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Updated almost 12 years ago on . Most recent reply
I need to zero in on a plan for the next 4 years
I currently love what I do (federal agent), but it's keeping me from enjoying my passion of long-term travel. I have a plan to quit in a little over 3 years so I can get back to traveling, and want to invest in real estate full time. I've already taken the plunge, and have acquired 3 single family homes with built-in equity that cash flow nicely. I work 60 hour weeks, go to school full time and live in New York City, so it doesn't make it very easy to be buying while I continue to work, although I'm trying. The good news is, I make a pretty good income and live well beneath my means so I'm able to put away $70,000 a year or so.
My question is: What should my strategy be for when I quit. I like the Idea of picking up a large multi-family and traveling while it cashflows. Since I'll be able to sock away around $300,000 before I quit, I should be able to pick a place up for around 1M. I was also considering doing some flips all cash, building up my funds and then trying to get into muti-family properties. Any insight from you guys would be great.