Lakewood, CA · Member since 2017 · 15 posts · 3 votes
Hi BP!,
Im very excited to reach out for advise from the BP community! For the last year or so I've been working OT/side jobs and everything in between to build up $$$ to get in the REI game. I've submerged myself in BP threads, podcasts, and books to help determine a solid direction for myself. With all the different perspectives and success/failure stories, I find myself even more undecided on which way to go. Haha.
Any advise on direction would be greatly appreciated given my situation.
Goal: Financial freedom
My why: Spend more time with my wife and kids enjoying life without the burden of a 9-5
My location: Southern California
Age: 30
REI focus: Cash flow and as hands off as possible utilizing PM
Cash to work with: 50k. I do have 80k in equity in my home
Im very excited to reach out for advise from the BP community! For the last year or so I've been working OT/side jobs and everything in between to build up $$$ to get in the REI game. I've submerged myself in BP threads, podcasts, and books to help determine a solid direction for myself. With all the different perspectives and success/failure stories, I find myself even more undecided on which way to go. Haha.
Any advise on direction would be greatly appreciated given my situation.
Goal: Financial freedom
My why: Spend more time with my wife and kids enjoying life without the burden of a 9-5
My location: Southern California
Age: 30
REI focus: Cash flow and as hands off as possible utilizing PM
Cash to work with: 50k. I do have 80k in equity in my home
Freedom number: 7k/month
Thank you in advance!
Welcome to BP! 7K passive a month might take 35 doors or so at $200 flow each (financed) is one example. That might not be as passive as one might think unless one newer multi perhaps. Maybe a syndication would be passive or Reit compared to regular landlording rentals.
However since you live in a massive market ( 20 million) there would be many other business options available to make 7k a month that might be passive ish and could be done with just 50k alone.
If you are only considering REI, initially much research and time, travel etc is normally needed to make sure you are buying right beforehand and before any real passive income is realized. Check out the latest podcast 250 as Grant goes over what is required to make the right REI buys as far as good locations.