Are my goals realistic? What is my best avenue for achieving?
Good day BiggerPockets folks! First off, thanks for a great site and all the great contributions. I have been lurking for a while, but have dreamt about real estate for years. I am currently 33 years old, with a wife and three beautiful children, 9, 6, 4. I have a question regarding goals, what have been goals for others, etc. I have 5 main goals but for the sake of discussion I will start with my first two that I hope to accomplish by 40.
My first goal is to use real estate to be debt free. To release my family from the burden of debt.
My second goal regarding real estate is to cash flow enough to support the basic needs of my family.... say $5000/month
My initial thoughts and strategies are to begin with seeking out a few flips that can generate some capital to move toward a diversified approach that involves flips and holds/rentals. I've been fortunate to have some mentors, experienced real estate folks to bounce stuff off or and learn from, so I feel I have a decent idea of what it takes, but by no means do I have it all figured out.
Anyone willing to share some insight into what their goals were/are and some feedback on if my approach makes sense would be great. If you have to tell me I don't have a clue, not a problem, I have some thick skin!
Thanks