Need help with my next real estate move
Hi guys, I currently have 2 SFH's and my end goal is to make $10k/mo in cash flow.
I’d like some advice about how I could turn these houses with equity into more significant cash flow.
House A is a rental that has about $150k in equity and $250/mo cash flow.
House B is our current residence and has about $70k in equity.
I’m thinking of doing a 1031 and taking the $220k from both houses and using it as the down payment to buy a multi unit complex for around $1M.
Assuming the 2% rule, I would take my time to find a $1M out of state multifamily with gross rental revenue around $30k/mo. I assume from there the net cash flow would be around $10k/mo left over.
These are obviously rough numbers but just curious if you guys think this is feasible?
Thank you!!