Hitting either number is tough for most people.AdvantagesNear-instant liquidityEasy to start with small amountsValues are simple to trackDisadvantagesYou must consistently beat inflation and ride out crashes for your drawdown period, which even the best money managers are unable to do.Allocate time to monitor the markets and reactLimited tax advantages, little or no leverageMonthly withdrawals reduce principal and make diversification more difficult.RentalsWith rentals, my goal is to own enough properties so net rent replaces my paycheck.

New in illinois, just spoke with a seller and looking for a simple illinois wholesale purchase agreement. can anyone share what they use?

Quick 10-min sniff test:I use a simple “back of the napkin” rule:Take gross rents × 50% (that’s your rough NOI after expenses).Subtract debt service.If you’ve got positive cash flow left, it’s worth a deeper look.This weeds out 90% of deals in under 10 minutes.3.

People think it's simple, and the contracting is pretty simple, that's the easy part, but when things get hairy and liability comes around, that's when a good agent can be very valuable. 

We really like the simple interface that Rentec Direct has.Most of the services offer a free trial that you can get in and play with them and see how they fit your needs.

Regardless of your level of plain/simple vs rustic vs fancy, you can do it for much less by just going to used furnishing stores (primarily).I used both 1) high-end second hand stores (meaning not primarily Goodwill and Salvation Army), and 2) lower level antiques stores where they have decent pieces for say < $500.

So long as you aren't raising rent in retaliation for them exercising their legal rights, such as reporting safety violations, you will be just fine from a legal standpoint. 

Ask about their terms, seasoning requirements, and how quickly they can close.Data/Deal Analysis: Stick to simple rules at first (70% ARV rule, rent-to-price ratio, etc.) so you don’t get stuck in analysis paralysis.Partnerships: Make sure roles and expectations are crystal clear with your partners before money gets involved.If you’d like, I can share a few resources that break down the first BRRRR step-by-step so you and your partners can hit the ground running.

If you never plan on having many properties, then a simple spreadsheet will suffice (KISS principle) Happy Investing!

Hey Robert, I would like to recommend something that I have found helpful.Very simple- go to a mortgage calculator online (a free one that does not require you to input any information about yourself)- take the amount of $100,000 as your purchase price, and play with the variables- hold everything constant, but vary your down payment amount (5%, 10%, 20%, etc) and see what that does to the mortgage amount- then hold everything constant and do the same for interest rate (4.5, 5, 5.5, 6, 6.5, etc)By doing this on a simple amount of $100,000, you can begin to see the magnitude of changes to down payment and interest rateDepending on the situation, this may end up surprising you.