12 years to go

[Marc M.]

So I've spent the last several months soaking up information, networking, and working with an agent to purchase a property (which is still in process but we're getting close). I always went back and forth on what my goals should be, as I always felt I needed some timeline rather than a set number of properties or a monthly income. If I'm making $15-20k a month or own 100 properties when I'm 89, that doesn't give me time to enjoy the fruits of my labor.

I finally decided that in 12 years, by the time I turn 40, I want to be retired from property management and focused primarily on managing my properties and finding new deals. I'd like to start cutting my portfolio slightly by the time I'm 33 (5 years) and slowly increase the amount of time I'm able to devote to investing. That's probably an ambitious goal but by finding the right deals, financing them creatively, and, most importantly, networking with the right people, I think it's fully doable. Hopefully I'll be able to find this thread in a few years and update on my progress!

[Jerry W.]

@Marc M.  if you can do it use a 15 year loan for  buying your properties.  If it can still make the 50% rule definitely go with a 15 year loan.  I will be in my 60s long before any of my recent purchases pay off, but if you do not need the money to live on make the higher 15 year amortization payments.