Updated about 3 years ago on . Most recent reply
Looking for Guidance
Hi all, new to the forum and my first post. My goals are pretty simple, live off of passive income targeting a minimum of 100k a year, and employ my boys in the family business when they are older. My current status 42yrs old, married 15+ years, make 150k a year, wife is a homemaker to our 4 boys (13, 11, 8, 5). We are debt free, assets home+cash+retirement around 550k. My current role is IT focused, In previous lives I was a carpenter, carpet installer, flood and fire restoration, long haul truck driver, waiter, garbage man, bus boy, and just about every other job you can think of. Im a very hands on person, type A, and can be a control freak at times.
I don't have a tight timeline, I really enjoy my job and have a comfortable lifestyle, I will however divorce myself from Corporate life/W2.
The plan as of now is this,
1. Continuing my self taught crash course in RE investing ( Books/Podcasts/Anything else appreciated)
2. My wife has started studies for her real estate license (shes excited, and I cant really think of a downside)
3. Buy a home locally, whether to flip/rent/hold (I am still learning the various strategies)
4. Continue the process until I have consistent income to quit my W2 job.
If you got this far, I appreciate your time.