Tools or Apps to help me with my real estate journey

Tools or Apps to help me with my real estate journey

Member since 2021 · 9 posts · 2 votes

Hello, I am working on my financial independence plan - my goal is to generate a passive income of $10k a month. I have decided that I want to generate 50% of my passive income from stocks/dividends and another 50% from real estate. Although, still not sure about the split.

I already have:

- healthy 401k and I contribute the max

- roth IRA- I own my primary residence (have a mortgage)

- I own one rental property (with a mortgage), which is cash flow positive

- I also have $30k in savings

My plan is to continue saving and start buying other rentals. I am targeting 3-4 properties in cash flowing markets. Once, I buy them, I plan to aggressively prepay them and increase my cash flow.

I am looking for a tool, app or website that can help me create a financial plan to continue saving, investing and financing properties. Has anyone successfully implemented this strategy? Any thoughts and advice?
Thank you

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  • Scott TrenchPro Member
    Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
    2y

    You can pay a lot of a software... or you can do the following: 

    - Assume you are handed $2.5M in cash in 10 years (pick your number). 

    - Take a blank sheet of paper, and a pen/pencil. 

    - Draw a big circle on the paper. Section the circle off into buckets - label them "real estate", "Stocks", "Bonds", "Cash", Alternatives, etc.

    - Look at the allocation and make some assumptions about cash flow and growth. 

    - Iterate on at least 3-5 more sheets of paper until it feels right. 

    - Back everything about your financial plan into that end state. 

    - NOW, run your draft plan by a CFP or three. 

  • Member since 2021 · 9 posts · 2 votes
    2y

    Thank you @Scott Trench

    @Scott TrenchI was looking for something simple, where the tool can help me with building the real estate portfolio. I manage my stocks well. Most CFP I've met have given me generic advise 

    I think I have my answer

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