All over the place! Need help creating a solid RE game plan!

3 Replies

Greetings. I've been in the game for 1 year and currently own 2 tri-plexes. I'm currently in the middle of a brrrr transaction. I'm seeking another property to brrrr as we speak! As I'm looking for a home- I feel all over the place with no clear game plan of what I truly Want to do. i like the idea of doing brrrr's and then I think I should flip. I then get confused whether if it's better to flip a single family home and keep Multis, or or if I should just keep whatever deal I can find. How did you narrow down to what your game-plan was? Please help me.

@Simon Obas I started to write a long rambling post and then realized that I have no clue. My ultimate goal is like so many others: to live off of investment income. But truth is I constantly try new things and continue to learn and optimize and I think that's fine. Hell I don't care what kind of investing gets me there, I just don't want to sit at a desk punching a clock the rest of my life. I originally had goals to retire from my W2 career by 50 off of rentals because that's what I honestly felt capable of. Then it shifted to 45. Now it's maybe 41/42. For the record, I'm currently 38, almost 39. It's here in writing BP, someone call me out in 3 years!

So my honest answer is: I never did. I continue to narrow down the goal, but the plan evolves with it and much more wildly so. And I think that's a good thing because if you're too focused on the plan you may miss opportunities that could help you get to your goal.

Now if you're asking how to narrow down the goal? That I can't help you with because I don't know your life. I have three children and I want to be able to spend as much time with them as possible before they're too old to want me around all the time. I damn sure can't do that sitting at a desk in some office building 45 minutes away 5 days a week. After that who knows, that's a problem for future Jon. Vegas is fun!

What you are going through is common.  The solution is simple.  The path you want to take to that solution is wrong though.  You need to base your plan on your financial goals, and NOT on the strategies.  The strategies you use are based on the Market you invest in and the financial goals.

@Simon Obas

It seems like flipping is very profitable and you can hit triples and home runs if you have a good system and know what you’re doing. Buy n hold on the other hand is slow and boring with not much immediate cash flow.

I’m a buy n hold investor hitting singles and here’s why. First of all, many tired landlords are getting cash offers for their places and selling now. This creates a huge demand for rentals. It’s not easy to make the 1% rule for investors so you don’t see many buy n hold investors jumping in to only break even or make $100-200/month cash flow. Everyone wants instant gratification these days it seems. Nobody wants to delay their payoff and look 5-10 years down the road when rents are raised or in 15-30 years when these mortgages are paid off. However, if you set a goal and stick with it, you’ll achieve a big permanent windfall of $ EVERY month when these things are paid off. My goal was 10 properties paid off in 15 years. I got my 10 and only making 4k/month now. But that’s ok. In the next 12-15 years they’ll all be paid off bringing in about 12k/month after taxes and insurance. That’s the goal and I don’t have to keep looking for deals like you do when you flip. I’m done. And my tenants are paying these off for me rapidly while I enjoy some passive income while I sleep. But if you need 10-20k every few months and really know what you’re doing, then maybe flipping is for you!