What's going on BP community!
Recently I decided to chase the idea that's lurking in my mind of investing in RE. My goal is to be financially independent when I'm 25.
My plan right now to reach that first goal is to flip, work PT or full time jobs, and continue to build up enough of a cash reserve to place a down payment on a few rentals. Then re-invest and scale up until I reach financial independence.
I'm a big believer in "fake it until you make it". Or emulating others who have attained your goals. For anyone who has reached financial independence in their 20's, "How'd you do it."
The more detail the better. I love hearing other REI success stories and am excited to hear about yours!
I know David Greene reached Financial Independence before he turned 30 - but he wasn't tracking it then so doesn't have an exact date/age.
Mr. Money Mustache retired at age 32.
I got there way past age 30, but also did not even consider the concept until 40. It took us about 3 years, but we were heavily invested in the stock market these last 5+ years when they've been on such a tear.
I can't quite say we have made it yet but our goal is to be financially independent in the next six months! My husband and I started investing in April 2015 by buying a SF home for 125k, living in and flipping it over the course of a year, we rented it for a year, then sold it for 188k in September of 2017. During that time we also bought a duplex in June of 2016. With the sale of our first property, we did a 1031 exchange to buy another duplex in October 2017 and had some cash left over. With that second duplex, we updated it, rented it out, then took out a HELOC which we are currently putting towards another rental set to close in the first week of April.
We also bought out own personal property in June of 2017 which we have updated and finished the basement on to add an additional bedroom, bathroom, and family room. Our goal from here is to fix up the newest property and then take out a commercial loan for an apartment building as our lender said we could use equity from our personal property and from the newest rental as a down payment on an apartment. And that should be enough properties to cover our income!
Of course, we aren't going to stop buying, but my husband plans to quit his day job within the next few months and I quit mine in February of 2017 when we had our daughter.
Anyway, I am rambling, but that is our story and our goals so far! We started investing at age 20 and 21 and went from both working full time to (if everything works out) only working for ourselves at ages 23 and 24.
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