How do I scale my portfolio?
My goal is to generate $10,000 in monthly passive income in 10 years.
I currently have $30K ready to invest. It's taken me 2 years to save this up.
In my area (Phoenix, AZ), I could househack or a BRRRR, but it's unlikely to cash flow with comfortable margins because of the price/rent ratio in A-B neighborhoods of Phoenix.
I'm thinking I'll do some flips here in Phoenix and then eventually invest money into Turnkey investments in the Midwest, where cash flow is way better.
The problem with turnkey is they require 25% down, so it would take a long-*** time to hit my goal of $10K per month.
Am I missing something?
I've heard people that buy 1 property the first year, 2 the second, 4 the third, etc. But I don't understand how the financing works for that... can someone explain that to me please?
I understand BRRRR is a way to acquire property and potentially retain cash, but it's infinitely more complicated investing out of state. Does anyone do this without any previous connections in that state?
I appreciate the help!