I'm Hungry, I'm Driven, I'm Chomping At The Bit... thoughts?

[Brett Childs]

Here is the deal. I finally need to get real and lay it all out on the table. So short background and then I'll give it all away to see what you have to say. 

My wife and I officially started investing in real estate 2 years ago when we spent every dime we had saved on our home and renovated the basement to have renters. We both had just graduated from college (with no debt) and had no idea what we were doing. Long story short and with some hard lessons we now have renters and they pay 3/4 of the mortgage with very little maintenance. It is incredible.

Our goal is to have 10 rental properties (duplex triplex fourplex) bought, paid for, and fully rented before I turn 50 (23 years from now) so we can be financially free and take on the world. Then I started to read, listen, and study and I now feel that dream, though reasonable, is just drastically undershooting the potential that we have, and saving the freedom for the end of our lives. I'm sure that goal can be reached and exceeded long before then. I listen to these guys on the podcast with hundreds/ thousands of doors under their belt and living the dream that I have. I know it can't be easy, I have listened to hundreds of success stories and it takes incredible persistence and determination, but now is the time to start.

Here is what I have:

• $40,000 in cash (thanks to my amazingly frugal wife)
• A home that is currently 10% paid off (thanks to our amazing renters) 
• a $90,000/ year W2
• 0 debt other than our house
• More drive, passion, and grit than anyone else

So my question is... who has been in my shoes, and what are you doing now/ have done to accomplish the dream?

It is now my time.

I look forward to learning from the true winners within bigger pockets.

[Thomas S.]

First step is to educate yourself on the value of money. Your financial plan is good up the point of saying "fully paid for". That is not investing, equity is where cash goes to die.  You will lose thousands per month in lost income and decades of wasted time on your path to wealth with that philosophy. Additionally when the markets turn you will lose it all. You would be farther ahead to put it in a safe and secure managed investment fund.

Investors make millions and become rich by using OPM not their own. You must spread your cash around to achieve your goals. Paying off rental income properties is not the path to financial freedom it is a hoarders mentality.

You can cut your path to success in half or less by understanding the true value of cash is not allowing it to die a slow painful death as equity. 

You have the income and hopefully the credit to move forward now. 

You can begin to hoard money after you reach your final goals not before. In the mean time be a investor not a hoarder of cash.