Shoot Bullets In My Wealth Building Stratagy.
I just got through creating a wealth building strategy for myself and now want to see if there are any problems with it.
1. Save $1,000 as an emergency fund in a money market account.
2. Pay off all my debts excluding my mortgage (less than 10k including my car and student loans).
3. At the same time build my credit score using self-lender.
4. Save another $1,000 and invest it in dividend stocks that are also optionable. Write monthly calls on these stocks.
5. Once I have $3,000 to $5,000 then I would get an FHA and get a duplex. Hire a property manager. Live in one half and rent out the other.
6. Get 10 rentals to max out the FHA.
7. Do a 1031 exchange and get a few multi-fam unit 4-plex and apartment units.
8. Get up to 50 doors and then retire.
Most Popular Reply
I wouldn't bother putting $1000 here and there in any special type of account.
You'e going to need more than $3000 to buy with an FHA (closing costs, prepaid taxes and insurance, repairs, etc). Minimum of $10,000 and you won't need a PM.
The max 10 number is for conventional mortgages. You can generally only get 1 FHA loan.