Hi all,another complete newbie here, about to close our first deal, and seemed to have made a bunch of mistakes already. We are planning to move in the next 4-6 years and have contracts on 4 parcels of land in Tn. Since an auto accident prevented me from working 'on my feet', as before we decided to use settlement proceeds and home eguity to invest for income. We'd already fallen in love with the land , but the carrying costs till we sell our home here would be a struggle. We found a triplex in the area and we are set to close hopefully by the end of the month. Hasn't been easy and there have been some unexpected costs, but the cash flow should be there. We are also looking at a 6 yr old manufactured home in great condition on a nice piece of land to rent out for income too.
Nervous jitters? You bet, and we realize we should LIVE where we invest, but.....here we go.
Cardinal rule of investing, never fall in love with any particular investment or property. Don't break this rule! The cash flow will be there if you researched it out, if it's not there during research, it won't be there when you buy it.
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