The 'golden egg' question
Hi BP,
I have been investing for three years -- I have 11 doors across 7 properties in Atlanta, and the portfolio produces a good bit of cash after all expenses and debts are paid.
More exciting is that a few of the assets have appreciated significantly, and depending on which ones I sell/refinance, I could come up with anywhere from $250,000 - $400,000 in cash.
Assuming a 25% down payment (?), it seems like I could potentially be in the market for a commercial asset (probably small multifamily?) with a sales price of around $1M - $1.6M.
Here's my question:
I could quit my job and support my current budget (family of five with a modest, comfortable lifestyle) if I could make monthly cash flow (after all expenses / debt service) of $7,000.
-Is this remotely possible with an acquisition at my price point?
-If so, any ideas about an asset type and/or market that I should be exploring?
-If not, any thoughts about a realistic investment purchase price that would yield this sort of monthly cash?
Thank you for your insights!