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Updated over 7 years ago,
Young, in a great position, but needing direction
Hello all,
I'm 22 years old, married, my wife and I bring home a comfortable combined monthly income. Our ultimate goal is financial independence through building streams of passive income.. We don't want the conflict of interest purchasing buy and hold properties because we are partners in an LLC that is specifically purchasing buy and hold properties. We and our partners agreed to not pay ourselves profits for atleast 5 years if not more.
Besides Buy and Hold RE, what other real estate or non real estate vehicle can we use to build passive income streams and reach financial independence.?
Currently about 50% equity on our personal residence and with continued grind we can have our personal mortgage paid off around 1.5 years.
Currently have a $23,000 HELOC
Liquid emergency funds of $16,000
Where would it be wisest to apply our money, both on hand and the extra we earn after expense.. with $10,000 being our minimal amount for emergency funds
Thank you greatly,
-Nathan