Anyone on track to quit their 9to5 in < 5 yrs from rental income?

109 Replies

Originally posted by @Bill Brandt :

Took 4-5 year back in 2010. I Bought a rental and a new primary every year for 5 years. 9 rentals was way more than I needed. Picked up a few more including an eventual retirement property place then just switched to paying them off. 

This was pretty much guidance free. Before webinars and forums. Now some people buy 10 their first year or have a goal of 100’s. It was just a path to freedom for me. I MIGHT be 10% happier with twice as much money but with less than 15 properties I might only hear from my PM once every few months. I might have 1 vacancy every year or two and rarely work 2 hours a month. Heck, I probably put 10x that in to BP. Where’s my check?  :-)

That is wonderful Bill!

My wife and I closed on 7/1/21 on our first rental property; duplex in Wilkes-Barre PA. We are looking to buy our next property in a few months to attempt doing a BRRRR project. My wife wants to become a fulltime mom in Fall of 2022. In 5 years I want to he able to be financially free, however I will keep working as an engineer to build extra money for our business. Once I get $10K per month in cash flow I will become a fulltime real estate investor.

I like to aim big and ask how can I achieve it. I think we all are able to achieve our goals with the right team and motivation. Good luck to everyone out there shooting for this same goal!!

Walked away from my 9to5 on 11/20/20. Acquired 14 units in Milwaukee since 2019, and have cash flow around $4k - $5k a month. Not a king's ransom, but it was enough to cover the income I was bringing into my household. My fiance owns her business (hair stylist) so she is holding it down until I am able to scale the real estate business and cover the remaining household expenses. I believe I will reach my $10k a month mark by the end of 2022. I hope by that time I will be able to start investing out of state. I look forward to engaging with anyone if they have any questions or would like to connect. I am definitely looking to partner with other investors to grow their business and cash flow. 

Beleza

Charles Anthony 

I was able to buy my freedom this year, took me 5 years and was able to do it by buying small multifamily in Phoenix. Once you have your freedom you have a different mindset, that is just my opinion though. 

Originally posted by @Joe S.:
Originally posted by @Nathan G.:
Exactly. I originally thought $10,000 would be enough (and it would) but I got there much faster than expected and decided to set my goals bigger. My current goal is $300,000 annually. I would live off $100,000 and give the rest to charity.

 I can give you the name of our church. :-)

Already got one, plus a pregnancy resource center, orphans, food pantry, and more. The poor you will always have with you.

I’m 90 days in and have closed my first vacation rental, 2 flips, and a 3200 sq. ft. duplex on an acre of land with a 3500 sq. ft. shop that has an office and half bath. The duplex also included a commercial lot adjacent to a convenience store. I have a vision and a plan but I was never 100% sure it was feasible to obtain in the timeline I have envisioned.

After reading these replies it’s nice to know I’m on track. I tend to agree that though I seek the income/cash flow to be FI it is merely for the cushion. The chance that the “what-if” factor becomes a dreaded reality. I enjoy investing and I enjoy my W2. As long as my satisfaction tank remains near the full line I’ll continue to do both.

Happy investing everyone!

@Cruz Gartner

Great thread. I’m also on the FI in 5 years or less pack. Also with a goal of $10k per mo of pure cash flow. After one year I am up to $2.5k per month on average.

I’ve thought it would be great to have a group of people who have the same goal of FI in 5 years to support each other. BP and FI forums and FB groups are great for general things and posting questions but I’ve been wanting more like minded people to connect with. Even thought of it being a future book and/or podcast focusing on people who are trying to as well as those who have already achieved FI in 5 years or less and earning $10k per month or more of income.

Hello @Cruz Gartner , @Gabriela Laguna Leon , @Justin Gottuso etc!
I'm trying to hop onto the FI(re?) truck.  I've saved up lots of capital and I am looking at properties and markets, cashflow vs. appreciation and all the like, and feeling quite overwhelmed. For the next year it is challenging for me to take on anything that requires a ton of time (grad school + 9-5) so it's mostly about making moves that improve my ability to qualify for loans, or my equity.  I am considering purchasing a soon to be cashflowing turnkey in Detroit and doing a cash out refi once it has stabilized, but I'm feeling quite overwhelmed.
Any wisdom?

That is great progress within 2 years!  It took me roughly 3 years from starting in real estate investing to quitting my job.  I am now a full time real estate investor and loving it!!

@Cruz Gartner

Yes from real estate investing

From this thread there were about 5 people I noticed who said they were either working on it or had already accomplished that goal. Many more are out there I’m sure.

@Isabelle Chapman

If it's your third priority behind work and school, don't worry about how much time you're investing into real estate (I.e guilt trip of ‘ugh I'm not devoting enough time to this I need to do more!). Rather, focus on the next task to be done. If it's a big one like gathering all your financial docs for a loan, don't think you'll get it done in one weekend- it might take two months! Be patient and persistent and don't beat yourself up. Celebrate all the little wins along the way. Connect with others who are interested in REI as well as REI mentors with experience.

We have hit the mark in 4 years acquiring 58 units with 8 units currently under contract which will put us at 66 units. The goal is 100 units total in the next 2 years. We are FI but continue to work our W2 jobs.

Originally posted by @Justin Gottuso :

@Isabelle Chapman

If it's your third priority behind work and school, don't worry about how much time you're investing into real estate (I.e guilt trip of ‘ugh I'm not devoting enough time to this I need to do more!). Rather, focus on the next task to be done. If it's a big one like gathering all your financial docs for a loan, don't think you'll get it done in one weekend- it might take two months! Be patient and persistent and don't beat yourself up. Celebrate all the little wins along the way. Connect with others who are interested in REI as well as REI mentors with experience.

Thanks Justin! I guess I worry about staying in a state of analysis paralysis! Buying a first property is challenging because after listening to a year's worth of podcasts, I feel the pressure of choosing the right property and right strategy!  Thanks for your encouraging words though! Great perspective!

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