Updated over 7 years ago on . Most recent reply
5k a month in 5 years , starting with nothing after college
I am a senior in college and want to retire within 5 years. What would be viable and possible plans to create 5k a month in passive income through rentals and apartment buildings living in Texas or Arizona within 5 years. I would like to get a grasp on what types of cashflow I could anticipate from 8 unit to 16 unit + apartment buildings. I need help coming up with how many buildings / properties I need to acquire to reach a 5k a month passive income goal. I understand this goal may be difficult, but I am asking for ways I could accomplish my goal.
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As you start to do some deals, things will get clearer. BUT you have to start to do deals. Stop worrying about what is better or faster or more efficient. Do something. As you do a 5 unit or 10 unit or a single family you will find things that you like or dont like or how you can do things better next time. People seem to NOT want to start until everything is figured out so that they do not make any mistakes. Wrong way to look at things. You will make mistakes, you will find better ways to do things. It is called self improvement. You should always be improving. But you do have to have a place to start so that you can improve on it.
It is easy to say I want $3mil per month income so I need 15,000 units. Easy to say it. Find the first single family property or first 10 unit. That is what you need to put your effort into. Find the deals!!!