I’d love for y’all to take a look at our near future plans and poke some holes in them.
Q here, 23yo from Europe.
My wife and I have build up a “pretty successful” online business in the past 3 years. (we are averaging $8-10k Neto/month)
We are currently living in Nevada paying about $2.3k rent for a 1000sqft 2bdr apartment.
Once we’ve reached $70k in our savings we’d like to use this as downpayment for a residential loan to buy a house in the 250-300k range somewhere in the midwest (maybe Texas or Tennessee?). live in it for a year whilst doing some minor renovations (my wife has a unbelievable good eye and can make things look phenomenal).
start renting it out While we move on (probably back to Asia and visit home for a couple of months).
We’ll have to use a property manager as we both work 50+hours a week on our business and will be out of the country most of the time.
I’m planning on putting all the money that the property yields in a saving account and to add $500 a month from our own savings on top of that for repairs, vacancy ,etc … until I feel as if there is a good amount of cash in there (maybe 20k?). from there on out the money can start going towards a next downpayment.
Does This look like a solid plan?
My main reason for doing this is to start building equity, because I know our business “success” will end someday and I’d like to make the most of our “success”.
I would really appreciate any thoughts on our plan as I don’t have many people to talk this through with.
Excuse My Grammar Btw.