I’m currently working for a company specialized in kitchen/bathroom countertop and cabinet. With years of saving and some funds from family, I’d like to start investing in real estate, mainly a combination of rental property and flipping property, for short term and long term profits. I’m living in Stafford County Va and interested in buying a few (2-4) cash flow properties in Stafford area (including Fredericksburg and Spotsylvania) each property at around $100k-$150k. I expect to generate $1200-$1350/month rent on each property. I have $150k cash available for down payment and repair and plan to use conventional 30 years mortgage to finance remaining fund needed.
Besides the rental properties which I intend to hold on to for long term, I’m also interested in buying distressed property for rehab and flip. The location of the potential property does not really matter to me, although I prefer them to be close to where I live, since my job require extensive travel anyway. with that said, I do have the flexibility to visit potential property anytime of the day if necessary. I can utilize lot of resources I collect while doing my regular job on rehab of property especially I have handful of customers doing it right now. I have about $125k additional cash to do this apart from my rental property.
I’d like to get as much as of advices, from any aspects, at this point to have a solid start on this business adventure. I’m fully aware of all ricks involved in it and want to start early so can have a financially secured life down the road.