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Updated over 6 years ago,
High income earner seeking to quit his day job- What to invest in
Hi all-
Let me start out by saying I've been following this site for a little while now and I love the insight that you all provide. This really is a fantastic resource.
About me-
I've been blessed with great parents who provided me a great education and now I earn well into the 6 figures. Unfortunately it is all W2 income. I also live in the lovely state of Taxachusetts where a tiny run-down shack can sell for $600,000. I currently own 2 rental properties, each cash flow about $200/month. I was considering a third purchase- out of state turnkey property, short term vacation rental, SFH, codo, etc then I started doing some thinking...
My ultimate goal is to own enough property within the next 5 years to supplement my income and cut back substantially. I'd like to see real estate completely replace my income within the next 10 years. I'll probably never stop working because it's not in my nature but like most people, I'd prefer to work because I want to, not because I have to. That said, I find it almost impossible to meet these goals with my current plan on picking off these properties that are cash-flowing between $200-$500 a month.
So, my question to the group is, where do I put my money? What kind of investment portfolio do you think would help me replace my income? Do you think my timeline is realistic? Any help is greatly appreciated.