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Updated about 6 years ago on . Most recent reply
Realistic timeline to make real estate investing my job?
Im 33 years old, and I have approximately $140,000 in liquid capital. I'm sure it's "smart" to tuck it away in a nice safe retirement fund but I'd like to actively work towards being able to quit my career and do more entrepreneurial endeavors with this money.
With this amount to start with and if I bust my tail, I'm curious what amount of time it would take to be able to leave my job. I have no delusion or desire to think that in a year I'll be sipping drinks on a beach and never having to work again. I want to work, for myself, and do my own thing. I have a great interest in real estate investing amongst other things and would love to pursue building wealth that way. I have minor experience with rehabbing and selling a home as I helped do this with a family estate and managed to pull about $22k in profit from that. Although it didn't all go to me since it was a family estate.
I know my "freedom number" is a huge aspect to figuring out this timeline, so is the amount of profit each unit pulls in. I feel I could be comfortable in the 6k gross per month range.
I guess I'm wondering if anyone here has been in a similar situation. How likely is it to fast track real estate and have it actually become my job? I'm weighing several different paths with this money, and diversifying it may be the best track with pursuing business, investments, and real estate. I just want to make smart moves and put myself in position to have a little more time and freedom to live my life how I want.