My Three Phases

This is may plan until I come up with a better one.  If you see any flaws or improvements, feel free to comment.  

Phase I: Organize and prepare every needful thing

Organize yourselves; prepare every needful thing; and establish a house, even a house of prayer, a house of fasting, a house of faith, a house of learning, a house of glory, a house of order, a house of God. (Doctrine and Covenants 88:119)

Part 1: Save for a Rainy Day (Status: 72%; Time to Completion: 2 Months)

The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. (Matthew 7:25)

This is all about saving and having a 3 month emergency savings.  (See: Asset Poverty)

Part 2: Debt Elimination( Status: 1%; TtC: 9 Months)

The rich rules over the poor, and the borrower is the slave of the lender. (Proverbs 22:7)

This isn't all my debt, but it is all debt that has a higher interest rate than my mortgage.  I figure to go further than that would be to trade cheep debt for more expensive debt.

Part 3: Seed Capital (Status: 0%; TtC: Abt 2 years)

For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? (Luke 14:28)

I figure I need at least $30k before getting started with an HML.  This does not count the money form part 1.

Phase II:  The Acquisition of Artha (TtC: abt 12 years)

This will be more fully flushed out during Phase 1.3, but the goal is to purchase, rehabilitate, and rent investment properties (SFR).  Following is a rough outline:

• Purchase at least 2 properties per year.
• To start out, use a HML to purchase and rehab and then refinance once repairs are completed.
• Reinvest all revenue.
• Once I have sufficient means, bypass the HML.  I will continue to take out mortgages once the properties have been refurbished to cash out equity to use on the next.
• Continue to contribute my own capital until the business is generating more income than my contribution.  This should take about 4 years at the rate mentioned.  Perhaps faster if I can buy faster.
• Do not quit my day job until the real estate business can sustain a 6 figure income with minimal oversight.
• Open to switching from SFR to something else as I gain experience.

Phase III: Work on my Darma (Status: In Progress;Time to Completion: Never)

This is when I quite my job, work on self actualization, and enjoy my family.  When to do this is a balancing act.  I want my kids to be as small as possible, but my paycheck to be as large as possible.  I hope to start this within about 12 years.  My children will be 18, 16, 11 and 9... I need to work faster so I don't complacently miss my first son.