As a 23 year old who is 100% brand new to the REI game I find myself curious as to what the general consensus would be considering my current starter plan. As the subject of this post suggests, my goal is to be finacially stable using only the profit of my investment property or properties. So, for the most part im just looking to maximize on my cash flow in the MFH area. I think its important to note, however, that I'm currently working full time as an active duty Sailor with 3 years remaining on contract.
As of right now I about 250k set aside to be split up and used towards down payments, maintenance, utilities, vacancy, ect..
I planned on, at least, purchasing a 3-4 unit MFH utilizing a 20% downpayment and lenders loan to get used to the process of buying and renting as i have zero experience with either, not to mention any of the other factors that play into REI (my biggest financial burden so far in life has been an overly expensive cable/internet bill hahah).
Now, i suppose my very general question is... do you, BP community, feel that I (with the 250k set aside) have the potential to reach my goal by the end of my active duty contract. I am completely open to any suggestions or concerns from the plethora of experience here.
i realize that my post may be extremely vague so i apologize for my ignorance of needed information and will try to answer any questions you all may have to better instruct me with hints and tips. thank you.
Can you define "self sufficiency"? If you are talking about financial independence then I think that is unlikely with a multi.
Now if you plan on rolling over profits from one project to another and will be living off a portion of your profits then yes this is possible. A lot has to happen before you would be able to do this though as the learning curve is steep.
Good luck. Thanks for being a Sailor!
I recommend you get educated on a mulit-family (more than 5 units) value play. With the right team you can turn that 250k into 350-400k in two years and roll most of it into another property that may support you for life.
I'm in the exact same spot! My wife and I are both active duty with 3 years left going for exactly the same thing. That's awesome to hear, and we're looking to try and have ~$3-$5,000 montly cashflow in three years time. Looking forward to hearing your progress moving forward.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!