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Updated over 7 years ago,
Help me lay out the dream
Hello all... can someone who has done it, is doing it or has their own blueprint help me to visualize the actual steps to achieve the dream.
Goal: produce a monthly rental income of 15,000. Ideally within 10 years by age 40.
W2 Income: 300,000+ annually
Current reserves: 140k cash liquid, 150k in various retirement accounts (willing to look into investing in real estate within the account), 100k home equity
Debt: 300k personal residence, 14 years remaining at 2.625%
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I'm open to SFH, multi unit or commercial. I fear that SFH would be insufficient and lean towards multi unit. There are various deals around me nearly satisfying the 1% rule priced around 300-400k.
I'm assuming I would put 20% down for first property. I can save about 50-60k (maybe more) per year. If I pick up one 4-6 unit complex per year at the 1% rule will this get me where I want to be?
Can someone help me to see the real plan and numbers? I'm suffering from paralysis by analysis!!!
Thank you all and looking forward to opening my eyes and getting to work!