Basics from BP Book on Rental Property Investing
Surely someone knowledgeable in these forums must be familiar with the BP Book on Rental Property Investing?
I became obsessed with this book and am beginning my journey into RE investing. And still trying to understand the wealth generating possibilities. I’m still not sure how I am on a path to greatness with a single rental property that earned $200 a month, but I have faith.
So I am trying to understand the wealth generating paths available.
On p54 of the book, Brandon presents the 7-yr model. It is based on the premise of making your first property purchase a 4-plex for $100k, buying at a discount at $80k. My first plan actually is to look for a 2-plex or 4-plex, maybe house hack for a while.
But my question is this. Where the hell is he buying a 4-PLEX for $100k? And at a $20k discount?
Even for low income areas, this seems like a total fantasy. And the model doesn’t work without this!
So let's say hypothetically I buy a SFH for $100k, 30k down, with one income stream of $300/mo.
With an income of $3600/yr, it would take me 8.3 years to save up another 30k for another down payment. That’s not going to cut it.
So follow up question, I’m just trying to understand examples of growth model possibilities as a beginner getting started.
Thank you for any help!