@Lane Kawaoka
Hey Lane, Just to give you a breakdown of my situation, I'm looking to purchase my
first investment property in Alabama. Im 24 years old with a credit score over 760, I make a little over 100k a year at my job and I can comfortably save about 40k each year. I don't plan on using the BRRRR strategy.
My plan is to purchase a home with little to no repairs and rent them out.
I would like to continue applying this strategy one to two times each year and let my properties pay for themselves while paying off my loans and making a little money on the side in the meantime. Eventually building a second source of income for myself semi passively to supplement my current job.
I created this account to network, learn from the pros ( such as yourself ) and maybe get some good referrals along the way.
My questions for you would also be:
- Should I shoot for a 15 year or 30 year mortgage and why?
- After reading your article, I was curious why you stopped after 10 properties. Was it the headaches of being a landlord or was there another reason?
- When you say invest in turnkey properties, are you referring to properties with tenants already in place, or properties that don't require many repairs that you can purchase and immediately place a tenant in?
Thank you for the insight and taking the time to help the newbie! Any resources and articles/information are always much appreciated!
