All Forum Posts by: Nicholas Daniels

@Clifford Paul

M20k on cigars! Jeez! lol

@Pat L.

Well I’m a minimalist. I’m only 20! But hey if it works out I could keep stacking houses!

@Cameron Tope

I probably will! I just think it would be cool to have the option to retire before 30. I’m a minimalist so I don’t need a lot.

I could just keep buying properties but I think it would be nice to have a base of 3 paid off properties. Could help limit risk. During a recession I could also pick up properties cheap!

Hey guys, sorta new to BiggerPockets.

Was wondering: Let’s say I can live on ~$17,000-$20,000/yr

Let’s say I purchase a $100,000 property and I knock out the mortgage in two years. Let’s say this property nets me $650/mo (this assumes $150 property tax, $50 insurance and I’m assuming 5% repairs, 5% CAPex, 7% vacancy and the 10% property management fee.

Let’s say I repeat the process again and purchase a second property. I purchase another single family $100,000, pay off the mortgage in two years. Now I’m negging $1300/mo.

Then lastly, I purchase a third property for $100,000, and I pay it off in 1.5 years. Now I’m earning ~$1,50/mo or $23,400/yr.

Have I not just retired in 5.5 years? I own 3 rentals free and clear and earn more than enough to cover all living expenses.

@Aaron K. Around 250-450

Could I use a homepromise loan for a househack at 5% down, then after a year do an FHA loan househack at 3.5% down?

@Saravanan Saravanan

Do you think my goal is possible? I mean based on my description I get to about $2600/mo cashflow by 26 if things go well. What’s your opinion? Any advice?

Alright here’s the goal: get to $4000/mo in passive income in 4 years with these parameters. You can househack or use fha, home possible, etc, etc. Be creative whatever you need to make it happen. Lay out how you would execute the goal. Passive meaning you have to use a property manager at some point.

Credit score: 720+

Debt: $0

Current savings: $15,000

Savings each year that’s available to invest: $35,000

Timeline: 4 years

@Jay Hinrichs

I was more saying I could buy a 100k property then knock out the mortgage quickly then repeat. I’m

Just not sure if I can get to 4K/mo doing that.