Escaping corporate slavery to real estate. Advice needed!
Hi,
I am pretty new to BP and have been binge listening to pod casts - I can't believe it took me so long to discover this great community! I am looking for advice. I have 7 rental properties, 6 in California and I just bought 1 in Ohio though a turnkey company a month ago (too early to tell but so far so good). My 6 Cali properties have a value of $2.4M with an outstanding mortgage balance of $1.3M but after repayment mortgages, maintenance etc I am not cashflowing. I'd love to say that the equity I have was genius property buying on my part but I was just lucky with timing! I am 41 and the Mom of an awesome 3 yr old with a busy corporate job. Everyday feels like I am missing out on her growing up and I have some elderly grandparents that need more help than I am providing. I would like to generate income of $15k per month (before tax) from property for living costs (I have a decent size personal mortgage and I'm in the breadwinner of my family). I'm considering everything to allow me to have the life I want and more time for the things that are important. I've been researching out of state purchasing for better cash flow, syndication etc. I am very organized and action orientated and fiscally risk averse and conservative. I thought I would post here to seek advice and inspiration on ways for me to change my strategy to create the life I want in the short term without significant risk. Thank you in advance for any and all wisdom!
Kate