Business plan and 6 month goals

[John Kalimnios]

Hello everyone, first post and first time investor. I’m posting to get some opinions on my plan and goals, as well as to set a timeline and starting point.

My parents set me up really nicely by giving me my first home, which I’ve been renting for the last year as I live on and fix up my sailboat. I plan to go cruising on the boat for a couple years, though I’ve recently realized I will need more passive income in order to realize this dream.

I have found two major flaws in my original plan of just renting this house out and making do with what it generates.

1) the ROI for this property isn't high enough. The estimated value is around 320k. I was receiving $1700/month and cash flow was $1,000. High property taxes and insurance (waterfront).

2) I own the house free and clear and I wasn’t making all that equity work for me.

So I now plan to sell it because if I got a HELOC for the full 75-80% I'd be losing money every month. Which leads to my 6 month goal.

Get this house sold, and invest in 2-3 rental properties using the BRRRR method. Ideally I'd like two single family homes and a duplex or triplex. Those properties would be generating very little cash flow, but wouldn't be losing me money, and would be gaining equity and possibly increasing my net worth right off the bat. This would hopefully still leave my with most or all of the original amount I received for my current property.

My uncle is a realtor with multiple offices and a title and management company so he’d be managing the rentals, and guiding me as I search for the rentals.

Does this sound reasonable and attainable?

Thanks for reading, John k.