Newbie here, just was wondering if you have any advice or tips to *Quickly* get to 10k a month in passive income with real estate. Using loans of course. (i know this has been asked before, i just like to hear new ideas!) thanks for the help! i would love to hear your strategies!
i just realized i forgot to put a question mark in the title, Sorry for the mistake!
@Antwain Nance Easiest way: Give me $10M and I promise to pay you back 10K / month.
Less easy way: Aggressively save, conservatively invest consistently into a max. of 1-2 strategies. As long as you are diligently doing this and not over-engineering the problem, you will make 10K / month within 5-10 years.
Win the lotto. Instant.
Otherwise what @Omar Khan said
Complete your profile with a nice pic, then buy The Whitehouse. They are discussing that behind door #2.
Since we have all the information we need regarding your current savings, income, RE experience and which strategies interest you, you may as well go with the White House....
I clicked on this thinking there would be some interesting dialog about which methods (or combinations of methods) people think are the best way to grow your income via real estate, but alas, all snark.
I've been tearing through the podcast archives recently and there are a ton of options that could get you there depending on how you define quick. I would suggest listening to these and figure out what strategy (or strategies) resonates with you. Lots of examples of people making even more money than this in 5 years or less (which is quick IMO)
Certain strategies might work for me that won't work for you but here's one that I like. Purchase two properties per year where you can cash flow and do a little rehab to increase your value. In 5 years you'll have 10 properties and at that point you start selling two properties per year and using the 1031 exchange while you continue purchasing two properties per year. This will increase your cash flow and at some point in this process you'll reach the $10k mark.
Save as much as you can while still enjoying life, and invest everything you save. Only reason you should save money is so you can invest it, if you really want to be financially free.
My plan is to start with a duplex, then hopefully keep trying to double each year. Hopefully add in some 4 plexes. I want 5k cash flow within 5 years, and 10k in 10. Of course more and sooner is always better.