Starting REI debt free

[Nathan Orr]

Hello all! Brand new to BP and looking at getting started with REI. It's been an interest of mine for some time but never pulled the trigger on anything. I've been digging into all this a lot more recently. Probably because I know a job change is in my near future (2 years). I'm a "Dave Ramsey guy" and I absolutely won't go into any debt on a business venture. I fully understand this means I won't get rich quick and I'm totally ok with that. What I'm looking for here is any tips you all have getting started from scratch without any debt. We have about $30K saved up now and have just temporarily stopped funding our IRAs so we can save about $2k per month. We are a military family and plan on retiring near the Omaha area (currently in Memphis).

Another question is realistically speaking with an average success rate of someone doing real estate this way. What is a ball park time frame where I will be truly be just living off cash flow? ... my goal is $80-90K / year... Without any huge crazy deals, My thought is 20 years, is that fair?

Thanks for any feedback you can give. I’m looking forward to really exploring this community, and as I grow, offering anything I can bring to the table?

[Carl Murray]

@Nathan Orr

I’m in the Omaha metro. It’s really hard to say what will happen.

Right now if you’re saving $24k annually it’s going to take 10+ years per property for a “B” type 3/2 house in a suburb ($250k+).

That’s not to discourage you. Maybe you’re looking for something else. You can find cheaper properties if you want to go into parts of Omaha. Another option would be going further out into rural areas.

But right now… all properties are selling at a premium. Sometimes $20-50k above asking.

Reach out if you want to chat more.