What is your goal with real estate ?

Question

I am currently looking to get to the point of having 50,000 a month coming in. My strategy has been buying fixer uppers paying cash for them and doing the work myself.

Pete Winslow · Answer

My goal is to build a Real Estate Investment company that can function smoothly without my presence in day to day operations. I am starting down that path by working to get $5K/month in rental income. I believe once I get to that point I will be able to step back into a part-time role with my day job and focus more of my time and energy into working on building a company.

My long-term goal is to be receiving $10K/month in passive income by constructing a REI company that allows me to travel and spend more time with my friends and family.

Kenneth Garrett · Answer

@Robert Biggerstaff

My goal has always been to generate 10K a month of passive income through my rental portfolio.  I’ll need a few more properties to achieve that, but I wonder when I get near that goal whether I will change my goal to 15K or 20K.

Nicole Heasley Beitenman · Answer

Ditto! To get a little more specific, my goal is $5k per month AFTER reserves.

Ronan Donnelly · Answer

@Robert Biggerstaff, it’s a really interesting question and touches on a few key topics.

1) You likely need to be active to start with and to build up capital but in order to scale you have to automate, delegate and systematize your active pursuits or take a more passive approach by investing in others deals

2) Setting a pure financial goal is a good start but it can be even more powerful to state your goal in terms of what it will enable in your life I.e. what will happen when you hit $50k a month, will you then not be happy until you are at $100k per month.

Good luck!

Amalfi Duran · Answer

I started real estate too late, so my goal has changed. For now, all I want to do is to buy and hold as many houses i can so that in 20 years they are all paid off and to use that income for my retirement.

What is your goal with real estate ?

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