All Forum Posts by: Medellin Heel

Assuming he has a normal job and expenses that would take forever to cash purchase 10 houses. Lets say he can buy 50K homes, 10 homes he would need 500,000 dollars! Not practical imo.

Originally posted by @Engelo Rumora:
@Gabe G.

Approx 10 - 15 here in Kansas City would be sufficient.

Cash purchases tho.

Thanks

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at 200 cash flow per unit he would need 21 units to reach 50K if my math was right.

Originally posted by @Dana R.:
I think Gabe has a question many people have. What’s it going to take for me to quit my day job and earn a comfortable income from real estate?
Gabe said $50,000 would be a comfortable income for him.

So, using the 50% rule, Gabe isn’t realistically getting $500/month cash flow from each unit. Let’s say he’s really getting $200 from each property or $4,800/year.

To make $50,000 year, Gabe would have to own 10+ units.

Questions

How does Gabe actually acquire 10+ units? Let’s say he’s currently employed in the Midwest and makes $50,000. I’m imagining that not too many banks are going to keep rolling out the red carpet for Gabe and saying, Sure, we’d be happy to give you another $80,000 mortgage (assuming for that he’s buying $100,000 houses with a $20,000 down payment). Also, if Gabe is making $50,000/year, how’s he saving up $20,000 to make down payments?

Even if Gabe were buying $50,000 houses, he’d still have to save $10,000 for a down payment. Seems pretty hard to do on a $50,000 salary, especially when the furnace blows in one of his rentals and there goes X thousand out the door.

So, given that Gabe has a current salary of $50,000, how does he acquire the 10+ units he needs to replace his income?

Gabe, feel free to chime in, of course! I'm just using your name/salary as examples.

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My goal is to

1) Generate 800 - 1,200 dollars a month from buy / hold

2) Have my own personal property mostly paid off or at the least a small mortgage payment ie 500 dollars

3) Buy / Refurbish / Sell 1 - 2 properties a year for an additional 12,000 - 40,000 dollars

Need to figure out a game plan / strategy for this and how long I will need to work abroad saving money assuming me alone can save 25,000 - 35,000 a year. Starting out anyways.

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Interested in investing in Charleston and subsequently relocating there myself. How much money would it take to generate 800-1,200 dollars a month in cash flow and what would be the fastest / best course to get to the above? Lets assume I can save 20-40K a year to use for investing. Any advice or insight will be much apreciated.

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All Forum Posts by: Medellin Heel

Medellin Heel has started 6 posts and replied 16 times.

Post: Anyway around this?

Post: Multifamily Resources?

Post: How many SFH's to quit job

Post: How many SFH's to quit job

Post: Any Charleston investors?

Post: Any Charleston investors?