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How to get 50 rentals in 5 years making 60k a year salary CA?
So I want to hear you guys' thoughts on how to obtain 50 rental properties in 5 years while earning a 60k a year salary in southern California. Is this goal possible? If so, what strategy would you guys use to obtain this goal?
Thanks!
This is my current situation... :)
Wow. Very ambitious. Good for you.
One way is to become a property manager and make a small % off each house you manage. You can do that in 2-3 years.
Other way is lease options. You find motivated sellers who are willing to lease their house to you and you in turn find tenants who want to lease with option to purchase that house. You make $ with non-refundable deposit up front and the spread between the rents.
S California sounds like an expensive market to me. I'm in FL.
Another way is to joint venture with investors who have the money, but need good deals. You become the expert in finding great deals and split the rent with the investor who puts up the money.
Hope these ideas help.
Good luck.
@Derrell Barton Is it possible to own them outright? No, it's not realistic. However, as @Andres Verney suggested, if you get a percentage off of other people's rentals, and roll that into your own, that could help you on your way and allow you to minimize the expenses on your own rentals. I would suggest you look for partners first, unconventional lenders second, and figure out what market you can make this work it - I doubt it is southern California.
Why do you want 50 rentals? What if you could make the same cash flow with 12 - wouldn't it be much easier to only own 12? Just a thought :)
Ha, and some of us are still trying to find our first property to land. Great podcast @Ben Leybovich. I like your philosophy. Just need enough passive income to get me out of the rat race one day. Best of luck with your health
Originally posted by @Ben Leybovich:
Why do you want 50 rentals? What if you could make the same cash flow with 12 - wouldn't it be much easier to only own 12? Just a thought :)
Yeah 12 would be fine if the cash flow was the same as 50. Just threw a higher number out there because I figure more is better ;)
Originally posted by @Andres Verney:
Wow. Very ambitious. Good for you.
One way is to become a property manager and make a small % off each house you manage. You can do that in 2-3 years.
Other way is lease options. You find motivated sellers who are willing to lease their house to you and you in turn find tenants who want to lease with option to purchase that house. You make $ with non-refundable deposit up front and the spread between the rents.
S California sounds like an expensive market to me. I'm in FL.
Another way is to joint venture with investors who have the money, but need good deals. You become the expert in finding great deals and split the rent with the investor who puts up the money.
Hope these ideas help.
Good luck.
Wow, thanks for your input! Much appreciated :)
Originally posted by @Derrell Barton:
Originally posted by @Ben Leybovich:Why do you want 50 rentals? What if you could make the same cash flow with 12 - wouldn't it be much easier to only own 12? Just a thought :)
Yeah 12 would be fine if the cash flow was the same as 50. Just threw a higher number out there because I figure more is better ;)
Great mentality! Why shoot for 50? 10X that goal and make it 500!! I can't provide much help though as I am a newbie BUT I look forward to hearing other's thoughts because I am also in southern California.