My latest goals - critique please!
I said this in another post, but to say again, I am a business owner who makes decent money. My goal is to be prepared in case something catastrophic occurs in my industry. In short: the quicker way to financial independence, the better.
I hope to pay off my primary residence in about a year and a half, then move to a home that I can pay off in a year.
By my numbers, having 2 houses paid off should bring me $1800 cash flow each month. If all goes well, this should be acheived by June, 2011 (2 1/2 years). This of course, requires for my business to continue to run well, and for me to find the "right" deal.
With $1800 monthly cashflow, I would feel comfortable with purchasing 2 more homes of similar size as the previous two, without risking too much in the way of house payments if multiples are vacant. in 18 months, I hope to pay off these 2, and have 3600 in cash flow each month.
So, this is my 4 year plan. I have residuals by another means of $2,000 elsewhere, so this seems to be my quickest way to achieve my goal.
Any input? What would you do considering my goals?