I did what everyone seems to do. I read the books, got motivated, and learned it was time to learn. While I build the bankroll to get the investing started, I've decided to spend a year or two getting educated on the process. Enter BP...
Investing goals: Build a passive, cash flowing portfolio that produces $10M in monthly net cash flows in 10 years. Net worth of $1MM by the time I turn 40. Purchase first investment property during 2016, 3 total by end of 2017, 5 by 2018.
Looking to meet new and experienced investors in the Chicago land and central Illinois markets.
Kenneth, welcome to BP.
Question: why wait until 2016 to buy a property? You still have 2 months and in that time, you can buy a property or even two :-)
Also, the best education is implementing immediately what you've learned and taking massive action. That's how you truly learn. No need to wait 1-2 years to get started making offers and getting deals done.
Listen to all the podcasts - specially mine (LOL). Here:
Network with as many investors here - specially face-to-face. @Brie Schmidt organizes a great meetup in Chicago. I suggest you attend her meetup and other real estate networking meetings. If you need any help, let me know.
Thank you for the response Wendell. I am a big fan of @brie Schmidt, her podcasts probably got most excited to pull the trigger. I don't know if I've went back as far as 65 yet, but I know I've listened to pretty much everything after 90. I'll check it out.
I hate thinking that I am standing on the sidelines and not getting in the game, so I completely agree with you posed question. You should never sit around and wait for the game to you. I have some small matters I'm trying to wrap up on my end to free up my time and cash for investing. I just purchased a home this year and we've been doing renovations and trying to deal with a legal matter relating to the property. As annoying as it's been, I feel it has been a great warm up for investing. Anyways, no excuses from me, I'm ready to get rolling and meeting folks. I didn't know there was a regular meetup, but I'll be sure to be joining into that.
@Kenneth Cowan ...Welcome to BP. I echo Account Closed in taking action. To be honest, one of the best ways I've learned most anything over the years was OJT=on the job training. I get the concepts from books and the like but the application is what brings it together and cements the knowledge you've gained.
Welcome to Bigger Pockets. It is great to see you hear.
Welcome @Kenneth Cowan ,
It is great that you made your goals and put them in writing. I also think you can do a little better but don't buy just to hit your goals...always make sure the numbers work.
I concur withAccount Closed get started. I hear what you are saying in regards to personal home; nevertheless you still fused forward with creative financing, low or no money down, seller financing, hard money lenders and etc. I will be a fly on the wall waiting for your next move ...lol.
Enjoy as you prosper.....
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