Damon Cluck

I retired from the Military effective 1 June 2020 and am now pursuing my passion for real estate investing. My kids have 5 years remaining to graduate High School and hopefully 9 years left to complete college. 10 years from now, I want to have a real estate portfolio that will produce annual income at least double our pension income. That would be approximately $240K per year. I plan to get there by initially establishing a basis of 30-50 Single Family and small Multi Family rentals over a 3-4 year period. During this initial acquisition phase, I do not expect to draw an income from the investments, but would constantly reinvest any proceeds. I want to do this with as little of my own capital as possible. I don't want to just amortize my retirement saving through real estate, I want to use leverage to build wealth. I plan to purchase a HomeVestor's franchise to help me with this acquisition phase. I may wholesale or flip properties that I acquire through the franchise in order to finance additional acquisition of buy and hold rental properties. Next I plan a period of increasing the cash flow on the portfolio by paying down debt and trading up for higher value paid for properties. Again, I would not expect to draw an income from the investments during this phase but would use the cash flow to consolidate on higher returning properties and reduce debt. This phase would be 12 to 18 months and ideally would be complete at about the point that all three kids are in college. Then, I want to expand into multifamily properties, with the goal of having acquisitions and rehabs completed by the time the kid’s graduate college. I would utilize income during this phase to pay for college and to fund acquisitions of larger multifamily projects that are capable of sustaining their own property management. Finally, once the kids are independent, I want to minimize my involvement in daily real estate operations and focus on philanthropy and travel with my beautiful wife! To achieve these goals, I need to systematize a process of acquiring, rehabbing and leasing rental properties that allows me to draw on financing and recover my initial investment from each property along the way. I want to build a team that will let me leverage my time to focus on acquisition and management, while contracting out the rehab and property management.