Raising money to invest into rental/income properties. I am a construction worker with a current business, but would like to expand. My renovations would be completed, if any, through my current business.
My plan is to purchase a viable property with existing tenants, preferably, to increase my cashflow, and begin a journey to create generational wealth for me and my family.
My existing business is in the construction field, so the majority of repairs and rehab would be done through that company. I believe I can save on some expenses using this process. I have a slow season during the winter so funding runs low during these months. When I have, an income property, eventually properties, I can take on a project, at said income property, to keep the income flowing. This will benefit both sides because I will be improving my assets as well. Which in the long run will increase my R.O.I. on the property.
I am currently watching 2 properties. One is a 5 unit home, with a few repairs required, but not necessary to begin. It is a turn key operation. This home has existing tenants, as well as a garage I could use for added income as storage.
I also have my eyes on a house with a big lot. No existing tenants, but I have some acquaintances looking to rent in this location. Possibility to build on the lot, when desired, a big garage/pole barn for added income as storage and another rentable dwelling.
Once I have one property in place, I can then repeat the process to increase my cash flow and create more passive income. Eventually growing to own Long term care homes and apartment complexes.
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