Goal Setting and Strategy

[Kory Quitter]

I recently turned 20 years old and am working on setting long term goals for my real estate career, as well as life. I was able to buy a single family home that I am house hacking. Listening to Gary Keller’s “Millionaire Real Estate Investor”, I have been inspired to set a goal to own $1+ million in real estate by the age of 25. Recent knowledge gained from @BrianMurray ‘s book “Crushing It In Apartments And Commercial Real Estate” has changed my perspective on what is possible, and where I should set my aims.

The SFH I currently own was bought for 88.5k and is cash flowing $200 a month, I still owe approx. 68k. My plan from this point is to buy a 3-4 unit property using FHA or other form of low down payment financing. Due to a recent job change, I will not be eligible until February 2020.

After house hacking the 3-4 unit for 3 years, I intend to pull out what equity I can, along with the cash savings from my W2 and cash flow from my SFH (which will increase to $500 a month after I move out) to buy a larger commercial property.

Any advice or input would be greatly appreciated!

Best,

Kory Quitter

[Frank Wong]

@Kory Quitter @Joe Villeneuve

Kory, Joe is correct.  You got to be very specific and specific in your plan. If you are unsure of your plan that is fine, part of your goal could be to create a winning plan. 

You said 'I have been inspired to set a goal to own $1+ million in real estate by the age of 25".  Rewrite that goal and be more specific.  People can own $1m of real estate and have very little reserves and equity. Maybe $1m in real estate and $500k of equity? Not bashing your goal I think it's amazing.  I just want you to be more specific so when you hit your goal its the right one. 

Best of luck to you.