Where I'm at and where I'm going

 

So here is a look at my starting point:

Even though I have a lot of debt I have many good things going for me as well.

I have:

·         An excellent credit score in the mid 700s

·         Experience as a real estate agent many years ago plus I have sold my last two homes by myself.

·         Extensive home remodeling experience, I once worked as a professional landscaper and held a general contractors license.

·         I can sell! I have always bought and resold items for a profit…just haven’t done it on houses. However I have made great profits on the two houses I have bought lived in for a few years and sold.

·         I have written out goals and am now working on my plans to attain them.

·         I have side stream income to get a few dollars together to bank roll this.

I have 3 side income streams right now: I repair and resell lawn equipment, I restore instrument clusters and I flip cars.

I have quickly found out time is a limiting factor in how much extra I can make (isn’t that why we are all looking for passive income?) So I am winding down the first two businesses and finishing them up.

The third business, flipping cars will be my main moneymaker to start things off. I have extensive experience in this so I just need to be conservative. I hope to only flip a few cars then put all my effort in REI.

Ultimately I will have about 10k in the bank within the next 6-8 months that is my first goal. This will enable me to have a few dollars as a safety net for starting. This is extremely important in getting my wife on board completely.

My net worth is about -110k , yes that's a minus sign. I am underwater huge in my house as well as credit card debt. ( We have not used then in almost two years and are paying them down).

I want to pay off all my bad debt and get out of my house (want to downsize or possibly owner occupy a multi-plex)

Establish about 7k in net profits per month.

Net worth of 2 million

Timelines:

Debt Paid---3 Years

Income of 7K----10 years

2 Million net worth----17 years

What do you think? Impossible?

My first steps?

1.       Allocate my time between my side jobs and REI

2.       Find a local club(s) to check out

3.       Start connecting with local REI’s and wholesalers

4.       Focus on flipping initially until debt is paid then transition to buy and hold for steady income. ( open to suggestions)

5.       Continue to be active in Bigger Pockets and update blog weekly

I think that’s enough for this post…..opinions?