10 Years to 20k per Month
Hello everyone! :)
I have a plan on what I‘d like to accomplish in the next 10 years and was hoping to get some valuable input from fellow BPers.
Goal: To earn 20k per month within ten years through multifamily ownership.
Why: To provide income making my 9-5 full-time work optional. Also, to gain financial independence and the freedom to live life on my own terms with more time for family, hobbies, adventures, and charity work.
How: Well I don't know exactly, but I've created a plan to hold myself accountable. I accomplish more when I write down my goals and the steps necessary to achieve them.
Timeline:
2015 - Renting, Saving, Learning
2017 - Buy Duplex, Triplex, Fourplex to house hack using FHA 203k loan (Using 30k saved from W2 job)
2018 - 2020 Househacking, Saving, Learning (Possible Partner to Fix&Flip)
2021 - Begin Fix & Flip Journey (Using 100k saved from W2 job)
2022 - 2024 (Fix & Flip Profits + W2 job savings = 400k) (30k profit per flip every 6 months. Numbers are estimates only.)
2025 - Partner for 4.8M apartment complex.
Key Points: Putting together the right team will be a major focus continuously.
I actually don't know how much I'll have saved each year with raises, promotions, unexpected expenses, good years, bad years, etc. I save as much as I can from my day job, and won't invest until I have enough reserves. I also have 3 retirement accounts I contribute to that's not included in the plan.
It's been a few weeks since I became interested in investing in real estate. So, this is my very vague, summary level plan. Thanks for reading!
What do you think?