How do I buy 10 rental properties in 1 year?
Member since 2023 · 63 posts · 43 votes
How do I buy 10 rental properties in 1 year?
Most Popular Reply
Realtor · Hanover Twp, PA · Member since 2018 · 3k+ posts · 3k+ votes
1y@Joseph Fenner, where did you get these goals? They don't seem realistic on their face and here are a few thoughts as to why.
1. You don't mention the market, but even in a good cash-flowing market $500/unit not not easy to find especially when fully leveraged at today's rates and also trying to borrow down payments. It's hard to find ANY cash-flow doing that.
2. It sounds like you believe that you can borrow, buy, and make money. If it was that easy everyone would be wealthy. It takes more effort than that to find, make, and execute on good deals.
3. You seem to believe cash and financing are your limiting factors and if you were only going to buy 1 property that might be the focus, but to buy many deals you need processes in place to find opportunities. You need the ability to do something with those opportunities doing rehab work and you need to be able to execute with professional quality property management.
4. If you have the skills and get the experience, you can get the funding. Lending to a novice who wants to borrow 100% of the equity of a rent ready property is riskier than lending to someone experienced who wants to buy, rehab, rent, & refinance a severely distressed property even though in the later case you would be initially lending MORE than the value of the property, but knowing the ARV will well exceed the loan in the end when executed well.
5. I would throw away the goals and start by assessing YOURSELF and determine what skills and effort you will bring to real estate investing and THEN decide on an investment strategy that suits you. After that then and only then make some goals based upon that because then you will have goals that make sense in light of what you are actually able and willing to do.
94 Replies
- 1yDave MeyerPro MemberHead of Real Estate Investing at BiggerPockets · Seattle, WA · Member since 2015 · 224 posts · 826 votes
My recommendation is to seriously recalibrate your expectations. Looking to buy 10 rental units in one year when you have $50k saved is going to be a big challenge. It's possibly, but it will require taking on more risk that most people would be comfortable with.
Real estate is best approached slowly. As someone else said, buy one and see how it goes. No problems with thinking big -- but thinking big and fast when you don't have experience is risky, and will reduce your likelihood of long-term success.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes1y
Quote from @Kevin Sobilo:
Quote from @Bob S.:
Quote from @Joseph Fenner:
Not all at once, over the spam of 5 years. $50K will not work for 167 properties I would need $5,010,000 to do that. My goal is to make 1M a year and 1M / 12 months = $83,333/month / by $500/month cash flow = 166.6 rounded up to 167. 167 Properties generating $500/month = $83,500/month. * 12 months = $1,002,000/year.Quote from @Bob S.:
Quote from @Joseph Fenner:
My goal is to acquire 167 rental properties in 5 years generating $500/month on average.
Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines.
My question is how do I get the money for 10 down payments? I’ll have enough capital to cover 2 down payments 1: first property Under 5% because I’m house hacking. 2: And 20% for the remaining 8 properties. Let’s assume 40K down payment * 8 properties = $320,000. Is it smart to finance the down payment on top of the property? How do I get the financing? Is there another way I could accomplish this?
So you want to have 167 rentals(WTH did you get that number from ? ) with 50k NOT happening ,,,,,, HMM this reads like a FB post
Good luck
Where is the admin? Let's get rid of this post, THIS IS NOT FB ,
Thank you
Mr/Ms Admin,
Bob needs help deleting his reply. Apparently he is only used to using facebook. Older people like this often need a little extra help with technology. So, let's not put him down simply for asking for help here.I'm not asking for help to remove my post; THIS post needs to be removed. It's ridiculous, 1 mill a year167 props, with 50k in saving and credit of 8k, come on , I am saying this post reads like a FB post,
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes1y
Quote from @Dave Meyer:
My recommendation is to seriously recalibrate your expectations. Looking to buy 10 rental units in one year when you have $50k saved is going to be a big challenge. It's possibly, but it will require taking on more risk that most people would be comfortable with.
