Help with Goal Setting
BP members, I am new to the site and to Real Estate Investment. Based on the reading I have done, I have created a five-year plan/goal. I would welcome the opportunity to leverage some expert opinions on my goals. Thanks for any help and thoughts.
A. Year One:
1. Buy one small multifamily home cash flowing at least $200/month/unit plus appreciation.
2. Update and increase rent and GRM
3. Save net proceeds for the year to purchase a second small multifamily property
4. Read
B. Year Two:
1. Buy second small multifamily property with at least $200/month/unit plus appreciation.
2. Update and increase rent and GRM
3. Save net proceeds for the year from both properties to purchase a fourth small multifamily property
4. Pull equity out of Property one to buy a third small multifamily property
C. Year Three:
1. Buy Third small multifamily property with equity from 1st property with at least $200/month/unit plus appreciation.
2. Buy 4th small multifamily property with at least $200/month/unit plus appreciation using savings
3. Update both new units and increase rent and GRM
4. Save net proceeds to buy next small multifamily
5. Pull equity from Property two and buy Fifth small multifamily
6. Read books such as the ABC of apartment building investments by Ken McElroy
7. Read the book by Steve Burgess
8. Learn how to analyze apartment buildings and practice
D. Year Four:
1. Own five small multifamily properties
2. Trade up by the end of the year either through equity or selling units to purchase Apartment Complex via 1031 exchange
E. Year Five:
1. Pull Equity out of the Apartment Complex and buy 2nd Apartment Complex
2. Sell remains small units to kids to start their journey
3. Save for the third Apartment Complex
I look forward to learning from the forum of experienced RE Investors.