Need $2500 Residual Income to quit

3 Replies

Hi,

How quickly do you think this can happen? I am looking to buy a mutli family this year and rent out units while living in one . I want to add more from there.

Experts, how quickly did you reach this goal?

You need to determine how much you will want to cash flow by door. What type of markets will you invest in. A class your investment is safer, your cashflow is lower, and your entry price is more. C class you cashflow more, don't appreciate, and have more turnover/upkeep. House hacking is a great idea. That alone will cut out alot of expense for you. If you can cashflow 200 a door you would need 12.5 doors. So is that 4 multi family units? or 13 SFR? You need to decide how you will find properties, will you self manage them, and will you do your own work? I have similar goals.

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Originally posted by @Ryan D.:

You need to determine how much you will want to cash flow by door. What type of markets will you invest in. A class your investment is safer, your cashflow is lower, and your entry price is more. C class you cashflow more, don't appreciate, and have more turnover/upkeep. House hacking is a great idea. That alone will cut out alot of expense for you. If you can cashflow 200 a door you would need 12.5 doors. So is that 4 multi family units? or 13 SFR? You need to decide how you will find properties, will you self manage them, and will you do your own work? I have similar goals.

I would self manage them....and would mostly hire a lot of help as I am not very handy. Im not completely sure how I will find them. Need to find an agent, and have been attending REIA meetings.