Hello, I am super new and looking into real estate investing. I am 32 have wanted to get into real estate since I was much much younger (regret not doing so). I am wanting to reach $50k a year in passive cash flow. Once that goal is reached I’m sure I will be adjusting it up further. I need roughly $3k a month to cover most if not all my expenses. I am in AZ, I have less than $900 in credit card debt but have over $60K in traditional lines of credit (not including store cards) decent credit score 778ish. Not sure if single family or multi-family should be my first attempt at becoming an investor. Best case I find a property manager. I want it as passive as possible.
@Kyle Witham Your goals appear reasonable and reachable. When do you want to reach that goal? Now work backwards to figure out how many properties you need to get your $50k and continue working backward until you have an objective to complete today that will move you toward your goal.
Depending on what you are making right now, you'll want to try to eliminate as much of your debt as possible to get the debt-to-income ratio down.
Best of luck!
Thanks! Appreciate it I’m still in the very early stage of figuring out my goals. A lot left to figure out. First step get on the forums. I don’t know how much time I’d need realistically to achieve that. I work a decent amount so it’ll be longer than I want I’m sure.
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