Real estate is best approached slowly. As someone else said, buy one and see how it goes. No problems with thinking big -- but thinking big and fast when you don't have experience is risky, and will reduce your likelihood of long-term success
- Realtor · Hanover Twp, PA · Member since 2018 · 3k+ posts · 3k+ votes1y
Quote from @Bob S.:
Quote from @Kevin Sobilo:
Quote from @Bob S.:
Quote from @Joseph Fenner:
Not all at once, over the spam of 5 years. $50K will not work for 167 properties I would need $5,010,000 to do that. My goal is to make 1M a year and 1M / 12 months = $83,333/month / by $500/month cash flow = 166.6 rounded up to 167. 167 Properties generating $500/month = $83,500/month. * 12 months = $1,002,000/year.Quote from @Bob S.:
Quote from @Joseph Fenner:
My goal is to acquire 167 rental properties in 5 years generating $500/month on average.
Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines.
My question is how do I get the money for 10 down payments? I’ll have enough capital to cover 2 down payments 1: first property Under 5% because I’m house hacking. 2: And 20% for the remaining 8 properties. Let’s assume 40K down payment * 8 properties = $320,000. Is it smart to finance the down payment on top of the property? How do I get the financing? Is there another way I could accomplish this?
So you want to have 167 rentals(WTH did you get that number from ? ) with 50k NOT happening ,,,,,, HMM this reads like a FB post
Good luck
Where is the admin? Let's get rid of this post, THIS IS NOT FB ,
Thank you
Mr/Ms Admin,
Bob needs help deleting his reply. Apparently he is only used to using facebook. Older people like this often need a little extra help with technology. So, let's not put him down simply for asking for help here.I'm not asking for help to remove my post; THIS post needs to be removed. It's ridiculous, 1 mill a year167 props, with 50k in saving and credit of 8k, come on , I am saying this post reads like a FB post,
Mr/Ms Admin,
Bob may be suffering from dementia or some other kind of medical issue. He fails to recognize sarcasm that would be obvious even to a child.
Please try to get him some help if you can.
Thank you.
- Rental Property Investor · Port Washington, NY · Member since 2022 · 27 posts · 36 votes1y
@Dan Thomas The reality is that many of your points do happen when you start investing. I know from experience that contractors disappear, tenants stop paying rent (good luck if you're in a blue state..sold everything in NY for this reason), interest rates go up as we've witnessed over the last couple of years, anomalies happen (Covid literally effed a lot of us investors).Not to be discouraging, but i've been through all of these and if you can get through it, great. You're right- you definitely have to buckle up because it's not an easy road.
- 1yJoe S.Pro MemberInvestor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
Quote from @Joseph Fenner:
My goal is to acquire 167 rental properties in 5 years generating $500/month on average.
Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines.
My question is how do I get the money for 10 down payments? I’ll have enough capital to cover 2 down payments 1: first property Under 5% because I’m house hacking. 2: And 20% for the remaining 8 properties. Let’s assume 40K down payment * 8 properties = $320,000. Is it smart to finance the down payment on top of the property? How do I get the financing? Is there another way I could accomplish this?
When you come into thy kingdom remember me. 😁
For any reader that does not understand the above phrase. It is another way of simply saying when you make it big remember me. :-)
- Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes1y
Quote from @Joseph Fenner:
When I was in HS a new English teacher came and was there for 1 month and quit, during the time he had us read Rich dad poor dad, and ever since that I become hyper fixated like a spark went off, It’s all I think about, I believe anything is possible. Also I don’t have a choice it’s real estate or nothing, financial freedom is getting achieved no matter what, I’m living the lifestyle I want and I need to retire my mom she’s 52 years old and has $2K in her retirement account. Someone has to do it and I’m the only one that is strong enough to go to war with the challenges and get it done. I’m not gonna suck I will be the best because effort beats talent, anything is possible and I will achieve my goals. I don’t have a lot of time I’m about to be 21 I need to be a millionaire by the age of 25. Real estate is very interesting to me it’s like putting together a puzzle in my brain and it’s fun. Real estate is the only option I have. I will be the greatest and nothing will stop me because I am unstoppable. I need to be the first millionaire in my family I promised it to myself, my mom is relying on me and the people that doubted me are watching me. I need to win at the highest level. I’m tired of being poor I can’t live like this for the rest of my life working a 9-5, 2 week vacation a year, horrible pay, all for 60 years of your life. That’s a waste and that is not normal This is prison and I can’t wait for the day I retire my mom it’s gonna feel amazing. She’s gonna have the best retirement and I’m gonna be living the life of my dreams. Young!Quote from @James Hamling:
Serious question @Joseph Fenner, I am curious the catalyst where you came up with this whole idea of things.
Was there some book you read, some class or YT info you drew upon? Where did this notion come from of going from 0 too 167 properties in 5yrs????
