Cash Flow and Financial Freedom
Hi BP community, I'm seeking everyone's advice. My goal is to generate $6,000 a month in cash flow in 10 years so I could have the option of quitting my job if I wanted to. I'm hoping to purchase my first rental property this year, I have enough for a down payment on a 2 flat (FHA loan) plus a couple thousand for reserves, I plan to house hack.
I have a W2 job, making 50-60k a year. I'm am able to save 1,000 a month. I do not have any loans nor debt, my car is paid off. I am currently renting, I do not own a home and I live in the Chicagoland area. My goal is to generate 6k within 10 years with the LEAST amount of properties! Do you guys think this is doable given that I would need to put down 20% on these rental properties?
Any suggestions? How would you guys go about it? Or would you recommend single family homes because the down payment may be less than a multifamily?
Thanks for taking the time to help me out everyone!