I keep hearing @Brandon Turner preach about having a plan for investing on the podcasts so I figured I would write it down (even though I think I have a pretty good idea in my head of where I want to be). Anyhow, feedback is always welcomed!
Long Term (5-8 years): Have 60 units that generate an average of $100 per unit of passive income.
Mid Term (2-5 Years): Obtain 30 units that generate an average of $100 per unit in passive income so that I can be financially independent. (My current cost of living is about $3000 a month)
Short Term (0-2 Years): Rehab homes in the Baltimore County and Anne Arundel County that have an ARV of around 150K-250K in which I can make a minimum of 20K per deal and use the proceeds to fund my buy and hold properties.
A plan is a great way to hold yourself accountable! Looks great to me...go crush it!
Gabriel, thank you for your service! I saw on your profile you plan to make 3K a month within 3 years. Starting from scratch, it's ambitious but very doable. I would shoot for more than $100 per door. You would need 30 units at that pace. I think you should get there with less than ten easy.
My question to you is how are you going to finance these properties? You do have a great benefit being able to qualify for a VA loan, 0% down and credit is not a big factor. I would start there and may be look at a three or four unit property for your first purchase. I really like the calculators on BP. There are a great tool to analyse deals.
@Nick Baldo , thanks! I hope to be posting about each deal I do so stay tuned lol
@Glenn McCrorey , yes you are absolutely right and I think $100 a door is my minimum depending on how the financing works out. I want $100 per door if I am getting 95%-100% financing (sounds ambitious I know) but If I am putting my own money down then I want to be closer to $200+ per door.
@Shawn Casinader Thank you! Unfortunately I already used my VA loan on my first triplex back in December. I too like the calculator and I'm going to purchase the Pro account shortly just been working on registering my LLC and getting the bank account, website and all the little stuff first but I'm almost there... Probably within the next day or so I will be open for business lol.
Hey @Gabriel G. good stuff!
Sounds like an exciting plan. Where do you plan on acquiring your buy and holds?
Gabriel I learned through a colleague that you could refinance your VA loan to more a traditional loan (FHA or Conv. ) and use your VA again to purchase another property. He has accumulated 7 rental properties, no money down and plans to keep going. Be creative and research your options.
@Stephanie Lella I am not sure yet, my current triplex is in Charles Village but I want to look more in Baltimore County and Anne Arundel County.
@Georggetta Howie Yes, I definitely need to research that more. Only problem is that I just quit my job so I don't have any income to support another property. Also, I believe it gets tricky with VA loans because you are required to live in that property for a certain amount of time and also refinancing to a traditional loan could require getting PMI which you don't need on the VA loan.
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