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Updated about 8 years ago,
Complete Newbie: Is my goal viable? $7-8,000/month passively?
Hi everyone! Complete newbie here doing some initial research on how real estate investing might fit into my life. First, let me say that I completely understand that this is not a get-rich-quick scheme and that this is going to take hard work. But I am wondering if this is possible:
As a doctoral student of early childhood education, I want to continue doing research and working on consulting projects with schools. It makes no money, in fact, I'd love to work with schools that have no money so that I can help them.
My goal is to set up relatively passive income streams so that I can focus on my research. Is it possible to get to a point where I own rental properties, outsource management, and work 10-20 hours per week on my properties so that I can focus on my research? Can I generate $7-8000/month of income from rental properties with these kinds of hours?
I understand it will take dedication and hard work to get to this point, but is my goal even viable? I need to hear it from people who aren't just wanting to make deals with me. I have a little earnest money to bring in. I have partners who might be interested in privately financing. Thank you for helping me out