Financial Freedom Plan

1 Reply

Hi everyone,

My name is Chibuzor. I am 24 years old.

I am extremely excited to be here and to communicate my intention for the future and the motivation behind it.

I am currently listening to the BiggerPockets Podcast #35 and it says that we should jump onto the forums and ask for help creating a plan that will enable us achieve financial freedom.

Here I am BiggerPockets :)

I am a hardworker and quick implementer. I lack a little of the calmness required to create a detailed life plan. 

I need YOUR help.

My current state

I am a full time Software Developer making  $58k a year (~27 dollars an hour). 

I love creating software, helping people solve problems, and just being a blessing in general.

I currently have a consulting business that I split 50-50 with my brother and business partner. The business brings in about ~$1000 a month each from one major project we have. We charge $85 an hour, which is almost 3 times what I make at work.

My current monthly bills, including life insurance, PITI on my primary residence, cell phone, groceries, and bus pass, all amount to ~$1200 per month

I feel as if my current job is tying down 40 hours of my time and stopping me from taking opportunities to grow my side business, build assets, and relax a little in life. 

Current plan

(Thoughts on this please) I plan to quit my job in April to focus on using a combination of 

1. Airbnb using the basement in my primary residence, and

2. Income from my side business

to pay the bills while I engage in Wholesaling, Flipping (where it makes sense), and BRRRRing, to build assets and a steady income for my family.

My PAIN POINT

The most important thing I hope to get help with is for someone to work with me on creating a plan where I can 

1. Do some lucrative RE activities like Wholesaling (for cash) or performing BPO's (Broker's price opinion for experience),, while working part time on my side business (i.e. ~ 3 hours a day).

2. Gain back some of my time and gain some flexibility in life, and 

3. Build assets to provide passive income for my family.

Another thing I would like to get ideas on is if I should quit my job like I plan to do.

I don't believe my monthly bills are astronomical. My side business enables me to work from home. I can get a bike or take a bus to use to attend networking events. I am not sure why I need to work 40 hours a week making one-third of what I make in my side business, and also do my side business when I require so little to survive each month.

Please be honest. Please "speak some sense into me" if needed. I am open to thoughts, ideas, and direction.

I dig your work spirit and your eagerness to create your own future. mad respect because while a lot of people want to start a side business, few have and you already have the guts to do real estate.

So here's my advice. Don't quit your job. especially when you are starting its good to have a solid W-2 to fall back on in times of capital stress and lenders want to see that. save save save. the most important aspect is buying that first property to catapult you into the REI world. sure you can wholesale or get a license to sell RE, but honestly I think the market is pretty saturated with these positions.

Use google and forums like this. Its free, its fast, and you can look for almost anything. while attending meetings and having a mentor is nice, if you are smart you'll find your own way without having to pay or listen to things you already know. either way, good luck on your journey!

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