So here is something I wonder if you ever considered in this venture; what if you really suck at it? Serious. How many people set out that they want to be, say, a Dentist only to find they really hate it. And in the path of things, they switch, to say being a Pediatrist.
I am seriously curious what posses one to think there gonna set out to be HUGE, vs setting out to start, try it on, feel things out, focus on the 1 and see where things go from there?
There is 3 primary components, ingredients, required to achieve such elevation of self in financial success your speaking of.
(A) A burning desire stronger, more forceful than the many challenges, hurdles and struggles one will face.
(B) Methodical, strategic, intelligent forethought of actions. To want something "so much" sounds great in movies but in real life it does nothing alone, it's fuel without a motor. This trait is the motor, the engine on HOW that 'fuel" is converted to forward motion. The better the planner the better the progress, the more efficient the journey.
(C) Capacity and ready willingness to SUFFER and sacrifice. Very few even grasp what this means, it means to HURT, to exist in a state of PAIN, to choose to live in pain in so many ways, so many aspect, because one is choosing to SUFFER on so many aspects of life, to afford the total dedication and allocation of EVERYTHING to that ONE-THING that truly and most importantly matters at this stage in the plan. It means to deny self. It means to watch others having there good times going out while instead choosing to work a 3rd job that pays almost nothing but the experience is what is needed and "worth it".
If you do not embody all 3, your words here are meaningless.
If you are not dedicated to the pilgrimage to journey in achieving each necessary stage, your words here are meaningless.
To be honest, at 20 turning 21, my best advice on how to best do this is to join the Marine Corp.. It is the #1 best mental toughness training program in the world. And if you don't have the fortitude to do that, then your words are meaningless rants of wants and never do.....
There is also a long list of additional resources, abilities, networking, training, person shaping it unlocks that I personally believe is unmatched anywhere.
- Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes1y
Starting out with a house hack/ BRRRR combo (value-add house hack basically) is a great idea. Start there and see how it goes. Don't get ahead of yourself or buy a 2nd property or take on too much debt until you have a better idea of how to operate a rental property and how much it costs, or if being a REI is even for you.
I'd start building a good relationship with a local lender and a local agent who can answer your questions on what is possible for you specifically.
Most seasoned investors agree that financing down payments or rehab costs is too risky, especially without any experience.
In the current market environment, it will be very difficult to have any positive cash flow or complete a successful BRRRR even with conservative debt levels, and pretty much impossible if financing down payments/ any zero down strategy unless you have a partner willing to put up all the cash.
My advice is focus on getting your first property: buy the worst house on the best block you can afford and fix it up to the quality of the surrounding houses to force appreciation and build equity quickly while your housemates pay most of your mortgage. That will set you up for a good start. Good luck!
- Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes1y
Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes1y
Quote from @Mark Cruse:
Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess.
This has nothing to do with (your points are valid) finding deals, that's the easy part. This post is NOT reality. NOBODY is buying 167 doors with 50k. Nothing about this post is real. So, if you have 100k you can get to 2 MILL INCOME, NOT happening. Yes, a lot are responding to this in depth, not sure why as its not reality.
"
Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines.10 props with 50k, AGAIN not reality,
- Member since 2020 · 351 posts · 329 votes1yI agree that he isn't going to hit 167 in 5 years, but 10 is probably within reach (one house hack a year + 1 brrr a year). Which will get him a lot closer to his actual goals--not having a 9-5 and helping his mom retire. It's an audacious goal, but if it leads to getting the first deal done, then I will try to encourage.
Quote from @Mark Cruse:
Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes1y
Quote from @Peter W.:
I agree that he isn't going to hit 167 in 5 years, but 10 is probably within reach (one house hack a year + 1 brrr a year). Which will get him a lot closer to his actual goals--not having a 9-5 and helping his mom retire. It's an audacious goal, but if it leads to getting the first deal done, then I will try to encourage.Quote from @Mark Cruse:
Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess.
HE HAS 50K!!! NO, its not happening, this is a FB conversation, NOT worthy of BP. Next, we will start seeing SkipTRACING posts, GOD FORBID LOL
- 1yRemington LymanBusiness MemberReal Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
Quote from @Joseph Fenner:
My goal is to acquire 167 rental properties in 5 years generating $500/month on average.
Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines.
