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Updated almost 12 years ago on . Most recent reply

User Stats

56
Posts
4
Votes
Larry Littrell
  • Residential Real Estate Broker
  • Monroe, WA
4
Votes |
56
Posts

Information overload!

Larry Littrell
  • Residential Real Estate Broker
  • Monroe, WA
Posted

I feel like I have ADD....I started looking into REI to flip houses for cash. Then I realized what I really want is passive income to eventually quit my day job.....but first I need cash to pay off my debt....oh, wait you can carry contracts on mobile homes and they are cheap to get into...or wholesaling.....I'm exhausted now I need to take a nap lol.
Seriously here are my goals:

My net worth is about -110k , yes that's a minus sign. I am underwater huge in my house as well as credit card debt. ( We have not used then in almost two years and are paying on them).

I want to pay off all my bad debt and get out of my house (want to downsize possibly owner occupy a multi-plex)

Establish about 7k in net profits per month.

Net worth of 2 million

Timelines:
Debt Paid---3 Years
Income of 7K----10 years
2 Million net worth----17 years

What do you think? Impossible?

The good news:
I have good steady income and excellent credit. I also have a small side income that I can use to start my business.

Any comments would be great!

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