I guess I'll go ahead and introduce myself.
I'm Derek Ackerman, 39, living near Wichita KS. I'm looking to invest in buy and hold rental property.
I had a rental property for about 5 years when I lived in Topeka and kept it for awhile once I moved to Wichita. I sold it about 2 years ago. I felt like it was a ticking time bomb waiting to cost me a whole lot. The property management company that I had managing the property was just OK. When I lived in Topeka, I managed the property myself and gained some valuable experience. I also managed a friends property who moved to Wisconsin for a year until he sold it.
My overall goal is to become financially independent. I'm a big Dave Ramsey fan, and paid off my house (and no other debt). Contrary to Dave's advice, I'm not completely opposed to borrowing to get into the rental market, but I do intend to keep a large safety net.
I have some money that will be available to invest in rental property. However, at least around Wichita, the real estate market for a "family" type house (3Bed/2 bath/2 car garage) is very hot, with retail market houses selling in less than a day. I have a full time job, so a rehab isn't in the cards right now. I don't think this is a good time to buy a SFH.
I am in discussions about partnering with a couple of friends on a project, but we're in the very beginning stages of evaluating and deciding on the direction we want to go.
