Hello everyone, newbie and brand new here. Very basic question, just wondering if I purchase a triplex or quadraplex could I potentially generate a substantial enough profit to quit my day job?
Most likely no, however it would be a great start in the fact that your living expenses will be highly subsidized by the other units should you choose to owner-occupy one.
Potentially, yes. But not likely.
Buying real estate is not a way to solve your current job problems. If you are unhappy with your job, my advice would be to find another one that you enjoy :)
Real estate investing is a great way to grow your wealth over a long period of time. Eventually, it will lead to you not having to work anymore! But, if that is your sole focus from house #1 you may be disappointed.
Thank you @Thomas Ross I completely forgot to mention that I do plan to occupy one of the units.
Thank you @Joel O'Leary ! Yes, I should think about that. I appreciate the advice and your perspective.
Expect to make around $200/door after all expenses including capex. Does an extra $600 (3 doors), $800 (4 doors) allow you to quit your day job?
@Olivia Drake You should spend some time to determine how much cash flow per month would be enough for you to leave your job. This would cover all your monthly expenses and bills, with additional margin for travel and doing the things you love. Once you have that number in mind, set it as a goal for how many cash flowing duplexes/triplexes/fourplexes you would need in order to reach that number and be financially independent. Best of luck!