My question is how do I get the money for 10 down payments? I’ll have enough capital to cover 2 down payments 1: first property Under 5% because I’m house hacking. 2: And 20% for the remaining 8 properties. Let’s assume 40K down payment * 8 properties = $320,000. Is it smart to finance the down payment on top of the property? How do I get the financing? Is there another way I could accomplish this?
You should aim to complete two house hacks in one year. Beyond that, you will likely need to find ways to generate additional income for down payments. I achieved this by obtaining my license, which allowed me to broker deals until I saved enough money to purchase another property.
Furthermore, you may want to partner with others. You will need to find attractive deals to offer your partners. The deals must be appealing enough for them to join the loan and provide the down payment.
- Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes1y
I believe you will accomplish your dreams. But you are just spewing random goals you made up in the shower. First read The Millionaire Real Estate Investor by Gary Keller. Then follow the steps in the book. By the end of the book readers will be able to:
Think a Million: Develop the financial literacy and mindset of a millionaire investor
Buy a Million: Amass a real estate portfolio with a market value of a million dollars or more
Own a Million: Turn investments into an asset-based business with ever-increasing net worth
Receive a Million: Build an investment empire that provides a million dollars a year in passive income - 1yJoe S.Pro MemberInvestor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
Quote from @Account Closed:
I believe you will accomplish your dreams. But you are just spewing random goals you made up in the shower. First read The Millionaire Real Estate Investor by Gary Keller. Then follow the steps in the book. By the end of the book readers will be able to:
Think a Million: Develop the financial literacy and mindset of a millionaire investor
Buy a Million: Amass a real estate portfolio with a market value of a million dollars or more
Own a Million: Turn investments into an asset-based business with ever-increasing net worth
Receive a Million: Build an investment empire that provides a million dollars a year in passive incomeI haven’t read the book you mentioned. I did write it down and plan on ordering it.👍🏻
When you say $1 million a year in passive income, are you talking about appreciation or cash flow? - Member since 2019 · 223 posts · 261 votes1y
This is a pretty outlandish goal but if you want to achieve anything close to this you will first need a good paying day job. Save every penny you make, live with room mates, drive a beat up truck, house hack distressed properties and spend all of your spare time DIY rehabbing them. After you get a few properties cash flowing the money will start to snowball. In ten years you may make enough to survive and quit your day job but it will not be anywhere near 1 million per year.
Good Luck!
- Member since 2019 · 60 posts · 31 votes1y
@Dan Thomas good points, all of these have happened to me.
- Real Estate Broker · Los Angeles, CA · Member since 2018 · 192 posts · 346 votes1y
I got to 10 units in the first 10 months (not 10 properties though, some were duplexes) with a mix of 1. traditional financing, 2. JV partnerships, 3. hard money lending, 4. private lending. Quitting my W-2 job after the first purchase forced me to be creative too!
Unfortunately 10 units proved to be too much for my property manager at the time to handle, (a mix of them being bad at their job and also that they were just shady) which slowed me down and I had to do some damage control before buying more.
But the mix of different strategies and partnerships for financing taught me a ton and helped me learn firsthand how they work, so I don't regret a thing! (except not firing the PM sooner, oh well..)
I also was thinking like you originally, that I would just keep putting 20% down on each, but each purchase taught me a new thing, and each opportunity presented itself at the time and I had to be open to creative ways to purchase, since not every property will be a perfect fit for traditional financing.
If I have one piece of advice it's to do 1 at a time and make sure that on each purchase you are learning at least 1 new skill you didn't know before.
- 1yJordan RayBusiness MemberReal Estate Agent · Memphis, TN · Member since 2023 · 623 posts · 322 votes
Quote from @Joseph Fenner:
My goal is to acquire 167 rental properties in 5 years generating $500/month on average.
Im starting my first year and am planning to buy 10 properties in 1 year. I’ll have $50K saved and $8,000 in credit lines.
My question is how do I get the money for 10 down payments? I’ll have enough capital to cover 2 down payments 1: first property Under 5% because I’m house hacking. 2: And 20% for the remaining 8 properties. Let’s assume 40K down payment * 8 properties = $320,000. Is it smart to finance the down payment on top of the property? How do I get the financing? Is there another way I could accomplish this?
Joseph! I love the ambition dude! I totally get wanting to scale fast and understand the excitement, but take it easy a bit dude and do what you can and give yourself some opportunity to learn before you lose everything you got!
