I've been an active-duty Naval Officer for about 19 years and am looking to retire back to Texas in less than 18 months. I currently own 28 acres and a home an hour East of Dallas and will be purchasing my primary home near College Station. My wife and I are eager to start investing in Real Estate and are looking at our options. Having 4 kids, two of whom are in college (1 at Texas A&M!), the way I see it, we currently have the following options:
1. Buy our primary home, retire from the Navy, sell the property East of Dallas and roll that into Rental properties more along the lines of what we are wanting to invest in.
2. Utilize a private lender or hard money lender and start purchasing rental properties sooner.
I currently rent the property East of Dallas to family but have made them aware I intend to sell it next summer.
My military retirement will be enough to pay for my new mortgage and all of my bills by itself. Once established in TX, my wife and I are both going to work to increase our disposable income in order to increase the rate at which we can purchase rental property.
The question I have for the board is regarding the 0% down options for purchasing investment properties until we are able to get the machine moving. Anyone use private lenders (or is anyone a private lender)? Pros/cons vs hard money lenders?
My 5 year plan - be in a position to add 2 rental properties per year
My 10 year plan - Sell the oldest half of the properties to pay off the newest properties (roughly) to vastly increase the passive income. Rinse repeat, increasing the number we have fully paid off.
1. Buy our primary home, retire from the Navy, sell the property East of Dallas and roll that into Rental properties more along the lines of what we are wanting to invest in.
2. Utilize a private lender or hard money lender and start purchasing rental properties sooner.
I currently rent the property East of Dallas to family but have made them aware I intend to sell it next summer.
My military retirement will be enough to pay for my new mortgage and all of my bills by itself. Once established in TX, my wife and I are both going to work to increase our disposable income in order to increase the rate at which we can purchase rental property.
The question I have for the board is regarding the 0% down options for purchasing investment properties until we are able to get the machine moving. Anyone use private lenders (or is anyone a private lender)? Pros/cons vs hard money lenders?
My 5 year plan - be in a position to add 2 rental properties per year
My 10 year plan - Sell the oldest half of the properties to pay off the newest properties (roughly) to vastly increase the passive income. Rinse repeat, increasing the number we have fully paid off.
