Help me lay out the dream

[Account Closed]

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% —------------------— 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!

[Chris Martin]

Big picture:  To hit $15K/month net rental income will require bout $30K/month in gross rents if you believe, as many do, in the 50% rule of thumb. $30K/month gross rents will require about $3M in property value if you believe , like many do, in buying using the 1% rule of thumb. So to buy $3M in property, putting 20% down, will require $600K in down payment. You'll need liquidity for reserves, etc., that will make that number increase some. 

The reality is that as you get going, you will find ways to reduce cash needs during acquisitions. Or, better, find ways to leverage in more productive ways. Example: buy 100% cash, stabilize, rent, and leverage. What in BP Nation calls BRRR. You may find partners that can decrease up front capital. And over time you will have tax-deferred operating cash that can contribute to acquisition capital.

Hope that helps.