What should I do now to get to my short/long term goals??

What should I do now to get to my short/long term goals??

Maspeth, NY · Member since 2016 · 75 posts · 62 votes

Hi everyone.  I've been doing my homework into real estate investing and have determined this is the route that I want to go to build wealth.  I like the hands-on approach in picking your own houses, projects, tenants and so forth; and believe that the harder you work at this, he bigger the reward.  I would like to assume that I've educated myself fairly well so far by reading several books, listening to 100+ podcasts, and running thru many 'scenarios' where I calculate cash-flow of properties after expenses.  

I have decent credit around 700 and roughly $20k in savings, as well as a civil service job (guaranteed paycheck) where I'm making $75k this year, and will be making $100k-120k in two years with raises.  My only debts are $20k in student loans and $10k on a car loan.  Currently I'm renting a place with a friend where we pay $1,700 a month for a 2 bedroom here in Queens.  (I'm open to investing in NYC, Nassau, Suffolk, Westchester, Rockland and Orange counties since I must reside in those counties).  I have a mentor in a former landlord who owns 10 properties and manages them himself now that he's retired.

I think to start it would be best to invest using a house hacking method, and then once I am established and comfortable enough, to do a home flip or invest in a property using the BRRRR method.

My short-term goal is to purchase a 2-4 unit property where I "house hack" and live for free or almost free, while saving roughly $1k a month towards a down payment on a 2nd multi-unit property within 24 months.

My long-term goal is to own and invest in numerous properties (purchasing one new property every 12-18 months). 

My question to what can I do to move towards these goals?? 

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Real Estate Agent · El Dorado Hills, CA · Member since 2016 · 37 posts · 12 votes
9y

I've been working with a few investor beginners on their 1-3-5 goals. 1 main focus, 3 supporting goals, and 5 strategies for each goal. It helps a lot to set an immediate and long term vision. I made a 2017 sheet for my annual business goals. This will give you actionable events. For example, your big goal for the year is to house hack. One of your supporting 3 goals will be Cashflow and the supporting strategies will be getting loan approval, renters, rehab as needed, etc. The point is to create some laser like focus!

1-3-5 Blank Goal Sheet

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  • Real Estate Agent · El Dorado Hills, CA · Member since 2016 · 37 posts · 12 votes
    9y

    I've been working with a few investor beginners on their 1-3-5 goals. 1 main focus, 3 supporting goals, and 5 strategies for each goal. It helps a lot to set an immediate and long term vision. I made a 2017 sheet for my annual business goals. This will give you actionable events. For example, your big goal for the year is to house hack. One of your supporting 3 goals will be Cashflow and the supporting strategies will be getting loan approval, renters, rehab as needed, etc. The point is to create some laser like focus!

    1-3-5 Blank Goal Sheet

  • Investor · Seattle, WA · Member since 2011 · 253 posts · 112 votes
    9y

    @Jon B.

    Your situation sounds great and house hacking is an excellent way to get started in RE!  

    I'd start looking at and analyzing properties.  It takes a lot of time to set your criteria (location, cash flow, rehab etc.) and the more real estate you look at the better choices you'll make.  Feel free to contact me if you have any specific questions....  

  • Member since 2016 · 13k+ posts · 12k+ votes
    9y

    Good beginning steps. My advice is adjust your savings expectations. With your income, living in one of the units, you should be able to save a minimum of $2000/month if you live frugally and dedicate yourself to saving.  

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