trying to retire in 10 years fully from real estate
I currently make 150K a year after taxes, I have no house, no bills, great credit. I’m going to buy my first 3-4 unit property within the next 3 months, but I was wondering what strategy you’d recommend for me to retire as fast as possible? How many units would I need to retire? Anyone that’s familiar with the Chicago land area and how I can completely replace my job income?
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First, I recommend house hacking a 3-4 unit property to reduce your housing expense & start building wealth. Once you move out and fully rent it, you should be getting some cash flow. I would use house hacking as just one tool in your overall strategy for building wealth and acquiring more rentals. Between house hacks, you could use other strategies such as BRRRRing or flipping to generate some more cash to put back into rentals.
It's impossible for anyone here on the forums to state how many units you will need to retire. There are several variables that go into answering that question such as your current living expenses and estimated cash flow amount per door.
It might be worth checking out the book "Retire Early With Real Estate" by Chad Carson to think about the right questions to ask yourself and how to get there.