Bigger Pockets Community,
I need your help. No, not money, but advice. I have a career that affords me a good income, however I know, like most of you, that I would like to retire soon or have the freedom and flexibility in my schedule without starving. So getting to my question. I see many of you are investing in SFH and MFH that you are renting out. I also see that some are flipping as well. Both of these are done with a fair amount of money, I know because I have just completed my first flip independent of anyone and made a significant investment, but my goal is to have an INCOME of no less than $6,000 a month and in the shortest amount of time. What does it realistically take to make this happen? As I strategize and plan, I feel that I should continue to complete a few flips in an effort to build my capital to purchase (or make down payments) on the SFH or MFH. Unless I am wrong, I feel with flips, I will not have the stability that I would with renting nor could I use those flips later to get loans for any new projects. Another perspective is to hold the revenue from the flips until I can use that as constant investment for further flips. But again, flips seem unsteady with inconsistent reliability in this market. Any suggestions are welcome, but please, if you only come from a negative perspective no response is appreciated just as much. Thanks!
@Christine P. , with flipping you buy yourself a job, with buy & hold you buy financial independence. If your goal is $6k/month, that's 40 units making $150/door/month. Very reasonable.
I suggest using the profits from your flips to fund buying B&H. Use your flipping skills to zero in on properties where you can add value and use the BRRRR method.
exactly... Dont think of it as either or. Flipping is a business that throws off cash in large chunks. If you dont need it to live on... Use that as downs/rehabs/ reserves to buy and hold. It will take you a lot longer at your 9-5 to save up 60k or whatever to down and rehab a rental... than it will to flip into 60k
Jaysen, thanks for the comment. I've just been trying to get some perspective and even began to wonder if my course of action was correct or was I just being unrealistic and unreasonable. You put it perfectly by stating, "you buy yourself a Job". This is the one thing that I don't want, at least not any more. I am also glad you used "reasonable". I was beginning to think that was unrealistic. I have one additional questions. Do you think I could reasonable achieve this over the next three years? Again, thanks for the post, sometimes just knowing you may be moving in the right direction (if you're hot or cold) helps. I'm new to this so hearing affirmation or even being steered in a better direction definitely helps.
Carson, thanks so much. Just saw your post! Again, I love the bigger pockets community. You guys come out in droves to help and assist us that are new to this. Just having others who can weigh in and provide clarity and perspective is a big help. Again, thanks Carson!!