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Updated almost 4 years ago,
Need Strategy Help! I would like to buy 2-3 houses this year and
Ok so here is my deal. I am in the process of starting my Real-estate investing business. I will be moving to TX in 2 weeks to get familiar with the area and find locations for deals. However I am a little challenged I think but can't seem to get a clear answer. I am almost 52 and getting started late. I lost my job a while back and decided I need to do something to secure my future. I am looking for financial creativity with my current situation. I will list what I have below and trying to see what I can do to scale as quickly as I can with my temp. limitations. Keeping in mind that I will get a W2 job I am just trying to see what I can do in the next 2 years. Any help is appreciated.
*I would like to buy 2-3 houses this year and I would like to get 6 next year. Trying to figure out how to do this. Love to hear your thoughts.
Financial- I have basically $60k in cash and another $55k in IRA. I also have access to another $60k in a 0% interest credit card. I have also been pre-approved for a hard money loan up to $131,250.
Credit- My credit score is about 820
Employment- Currently unemployed and doing some gig work i.e. Uber/Insta Cart and other side jobs. I will be looking for a job when I get to TX but would rather not work full time if possible. However I can if I have to. PLEASE SHARE YOUR THOUGHTS!!!
Goals- Ideally I would like to have about $7-$10k a month in passive income and maybe $2-$3 million in assets. I would like to accomplish this within 5 years. Is this possible? If not what is more realistic?
Thank you so much for your time and consideration :)