. Thank you all. I will certainly speak with a few local banks/credit unions about my specific situation. On many people mentioning retirement - I have about 30k cash put away for retirement, and I want to use this 350k towards investment. I believe in making more money with what I have rather than saving what I have. I understand the reasoning behind saving, but at this point in my life, I'd rather invest.

Another factor to consider is that even though I'm in Ohio, I am free to move anywhere in the country, so if there's a market that's *definitely* one of the best and projected to grow, then I have little issue moving. I've spent 15 years in Cincinnati however, so I do know the area fairly well.

I'd like to have about $5,000/month to live off of, but the bigger goal here is for this initial 350k to be a 'start' to creating much larger income via more and more properties. I don't want to lock myself to the $5k/month via my 350k investment.

I did research note investing after it was mentioned here, and it does sound like another possibility, although I'm not sure I completely understand why I would do notes instead of hard real estate - seems like the profits are lower than a successful hard real estate investment. Is this true? Notes seem attractive, but since this is the first I'm reading about it, i'm not comfortable making a judgement.

Engelo - achieving 20% with minimal risk as you say sounds great to anybody. I'll shoot an email your way. Much appreciated.

Benjamin - is this something you have personal experience with? 30% in 6-12 months would make me quite a happy camper. Can you provide any more details on this - a possible game-plan/strategy? Where would I find such NPRs, how would I buy them, what legally is required to get into this?

I read quite a few threads on similar topics, but there's nothing that I found *quite* like my situation.

About me: 25, married, bachelor degree, no debt, pay off credit card in full every month, credit score 715+. Even though I have a good credit score, my credit history is limited. $10,000 in student loans paid off, and I'm almost finished paying a $500/month, 24 month car lease (w/ co-signer because of lack of credit history). Won't lease/finance another car, I have another paid-off car that I will drive. Essentially debt free.

*BUT*

Based on my annual income, I do not believe I would be able to get a mortgage for an income property. This is coming from extensive online research.

I have approximately $350,000 cash to put towards income properties. I need to generate monthly income from this - I'd like this to be my full time job.

There's obviously no 'rule of thumb' on return, but what monthly return would YOU be able to get on $350,000 cash investment? I want to leverage my money - would having this large sum in the bank let creditors look past my low annual income?

Or maybe the right strategy is to buy one rental with cash(part of the 350,000), and then leverage that for mortgages on other properties? Reading these forums for a couple months, I realize that there are many strategies - I'd just like to narrow down the best strategies for my situation.

Thank you!

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