My set for life plan

[Justin Heitter]

Hey guys I'm pretty new here. I recently bought SET FOR LIFE. Have listened to it 3 times. In the last two weeks I've also listened to 100 episodes of the bigger pockets podcast. It's jammed packed and I'm learning a lot. My goals with all this is to become a landlord. That's all I want. I want cash flow. And to be able to earn money without clocking in(which I loath)... I have never bought RE before but I have had countless W2 jobs. (Which aren't the answer). I have traded options and futures (not too successfully) and I have a high risk tolerance. I love trading and will again. But I realize that trading should not have been my step one. Real estate should of. My plan is as follows. Pay off all my credit cards over the summer, get rid of my financed jeep with full coverage insurance. And drive my crappy 1992 Honda Accord forever. I'm going to house hack. Buy a fourplex and start there. I really am motivated to get this going. I am 35. 15,000 in debt. 30 k income. I have had tons of different jobs including the railroad,the oil field, I currently work as a direct tv tech and have a second job dilivering ice. I don't want to work for any wage. I look forward to getting out of this job thing. Ps. What does cap x and cap mean?

[Kevin Childers]

@Justin Heitter welcome to BP! I have also read Set For Life and took many things away from it. Sounds like you have a great plan in place to achieve your goals. One thing I might recommend though... depends on how much your payments are on your jeep. It might be to your advantage to keep it vs driving the 92 Accord. Here is what I would run the numbers on to see if it makes sense to keep the jeep. Your monthly expenses on the jeep vs repairs, upkeep and unforeseen maintenance on the Accord. If it isn't that much more for the jeep overall, I'd hang on to it for now. 

In the meantime I'd purchase a four plex and do the house hack. If the four plex cash flows after all expenses are paid, use the cash flow to make either all or some of the jeep payment. Just a thought...