How to get to the next level??

[Vincent Plant]

I made a goal in 2018 to get to $10,000/m in passive income and my wife and I would quit our jobs and live off the income.

Over the last 2 years I’ve purchased 4 single family rentals using a 20% down conventional 30 year mortgage, including one that I Brrrr’d. I have another under contract currently which closes at the end of the month which will bring my total monthly passive income to about $2,500. All the while I’ve saved all my rental income and rigorously saved income from working so I’m still sitting on a nice chunk of capital to continue to push forward and buy more.

I’m proud of what I’ve accomplished but at the same time I feel discouraged. I’ll now own 6 properties and 6 mortgages to worry about (including the one I live in) and I’m only 1/4 of the way to this goal. I feel like I’m nickeling and diming my way along as there is a ton of work left to do. I want to have faster results and get to where I want to be faster. At this rate of 1-2 purchases per year I’ll need about 20 homes and alternative financing because I’ll be maxed out on loans. It just seems like there are people out there growing faster and getting exponential results in small periods of time.

How do you get to the next level here folks? How do you go from enjoying a bit of extra income from your deals, to living the free life full time off of the fruits of your labor?

[Frank Hinck]

@Vincent Plant

Duplex-Triplex-Quads are the next step. Then maybe a 8-10-12 unit once you show banks you can manage smaller multi family. The opportunities are fewer for bigger properties but it’s less hamster in a wheel than trying to get 20 SFHs.