Retirement goal setting

[Brenainn Kilchoer]

So my goal is to retire comfortably as soon as possible and fly airplanes for my own pleasure and not for anyone else.ter

Everyone says it's important to set goals, and publish them so that you're held accountable, or you're susceptible to meeting a cheshire cat who'll tell you it won't matter where you go if you don't know where you're going.

My partner and I want to make $1M in passive income per year, which is $83,333.33 per month. Let's round that up to $90k/mo to make it simple. We want to specialize in buy and hold medium term multi-family rental properties in various jurisdictions at $1500 gross rental income per unit, and we wish to acquire 8 units per year (2 quads, 4 duplexes, 8 SFR, etc). At $90k/mo, that's actually slightly exceeding our goal by $80k/year, and at that acquisition rate, we'd be done in 7.5 years, or 2030.

That's just gross income.

At this point, I need someone's help to tell me if these numbers are realistic, and how to refine this goal to define exactly how to set our selection criteria for our real estate so that we can focus on the numbers of the property and avoid falling in love with deals.

Thanks!

[Jeremy Nault]

Hi @Brenainn Kilchoer You definitely have a lofty goal and will by know means be easy.  When looking at your goal it sounds as though the main goal is to be able to "retire" on passive income.  With that being said, gross income shouldn't really matter that much.  The more important metric to look at would be the passive income that each property provides.  How much money a month do you need to live the life you want? That's the number you need to figure out and that's what you need to shoot for.  I hope this helps and good luck with your investing!