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Updated over 3 years ago on . Most recent reply

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Ryan Genson
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Best steps to take towards financial freedom in my situation?

Ryan Genson
Posted

Hey everyone, I’m very new to Biggerpockets, but love that there is such a huge network of experienced/aspiring investors. 

A little bit of background, I’m an accountant, and I have 1 rental property. I have $100,000 liquid that I want to invest in Air b n b and get as close to my “financial freedom” number of $4500 cash flow. I live in a small town population around 20,000. 

My question is if you were to recommend a market or path that I should take to get as close to my goal as possible wht would you do? Buy the biggest nicest property? Or a couple of properties? I want to take advantage of the secondary home loan, and look in markets like Naples Florida, Austin Texas, or even Brandon Mo. 

In your opinion, is that $100k going to get me close to that goal? If not, how much more capital would I need?

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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • Greer, SC
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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • Greer, SC
Replied
Originally posted by @Joshua Strickland:

Based on a 20% cash on cash return that $100k would net you about $20K per year. If you search hard and run it like a true business you can net more than that and be well on your way.

I get my best returns from acquiring houses via tax lien sales. I then turn these mortgage free properties into long term rentals. Most are these are bringing in $1000 in rent. 

  • John Underwood
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