Making up to 7 figures next year (20s)

[Ben Ryder]

Not going into detail but I am going to be making as much as 7 figures next year and the following years will be 7 figure minimum. Eventually multiple 7 figures which is very possible my company. 

I want to play this out right. Currently I own 1 house and rent out 4 bedrooms and pull in 2450/m. I live for free and my living expenses are 2-3k/m. With this type of income I would like to get into multi family properties such as apartment buildings. What would you recommend? I know most people will call bs on this but this really is the case. So please serious answers only. Thanks.

[Julie Dunlap]

I'd personally recommend doing a small deal or two just to get a basic understanding of what you're doing before going bigger. Flip a fourplex and do what you feel comfortable with, get help with the rest. Then when you're hiring contractors, property managers, etc you know what to expect from them and it'll keep you from getting taken advantage of. This would also give you some time to focus in on a niche that you would like to follow. Are you someone who likes to be very active in the day to day stuff? If so, maybe get heavily into the flipping or set up a STR company. If not, maybe look into apartment syndications or more passive avenues.

Also, with that kind of money I’d recommend finding your “why” and what your ultimate end goal is. Take things slow and make sure you’re not getting taken advantage of by people who just want your money or who are not as knowledgeable as they appear. 

Hope that helps a little!