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Updated about 8 years ago, 12/06/2016
My investment / financial goals
Hello! I am a newbie on the BiggerPockets forum. I'm currently 23 years old and I'm learning everything that I possibly can about real estate investing. I'm interested in the buy&hold strategy of investing and plan to employ something along the lines of the BRRR investing strategy mentioned by Brandon here on BP. Ideally, I'd like to have enough saved up to pay for my first rental property by the time I'm 27/28 and then continue investing into my 50's if everything goes well.
I'd like to mention some of my goals and the thought behind achieving them:
- My first initial goal was to make 10k per month to become financially dependent. This was the first (and easiest) goal I've set for myself.
- My second goal I thought about was 100 rental units. I'm sure this goal is possible, but I'm not dillusional and know that it will require a lot of work on my part. My focus is on residental multi family and SFR.
- My third goal I thought about was 400 rental units. I was listening to Brandon on a podcast or askBP video (I can't remember which), but he was talking about how you should set large goals for yourself. I believe he said that by setting larger goals you're mentality toward achieving the larger goal would allow you to achieve much more than setting smaller goals (hence the 400 units). I thought about how I might try to achieve 400 units. I figured this goal might be slightly more achievable if I pursue duplexes, triplexes, quads, and apartments and possibly utilize 1031 exchanges.
I'd like to get the opinions of the members here on BP and know what you guys think about the goals I've set for myself. How realistic is 100-400 rental units within the range of 10-25 years? I realize success in real estate investing is a function of how much effort you put into it, continued learning, and a little bit of luck. Let me know what you think!