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Updated about 7 years ago,

User Stats

1
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1
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Clarence Brown III
  • Port St. Lucie, FL
1
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1
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First time poster- Planning stages

Clarence Brown III
  • Port St. Lucie, FL
Posted

Hello All,

First post! I’m 35, and I'd like to create residual income that I can depend on within the next 10 years. I’ve been listening to the podcasts, researching online and getting my financial house in order. I’m looking for some tips, here are some details.

  • I’m 35 and employed with low personal debt
  • My only direct experience in real estate is buying my home and finding office space for the business I work for

The plan (please critique) ;

  • I would like to build residual income in the amount of $60,000 yearly (after expenses) within 5-7 years
  • Main strategy will be buy and hold rental property
  • I would like to use an LLC to house these investments (Quitclaim deeds)

What has been done so far (please suggest);

  • Personal Finance Management (Emergency fund, freeing up lines of credit)
  • Researched Corporate Credit and building history (vendor credit/other strategies)
  • Researched starting an LLC (plans to complete before the end of the month)
  • Currently practicing deal evaluation to hit cash on cash ROI (so that I'll know a good deal when I see one)

I would like to invest in rental property that generate 6-13% cash on cash return (depending on the deal). To start I would like to leverage my personal income or find investors then house these properties in my LLC using quitclaim deeds. Eventually (after 3-4 years) I would like to start buying properties through the LLC. I don't mind starting slow as long as I'm building a solid foundation.

I try to value things correctly so if my plan is fundamentally wrong let me know and I’ll go back to the books. I can’t help but think I’m missing something, or a lot of things.

Thanks everyone,

C.J.

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