Five Phases To Freedom And How I Plan To Give Back

Five Phases To Freedom And How I Plan To Give Back

Investor · Bargersville, IN · Member since 2017 · 95 posts · 52 votes

Hello BP!

I have laid the foundation for my plan consisting of five phases and how I plan to give back. Please review it and critique!

As I said this is just the foundation of which the frame will be built, then the house. I know there will be adjustments and tweaking needed -this is just the alpha test mode....not even to beta testing yet!

@Louise A. @Barb Getty @Mihir Bhimaraju @Chris Wood and who ever else cares to evaluate!

Thanks for taking the time to read this as it is lengthy.

My end game..... 

Generational Wealth that my children's children can benefit from, and enough assets to set my daughters, and their potential families up for a good life.

How do I get there?
Well... Dream big and start small.

I have exhausted myself on podcast, read more in the past two months than the previous two years, networked, educated myself, and made moves to make the first step.

Phase One.
-Analyze 100 properties and hope to find one that fits my criteria. Make the leap of faith, offer, negotiate, and get the first deal DONE.
-Start building a team that is not good, but great.
-Seek sources of capital and financing
-Learn the ins and outs of property management, financials, dealing with people

Phase Two.
-Build upon my previous experience and acquire more units (multi family, and/or SFH)
-Reinvest my cash flow
-Build my assets
-Continue on the path of enlightenment (grow and develop)
-Begin to build my team that will eventually replace some (or all) roles I perform
-Enough cash flow to remove some stress of current W2 position

Phase Three.
-Aquire larger units in multi family (20+)
-Begin analyzing commercial assets
-Evaluate my portfolio and offload underperforming units and problem children
-Continue to find sources of capital, find partners
-Build or improve my current/future team and delegate, automate task/functions
-Cash flowing enough to begin/or change my career path

Phase Four.
-Locate and purchase a complex (100+ units)
-Continue to evaluate portfolio and eliminate problem children
-Remove myself from many roles, begin to "manage the managers"
-Continue to grow, develop, and network
-Remove myself from W2 work

Phase Five.
-Have a portfolio of 200+ units (multi family, commercial, SFH)
-Cash flowing enough to travel, enjoy my remaining time with family
-Systems in place to allow the "beast" to function without much attention.

***********************************Giving Back************************************
Assistance for Veterans 

-Housing, care, and adjusting/copping/Rehabs

Assistance for families with special needs children 

-Housing that meets specific needs, care, and equipment assistance
***********************************************************************************

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  • Investor · Indianapolis, IN · Member since 2016 · 232 posts · 133 votes
    9y

    @Zachary Clevenger Well done on chalking up the plan! You pretty much got it down, Zach!

    I completely agree with you and I can tell you I've been there on exhausting myself with the podcasts part. Which is why  I gave it a break to leap into the game- for good or for worse. 

    For your phase 1, would you be focusing more on SF or Multis? I think it would help you better if you got down to the specifics. I can tell you that helped my plan immensely. From what I read and spoke to many investors, you needn't get started with SFs in order to scale big. However, do what's comfortable and will get you to your first deal that'll get you started.

    I'd also recommend focusing on the location, your acceptance criteria for the property and your monthly target amount.

    I'm currently in Phase one myself - so that's pretty much all I have. I'm glad we met up and I'm looking forward to more meetings.

  • Investor · Bargersville, IN · Member since 2017 · 95 posts · 52 votes
    9y

    @Mihir Bhimaraju

    Hello my friend!

    In response to SFH or Multis - After my discussion with @Louise A. this past Tuesday I would like to focus mainly on Multis, however "If" I came across a fantastic deal on SFH that meets my criteria (after analyzing and crunching numbers) it is still something that I can get my feet wet on. 

    My area of location/focus is going to be Indianapolis (mainly because of the availability of Multis), Greenwood, and Franklin. 

    I am still working out the details on what I am looking for as far as cash on cash return, Cap rates (for multis), cash flow. I have some general numbers in mind, but I need to plug the data in the spreadsheet that I just built (literally finished it haha!) and see what would best suit my needs.

    Hope you are having a good time in India, and when you get back we'll make plans to have dinner. 

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