I have asked the forum in the past what to do in terms of RE investing given I have some cash and excellent credit (over 800). Based on recommendations and other research on this forum, I am working with two different people to investigate rehab opportunities in two different markets. I believe this will work well and generate some cash profits.
However, I’m also interested in rentals for retirement income and the long-term appreciation. Here’s my issue though – as a result of my work, I move around a lot. In the past 8 years, I’ve lived in 4 different places (three states and I’m currently overseas in Germany). Therefore I would need property management and turn-key deals.
So, I was thinking about buying properties from someone who is currently a landlord and was looking for an exit strategy. Here would be my ideal situation:
•Purchase between 5-15 properties over the next 5 years from one individual who is looking to sell their rental properties. (I’m thinking that perhaps this individual may not want to sell all at once for tax reasons).
•Properties would be in the same general location so they could be managed by one individual/management company.
•Properties would ideally have been using a property manager previously so that the same property manager could continue to manage the properties.
•Properties would all be rented with good tenants.
•Properties would need to cash flow positively.
•Properties located in an appreciating market would be a bonus.
What do you think? Is this realistic at all, or am I kidding myself? If it is realistic, how would I go about locating someone that has properties that meet these criteria and would be willing to sell to me? If it is not realistic, do you have any other suggestions on how to get into rentals given that I would always need to be an absentee landlord?
Thanks!