All Forum Posts by: Jack London

Wow!  Thanks for the great welcome responses!  From just these alone I see that I have a lot of exciting possibilities that I never even knew about!...Now, I need to explore some of the readings that you all have recommended, for I definitely have a lot to learn...thanks again so much for the warm welcome...

Hi Everybody!

I'm new to Bigger Pockets and joined because I am approaching the age where I can gain access to my 401 k savings without paying the 10 % penalty.  My plan is to use my 401 k to obtain duplexes from which I will fund my retirement with the net cash flow...(by 'owning' I mean to pay 20% down and pay a monthly mortgage...)

I've never owned rental property but have two dear friends who do, and so I know that there is more to all this than just sitting back and waiting for the rental checks each month!  I hope that you experienced folks at Bigger Pockets can help me to avoid the major pitfalls and ease into this new career without making costly errors!

I want to eventually have enough properties for a yearly cash flow of $150,000.00 (12,500 per month).  I'm a bit worried that this means having 12 duplexes [net cash flow of 1,000 on each duplex after mortgage/tax/insurance)...and 12 duplexes will be more than I can handle if I want to do any 'retirement' lol...so...maybe I should look into multiple-family dwellings?

Thanks and I welcome any advice and experience that you'd like to share with me!

Jack