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Updated over 17 years ago, 04/26/2007

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65
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stuck on my plan....

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Posted

I'm trying to write a plan of where I want to be in the next 5 yrs and how i'm going to get there. Problem is, I'm realizing writing a plan is not as easy as it sounds. I have an idea of where I would like to be but coming up with actual numbers is making it really tough. I have seen all the "I made 30k in 20mins" posts and i'm not doubting anyone that says they did but until I see the cash in my hand it's not a realistic expectation to me, especially since thats what I make in a year.

for instance, I started with :

6months - repair credit and pay down debt , bird dog property for investors, purchase a personal home and stop paying rent, learn to wholesale property and equally divide proceeds between paying off debt ,saving for down payment on rehab or rental and personal savings account

1yr - locate property for rental investment or rehab/flip, continue to wholesale and equally divide rehab proceeds between paying off debt, reinvestment in other rental or rehab and personal savings.

2 yr - own at least 2 or 3 rental units with good positive cash flow, continue to rehab and wholesale pay down personal mortgage and reinvest in rental/rehab units. acquire and hold vacant land in outlying area of the city for future development

3yr -acquire 1-3 more rental units, continue rehab and wholesale
and divide proceeds between rehab/rentals, paying off personal mortgage and adding to personal savings

4yr continue to add rental units, continue rehab and wholesale
and divide proceeds between rehab/rentals, paying off personal mortgage and adding to personal savings, buy and hold vacant waterfront land in outlying areas for future development.

I just cant even think of any numbers to add to the plan since i just have no clue what to expect as a realistic return. The reason i am also concentrated on acquiring land in outlying areas is that I live in one of the fastest growing cities in the US, largest in sq miles and it just keeps growing in a huge radius.

it wont be long till someone will want my vacant lots. I'm kinda torn on that though, I really, really, REALLY hate the tacky little cookie cutter subdivisions and i'm not sure what I would say if someone approached me with an offer to develop land that I owned. I think I would rather build a new dragstrip/dirt track/motocross track instead of having to look at another strip mall or subdivision.

anyway, hows my plan look so far?

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