My plan to 6 figures in passive income.

[Tom R.]

Hello fellow investors . I am an absolute beginner. I am closing on my SFR in a couple of months. My goal is to make six figures in passive income in ten years . My first property I purchased for $99.5k. I put $20k down and am paying an estimated $6.5k in closing costs. I've been told by multiple people that they got a partial refund after closing so here's hoping. The house is pretty much move in ready and it should rent at around $1k. If I manage it myself and repairs stay around 10% and vacancies at 8% I should cash flow about $350 a month with C on C return of just over 12%. Currently I can save enough for another similar property in about 9 months. If all of my properties cash flow $350 per month I will need 24 to meet my goal. Right now I don't see me reaching my goals with strictly SFR's in only 10 years. Its possible but I would have to do an average of 2.5 deals per year. My hope is that I can find some wholesales or MFR house hacks that will cost less and cash flow more. I am also open to other investments. Currently I plan to manage my properties but as I get more properties I will have to hire a manager. All the property management companies I've seen in my area charge 10% and a full months rent to place tenants. I'm considering putting together my own team to manage my properties and marketing it to other investors in my area.

I'm interested to know what experienced investors think about my plan. Do you think its possible? What advice do you have for me? How can I maximize my chances of success?