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Updated almost 5 years ago,
Best way to $2500 coc in 5 years?
Hi BP Forum,
So I'm looking for the best way (for me) to get to $2500/month COC in five years and need a little help weighing my options...and maybe coming up with new options :-) A little bit about my situation:
I have two rental properties in OKC both cash flowing $200/month (mixed average/door) after setting aside plenty for maintenance, capex etc... and am now hooked.
I can comfortably buy one property/year with 20% down (at $100,000). BUT in five years that only brings me to a little under half my goal and taps out my 'Investment savings' (assuming we stay at a steady income level).
I have been looking into long distance BRRR and have ample funding available from family/friends as soon as I feel comfortable spending OPM (which isn't this year probably).
I am a stay at home dad and can create time needed to pursue something by utilizing childcare (which we haven't done yet). I'm also not very risk averse and feel comfortable taking action on things that make total sense to me.
My options are...as I see them:
---Buy one property/year and hope for massive appreciation (not likely in OKC) leaving me with 7 properties in 5 years...that may or may not meet my goal
---sit tight for 1 year and start a BRRR funnel while saving and drinking from the information firehose.
---buy/pay off 4 properties outright to create a mixed cashflow of $7500/property/year bringing me to 30k/year...but how to pay them off...idk
---Get into mobile home investing,which Is new to me and VERY interesting but I don't know enough about it yet to make a plan from it.
Ok.. Thank you beautiful BP posters for your wisdom and generous spirits!