My Real Estate Goals Summed Up!

[Kaitlyn Robinson]

Hey all! It's Kaitlyn here making another sort-of-kind-of introduction. 

I'm hoping to get a ton more advice, some suggested reading material and articles, and possibly some constructive criticism from the pros here on BiggerPockets. Maybe sharing my goals and journey here will help keep me motivated, or at least give a guideline to other aspiring investors. Heck, maybe I can even get a mentor or some people who want to work together? (A girl can only hope)  

My ultimate goal is financial freedom, of course! I think that's most everyone's goal, and I've run back and forth on how I'd like to achieve that. I've been all over the place but, finally, I decided that in order to create passive income, build wealth, and eventually retire is to make money work for me. To me, this means owning investment properties. 

How can I make money quickly to buy investment properties? I landed on becoming a real estate agent and wholesaling homes. I'm currently working overtime at my minimum wage job to get my real estate license (taking the classes costs more money than I have ya'll!). I'm reading a bunch of stuff here on the forums when I have free time, and have started reading books like Rich Dad, Poor Dad and The Multifamily Millionaire(Please send me more suggestions!) From there, I'm gonna learn to solve the problems in my market and sell real estate with integrity, start wholesaling and stacking the cash and then go buy properties! Simplified here but you get the gist, right? 

I might've gotten ahead of myself, but I decided how much money I wanted coming each month to be comfortable and then I worked backwards to figure out how many and what type of properties would get me there all while working on my credit, employment, and savings to get myself ready to buy houses. Bringing us to my 'Become a millionaire in 5 years' plan!

My first officially active investor year I'm declaring to buy a fixer property to do the BRRRR method, house hacking a triplex! Please don't burn me because these are estimated numbers that I came up with with the little knowledge I have now... It may be completely botched, but remember, I'm still learning and this will probably definitely change as I learn more.

So, my first year, the plan is to save $30k down to buy a $600k triplex with the total rent being $6000 but since I'm planning to live in one of those, it'd be $4000 in rental income monthly with the mortgage being $3200. $800 a month profit! Live there for a year, then move out to...

My second year plan is a fourplex! $40k down for $800k with rent at $8000 mortgage at $4300 while still getting revenue from my triplex, with the full $6000 now.

Third year, $1M fourplex, $50k down, $8000 in rent, $5300 mortgage

Fourth year, $1M, $50k down, $9000 in rent, $5300 mortgage

Fifth year!!! Same as the fourth. 

So by the end I'll have 5 houses. (ALL ESTIMATES OF COURSE) But the total would be $40,000 in rental income PER MONTH with cash flow of $16600 after the $23400 in mortgages are paid. Yes I'll have repairs and all that fun stuff but $16,000 a month is pretty sweet to me. Not to mention the $796k in equity!

I hope to be extremely active here and intend to get started on my real estate journey as soon as possible. As always, I'm a sponge here to absorb as much advice and suggestions as I can. Hope to hear from you guys. -KR