My path as an investor

[Nana K.]

Hi guys, 

My goal is to have $20000/ month in three years after taxes from real estate. After many months of educating myself through podcasts on BP, forums and also YouTube videos this is what I hope to achieve. I have developed relation with a realtor who understands what I want as an investor. A lender has approved me for 10 homes with 4 homes requiring 10% down if they are homepath homes or 20% on all SFH,and lastly 25% if 2-4 units . I have a CPA who also knows my plans.

I do have a decent job and great credit but very less savings because I sent a lot back home for a projects until I realize how leveraging in this market can propel my goals faster. 

I intend to buy at least 5 SFH each year and shot for $80 to $90 000 homes with very little reno cost that rent easily 1300/monthly. My market is great for families and also has highly rated schools. I will like to use creative financing like subject to after buying maybe 3 SFH. Any advice as I start this journey.

[Nana K.]

Its unbelievable that you guys take your time to even write a line on my question. Thank you guys all.

@Sharad:
Thank you sir, I do have a contract on one property which is 86k and with 10% down, PITI $654. i factored property management to be 120 but wont use them now since its my first. I factored 150 monthly maintenance. Rent income is $1200 or can even do $1250 if i upgrade kictchen with backslash and stainless appliances. am not sure how to quantify vacancy but overal possible cash flow around $350 monthly, take 1 month out for vacancy and year cash flow maybe be $3000. not accounting for taxes, depreciation and equity built. I think my numbers are accurate but am open to all advice.

@George P.
Thank you George, yeah I set it high enough so I will be chased by a pitbull goal which will make me run faster with purpose than a chihuahua goal. All said though, be ready for me to bug you with questions on how I attain this goal.

@Anil
Thank you sir. By using my w-2 rat race pay, family pocket, private lending and hope to be very experienced in creative financing like subject to.

@ hello Seth sherman, surely will be a different thing as a real landlord. Am here for the marathon.

@Daniel Guillermo
Its a crazy feeling but yes I have one under contract and already looking to pick up at least 5 by the end of the year.

@Andrew Lanoie
Thank you sir. I hope to have a mentor soon who will help guide me in this path.