Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago, 04/27/2016
- Real Estate Broker
- 1658 N. Milwaukee Ave Ste B PMP 18969 Chicago, IL 60647
- 5,037
- Votes |
- 5,994
- Posts
Everyone thinks we are crazy!
We decided to take the plunge. A year ago my wife and I outlined three different plans we could take to start investing. We were all set to go with a very conservative plan when some very unsettling events happened involving my employment. Although I am still employed, we decided to execute our "crazy" plan so that we would never have to feel tied to a job in the future.
Step 1- Sell our home in a beautiful suburb for around 100k in profit. We have owned for three years, and I have rehabbed the whole place.
Step 2- Sell our extra car for 9k.
Step 3- House Hack! Thanks @Brandon Turner and @Josh Dorkin for inspiring us to make this step. We almost did this anyway before I found BP, but you guys helped us believe that this could/should happen!
Step 4- Immediately purchase another multi family property! This would bring us to three income properties in one year! (we already own a four unit nearby).
Step 5- Use the savings from living frugally to rinse and repeat!
So are we insane or does this look incredibly exciting?!