Plenty of good advice here. But, in your situation I would do one of two things. Either house hack my existing home in some way, or obtain a new home that allowed me to generate an income. A two,three, or four family home, or another property that allowed for one or more income streams.
Thanks @Bill O'Donnell
@Account Closed it's a book by Dennis Kimbro.
1) with radical intensity, find ways to increase income and decrease spending to build up funds to invest, including selling stuff you don’t need
2) prepare to house hack, best scenario is to buy and live in a 2-4 unit building
3) become an expert in a few neighborhoods close to home, research sales, monitor properties on the market, drive and walk the neighborhoods, network with owners, figure out who the active realtors are, know the financials
4) run financial scenarios of available properties in your area, determine your decision criteria and your business model (I.e. cash on cash return, positive cash flow per door, minimum return on flip, buy and hold, etc.), you can’t recognize a good deal until you’re an expert at evaluating a deal
5) talk to lenders and determine the type and amount of funding you can attain
6) search like crazy, have fun with it, be patient, only pull the trigger if the property meets your criteria, don’t massage the numbers too hard to make it work
Originally posted by @Jeff Adams:
It seems like this is an impossible task with both limited funds and time. I work full time and with a kid in day care, how do you have the time and money to buy, rehab, and rent a multi family building?
What’s the best way to become financially independent?
Nobody is financially independent.
@Jeff Adams another good read to change your mindset on time. My morning miracle
@Jeff Adams actually it’s THE morning miracle
Thanks @Adam Gaston
@Merritt S. I was being somewhat vague. I meant moreso not 100% relying on W2 income.
@Jeff Adams you can always start out slowly. Buy a property that you have analyzed will provide rental cash flow in the future that you can finance from a bank with an FHA or similar loan. Use it as a primary residence and fix it while your in it for the minimum allotted time. I have done this twice now with kids and a full time job. Do things on weekends, after the kids go to bed etc. Than move out and rent out. If there is equity, you can BRRRR it and do it again. If you currently own something you live in, does it make sense to move out into another property you buy and rent the current one out? You need to start somewhere. With your first rental you will learn so much about property management and how to move forward. I still have a full time job and am trying to balance the process but it is doable! Best of luck!