Plan to passive income +$3,500 a month.

[Michael-Martin Moreno]

Hello, 

I am in the process of purchasing my first home. I live in the Phx area, (City of Maricopa). After I close I am looking at purchasing my next investment to start this process of passive income. Im looking for some guidance or a mentor that has done this that could help me layout a game plan on next steps. 

My goal is to get to $3,500 a month in passive income. That is my freedom number. Of course, I would like to see this number grow to well beyond 5k, 10k+ a month. 

I've read a lot of prior post on here from what others are doing and their goals. However,  Im looking for someone that is actively doing this in this market we're in. I have even considered buying rentals in the Carolinas.

I listen to a ton of audible books on this subject matter and open to any and all feedback or recommendations.

[Scott E.]

Your goal is $3,500 per month in passive income. That's $42,000 per year.

At an 8% cash-on-cash return, which is about average for our market, that means you will need to have about $525,000 at work to achieve your "passive income" goal.

Value add deals will increase your cash-on-cash return tremendously. But they are VERY hard to come by in this competitive market, and if you do find one you will need to pay cash, close quick, offer over asking price, and waive your inspection period

The Phoenix market is challenging right now. My investments in Phoenix take appreciation into consideration much more than ever before (in fact just a few years ago, I was doing deals with no thought of appreciation as I would "force" appreciate with my improvements)

All that being said, if you are looking to connect with somebody local let me know. It'll be a long road to reach your goal but I'm willing to help. Shoot me a message.