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How to get to $30k/month if you were me?
Hello! I've learned so much on BP, mostly from lurking over the last few years as I prepare to shift full time to RE. I'm curious to tap the brain trust here on any angles I may not have considered. Would love to hear your thoughts or strategies if you were in my shoes.
I am 40, a creative director burnt out on the advertising industry, and ready to do construction/RE/rentals full time. I think the world needs more homes, and I want to be more involved in providing people a place to live. I believe builders and landlords do the country a service.
My question: What's my best angle to dive into RE, given my skills and assets? I have the sense that I have a lot of good building blocks to work with, and I have some strategies I'm considering (like build and hold), but I would love the thoughts of the community.
My goal:
Net worth of $10M, or $30k net monthly income. I think this is a modest goal, in this day and age.
What I have to work with:
- An LLC (currently just run STR taxes through this)
- A Type S Corp (I run my ad business through this, but will shift it over to construction)
- A General Contractors license in the state of Oregon, tied to Type S Corp (have had and maintained since July of 2022)
- A construction skillset. Have built a couple dozen homes since my early 20's, on the side as specs and for us personally. I have tools for everything from concrete forms to finish carpentry.
- Two homes: a primary residence and second home that we STR most of the year when we're not there. Both in Oregon. One worth $600k, one worth $400k. Combined debt on them is $394k.
- A $300k HELOC on the second home, at prime + 3% with a 20 year draw period. Balance $0. Just closed on this, and it's the final piece in my plan for a career shift.
How would you reach my goal, if you were me, starting with these tools and experience? I guess I'm hoping for ideas other than "use the HELOC to finance construction of a spec house, rinse and repeat."
Sorry this post is so long, no need to reply unless it's interesting or a fun thought experiment for you. TIA, and thanks so much to this community for the generous sharing of knowledge. One of my favorite places on the internet for keeping it real.