W2 side hustle progress in Connecticut- 2023 Update
2023 Update time for my central Connecticut journey.
In 2022 to 2023 there's a major change to my why for doing real estate. Similar to @Ben Leybovich, my ability to maintain my W2 status long-term is jeopardized through a health concern. All of the planning that I've done so far in the building has set me in a decent place to succeed long-term but definitely derailed a bunch of what I really want to accomplish in 2022.
Beginning 2021 Breakdown summary: 1 six-plex, 1 fourplex, 2 triplexes, and 12 duplexes. Total units: 40
Beginning 2022: 4 duplexes in Manchester, 1 triplex, 1 five plex, 1 six-plex in Canton, 2 duplexes in Southing, a duplex and triplex in Berlin, and a duplex, a quad, and six-plex in Bristol. Total end units: 43
Beginning 2023:
Manchester CT – 4 duplexes, 1 quadruplex and 1 5 plex
Canton CT – 1 triplex, 1 five plex and 1 six-plex
Southington CT- 2 duplexes
Bristol CT- 1 duplex, 1 quadruplex, 1 six-plex
Berlin CT- 1 duplex, 1triplex
Goal 1: 50 units total in 2021- missed this. But on track to surpass it in 2022. Finally, hit this goal and will be plateauing for a while
Goal 2: Each building cashflows $1000 or more. Each door cashflows $300 an average. In the progress of weeding/ harvesting equity from duplexes which are good- but not great cash flowers. This was accomplished and is my new mark- on track
Goal 3: Create $500,000 of equity from forced appreciation. In progress, I have a line of sight to the creation but need to close on some units and start raising NOI. NOI continues to rise due to rent growth.
Goal 4: Controlled real estate passing $3,500,000 of value. This has been surpassed.
What are my main challenges:
- Balance:
- Time vs health needs vs hustle
- Expand mastermind
- Shift to some AirBnb to design the portfolio.
Quote from @William Collins:
Congratulations!
I don't have any health issues, but I wanted to build a portfolio that ensured my family could live comfortably if I were unable to produce income. It's a worthy goal and far more important than door count, net worth, or other metrics.
@William Collins - you are an inspiration. Keep it up friend. We'll race to 200 units together!
