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Updated almost 11 years ago,
building my roadmap to 6 figure income and beyond
So i'm at point A (tired of working for others and ready to do anything and everything to take charge of my own destiny) and need to get to point B (6 figure net income). I know I need a map, but right now the map I have is pretty blank. My initial idea to get started and get some experience is to save up and buy SFR's. That is not where I want to end. I'm thinking big. I want to control numerous bigger apartment complexes (100-150 units per complex) in c neighborhoods.
As far as financials go, i'm doing well. I have a conservative budget set that even allowing for extra personal expenses we can save $15k-$20k per year. However, that amount of excess is recent due to my wife becoming full time where she works, so no nest egg built up yet. With that being said, my loose plan for this year is to save what we can and start actively looking fall/winter. By then I should have a nice chunk saved up for down payment and reserves. After successfully managing a few SFR's, then what? Should I gradually scale up?
I know that the types of properties I eventually (sooner hopefully, rather than later) want to get into will require well more net worth than what I can bring to the table. So here is where i'm looking for advise and guidance.
What makes an investor of the caliber I would need, let go of their money? That is, other than the obvious ... to make more.
How much experience would it take to prove to a potential investor that I have what it takes?
Why would an investor settle for a percentage (or other fractional financial arrangement) if they have the money, instead of just doing the deal themselves?
I do plan on getting started going to REI club meetings in the near future. Any and all advice is greatly appreciated.