Jordan Ray - eXp Realty5111 Reviews - Realtor · Hanover Twp, PA · Member since 2018 · 3k+ posts · 3k+ votes1y
Quote from @Bob S.:
Quote from @Peter W.:
I agree that he isn't going to hit 167 in 5 years, but 10 is probably within reach (one house hack a year + 1 brrr a year). Which will get him a lot closer to his actual goals--not having a 9-5 and helping his mom retire. It's an audacious goal, but if it leads to getting the first deal done, then I will try to encourage.Quote from @Mark Cruse:
Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess.
HE HAS 50K!!! NO, its not happening, this is a FB conversation, NOT worthy of BP. Next, we will start seeing SkipTRACING posts, GOD FORBID LOL
You are upset because this poster is FAR ahead of YOU!!!
EVERYONE is ignorant and has things to learn and room to grow.
This is a very young person who understands they don't have all the answers and is asking questions.
You on the other hand shout your ignorance to everyone and are completely oblivious to it. So, any sane person can plainly see that this poster is the one who is ahead of YOU!
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes1y
Quote from @Kevin Sobilo:
Quote from @Bob S.:
Quote from @Peter W.:
I agree that he isn't going to hit 167 in 5 years, but 10 is probably within reach (one house hack a year + 1 brrr a year). Which will get him a lot closer to his actual goals--not having a 9-5 and helping his mom retire. It's an audacious goal, but if it leads to getting the first deal done, then I will try to encourage.Quote from @Mark Cruse:
Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess.
HE HAS 50K!!! NO, its not happening, this is a FB conversation, NOT worthy of BP. Next, we will start seeing SkipTRACING posts, GOD FORBID LOL
You are upset because this poster is FAR ahead of YOU!!!
EVERYONE is ignorant and has things to learn and room to grow.
This is a very young person who understands they don't have all the answers and is asking questions.
You on the other hand shout your ignorance to everyone and are completely oblivious to it. So, any sane person can plainly see that this poster is the one who is ahead of YOU!
No sure what your issue is? This poster makes zero sense. You are NOT getting to 1 mill income with 50k, and 8k in credit lines, far ahead of me too funny,
- Realtor · Hanover Twp, PA · Member since 2018 · 3k+ posts · 3k+ votes1y
Quote from @Bob S.:
Quote from @Kevin Sobilo:
Quote from @Bob S.:
Quote from @Peter W.:
I agree that he isn't going to hit 167 in 5 years, but 10 is probably within reach (one house hack a year + 1 brrr a year). Which will get him a lot closer to his actual goals--not having a 9-5 and helping his mom retire. It's an audacious goal, but if it leads to getting the first deal done, then I will try to encourage.Quote from @Mark Cruse:
Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess.
HE HAS 50K!!! NO, its not happening, this is a FB conversation, NOT worthy of BP. Next, we will start seeing SkipTRACING posts, GOD FORBID LOL
You are upset because this poster is FAR ahead of YOU!!!
EVERYONE is ignorant and has things to learn and room to grow.
This is a very young person who understands they don't have all the answers and is asking questions.
You on the other hand shout your ignorance to everyone and are completely oblivious to it. So, any sane person can plainly see that this poster is the one who is ahead of YOU!
No sure what your issue is? This poster makes zero sense. You are NOT getting to 1 mill income with 50k, and 8k in credit lines, far ahead of me too funny,
Yes! He is FAR FAR ahead of you! The fact that you don't see that is partially why he is far ahead of YOU.
Who said the goal was reasonable at all??? This is a VERY young person who does not understand what is reasonable when asking this question. Everyone starts off somewhere, this person has enthusiasm and an open mind. Nothing to be shaming anyone about.
They are open to hearing feedback and trying to learn from that feedback which is EXACTLY why they are WAY ahead of YOU!!! At this point the poster has great potential to move in a positive direction based on feedback while you have shown virtually no potential here. Again, this is why they are ahead of you.
- Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes1y
Quote from @Kevin Sobilo:
Quote from @Bob S.:
Quote from @Kevin Sobilo:
Quote from @Bob S.:
Quote from @Peter W.:
I agree that he isn't going to hit 167 in 5 years, but 10 is probably within reach (one house hack a year + 1 brrr a year). Which will get him a lot closer to his actual goals--not having a 9-5 and helping his mom retire. It's an audacious goal, but if it leads to getting the first deal done, then I will try to encourage.Quote from @Mark Cruse:
Sounds like you are feeding into pipe dreams. Anything can sound real nice on paper but reality is profound. I have no idea why in good conscience some of these experienced investors are pushing you to go for it. This is a very difficult business with dozens of moving parts that need to be managed and mitigated through expertise and ability. You have to find deals were you can get this cash flow. You have to know how to manage that property effectively to make it work. You have understand each community, culture, environment and how to screen for the right tenant. You have to have the right financing set up. You have understand appreciation and leveraging. Its very rare high end experienced investors can pull this off. I have never seen a newbie even come close. Maybe with a 10 unit multi but still, very heavy lift. If it were that easy and feasible wouldnt everyone just map out a plan like that and do it? I applaud you for coming here and at least asking but as a senior investor who wants you to win, this aint it. Start off small and learn from there. Real estate is building wealth via the long game. Its not Bitcoin of Forex. Maybe put up a post, asking everyone here who has achieved the same with the same resources you possess.
HE HAS 50K!!! NO, its not happening, this is a FB conversation, NOT worthy of BP. Next, we will start seeing SkipTRACING posts, GOD FORBID LOL
You are upset because this poster is FAR ahead of YOU!!!
EVERYONE is ignorant and has things to learn and room to grow.
This is a very young person who understands they don't have all the answers and is asking questions.
You on the other hand shout your ignorance to everyone and are completely oblivious to it. So, any sane person can plainly see that this poster is the one who is ahead of YOU!
No sure what your issue is? This poster makes zero sense. You are NOT getting to 1 mill income with 50k, and 8k in credit lines, far ahead of me too funny,
Yes! He is FAR FAR ahead of you! The fact that you don't see that is partially why he is far ahead of YOU.
Who said the goal was reasonable at all??? This is a VERY young person who does not understand what is reasonable when asking this question. Everyone starts off somewhere, this person has enthusiasm and an open mind. Nothing to be shaming anyone about.
They are open to hearing feedback and trying to learn from that feedback which is EXACTLY why they are WAY ahead of YOU!!! At this point the poster has great potential to move in a positive direction based on feedback while you have shown virtually no potential here. Again, this is why they are ahead of you.
We are all here to support and encourage 100%. However, when such an unrealistic ( NOT happening) question pops up, we should not blow sunshine. 167 props with 1 mill a year in income with 50k is not remotely possible in any world. People should hear the truth, (tough love) not have sunshine blown up their butt. Encourage realistic expectations. Hey, I wrote the book on shooting for the stars, you may only hit the moon.
Turn it down a notch
All the best
- Member since 2023 · 16 posts · 11 votes1y
With the little amount of funding you have, only way I could see this happening is if you join a syndication that already has the opportunities and steps down.
You will not be able to BRRR your way through 167 properties, I doubt in 1 lifetime let alone 1 year. It sounds like you will only be doing the BRRR method for your primary. Don't forget, lenders require you to dwell in the property for 6 months-1 yr minimum. It won't be long until they catch on to your scheme (some lenders may even consider it fraud), so be careful you don't get ensnared in that.
As a beginner, you'll have less funding opportunities, use that time to learn your process (whatever it may be). Get a couple properties under your belt, make sure the cash flow is there. Down the line you can start looking at DSCR loans for your properties, or even I/O (interest only) DSCR loans, however you'll need to prove to lenders that you not only know what you are doing, but that your method is also profitable. You'll need to aim for 1.00 or higher ratio to make it work for lenders offering those programs.
I hate to say this because i am totally against it, but you can borrow from friends and business associates, try and find aomeone who can contribute not only funds, but also strategy (since you're new).
It's great to have lofty goals, just remember you need to find a way to pave the road to your end goals.
Your post reminds of nee investors who have just discovered options trading. Yes, you can become a millionaire fast, but you can also lose it all and the chance of losing it all is far greater than making millions (as a new investor).
Take it slow, create your path, see how it plays out with the first and then reassess.
- Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes1y
Moonshot for sure, but interesting question.
Conceptually, you need $5M or so in equity, otherwise you'll be overleveraged. You can buy 25% below market value, force appreciation (BRRRR) or wait for natural appreciation. Neither of them are easy (of course not!). The reality is messy and it's a muddled combination of all three.
I had the huge benefit to start in 2008, not sure if I could pull it off again in today's market. But frankly we have other opportunities to make money online in 2024 that did not exist back then. I would start an online business and feed the cash into real estate.
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