Getting a million dollars in cash flow will take time... and 15 months is unrealistic.
With real estate, it's better to start with options that you wholesale to other investors. If done right, there is NO RISK with this so you don't have to worry about losing your $1500 or any of your Dad's money. What you'll gain is experience, confidence, the ability to "know the market", learn how to estimate repairs,
I did 40 of these deals my first year in business and made an average profit of $5,000.
It's not big money, but it beats the heck out of working at a job. Since I was a stay-at-home-Mom prior to this, I felt like I'd won the lottery.
After you get confidence in your ability to spot a great deal, negotiate, and estimate repair costs, then, and only then should you start buying houses to rent out ( more about Section 8 later)
But, instead of borrowing money from your Dad or getting bank financing, seek out properties you can buy with seller financing. Often you can negotiate to buy with 0% financing so that means the house will be paid off quicly.
Or, instead of buying just master lease! That means you lease from an owner with the right to sub-lease to another tenant. You don't kown the house, which means, you don't have liability or the responsibility for repair costs ( when the air conditioner breaks) but you do get the cash flow. I know many people who have created $8,000 a month in income in less than 2 years using this strategy.
Now... let's talk about Section 8 housing. Do you realize that you are perpetuating the entitlement mentality by playing in that game? The entitlement mentality is killing the United States. Too many people want something for nothing or the government to take care of them. (One of the things I love about Panama... the entitlement mentality does NOT exist)
Do you realize that the federal government is in debt up to it's eyeballs and at some point will have to say we can't afford section 8 housing anymore... when that happens, where would you be with a lot of housing and no tenants? I've bought many properties from Section 8 landlords - even an entire portfolio - because the tenants tear up the houses and there will be high turn over which means more management. Section 8 landlords have a high burn out rate even when their properties are professionally managed.
What little cash flow you get will be eaten up in repair costs. And NO, the government does not do the repairs for you.
You'd do much better getting median price range houses which you rent to people who work for a living and can afford to pay ALL their own rent. They have more respect for the property and you'll have less hassles.
With real estate, it's better to start with options that you wholesale to other investors. If done right, there is NO RISK with this so you don't have to worry about losing your $1500 or any of your Dad's money. What you'll gain is experience, confidence, the ability to "know the market", learn how to estimate repairs,
I did 40 of these deals my first year in business and made an average profit of $5,000.
It's not big money, but it beats the heck out of working at a job. Since I was a stay-at-home-Mom prior to this, I felt like I'd won the lottery.
After you get confidence in your ability to spot a great deal, negotiate, and estimate repair costs, then, and only then should you start buying houses to rent out ( more about Section 8 later)
But, instead of borrowing money from your Dad or getting bank financing, seek out properties you can buy with seller financing. Often you can negotiate to buy with 0% financing so that means the house will be paid off quicly.
Or, instead of buying just master lease! That means you lease from an owner with the right to sub-lease to another tenant. You don't kown the house, which means, you don't have liability or the responsibility for repair costs ( when the air conditioner breaks) but you do get the cash flow. I know many people who have created $8,000 a month in income in less than 2 years using this strategy.
Now... let's talk about Section 8 housing. Do you realize that you are perpetuating the entitlement mentality by playing in that game? The entitlement mentality is killing the United States. Too many people want something for nothing or the government to take care of them. (One of the things I love about Panama... the entitlement mentality does NOT exist)
Do you realize that the federal government is in debt up to it's eyeballs and at some point will have to say we can't afford section 8 housing anymore... when that happens, where would you be with a lot of housing and no tenants? I've bought many properties from Section 8 landlords - even an entire portfolio - because the tenants tear up the houses and there will be high turn over which means more management. Section 8 landlords have a high burn out rate even when their properties are professionally managed.
What little cash flow you get will be eaten up in repair costs. And NO, the government does not do the repairs for you.
You'd do much better getting median price range houses which you rent to people who work for a living and can afford to pay ALL their own rent. They have more respect for the property and you'll have less hassles.