5 Year Plan For Success

[Rianna Mcgee]

Hello all, my name is Rianna, I am 22 years old and I have been using Bigger Pockets for a few years now just to get some knowledge on REI. I have some experience wholesaling but I am still working my full time job. I want to make this post to see if I can get some insight from some more experienced investors and maybe some tips to help better my journey in being successful. My goal is to be financially free and not have to work a 9-5 by the time I am 30. The area I plan on investing in is Kansas City. I recently made a vague 5 year plan that is based off of one of the plans from "The Book on Rental Property Investing". My goal is to be able to make atleast 100k a year through rental property investing. I'd like to mention that my fiance is also going to be my partner in all of this and will contribute as well.

Year 0 (the year before I start)

-Save as much as possible from our jobs, any side jobs we do, and wholesaling.

-Work on building my credit score so I can get funding.

-Continue to gain as much knowledge as possible to prepare me for success.

Year 1 (the first buying year)

-Buy the first investment property using the money saved from the previous year (down payment on a hard money loan).

-I plan on doing the BRRRR method for this property so that I can buy another property towards the end of the year.

-Keep in mind that I am still saving money to put into more properties throughout this.

Year 2 through 4

-Continue to buy two properties a year so that I end year 4 with a total of 8 properties.

Year 5

-This is where I will sell two of the properties at the beginning of the year and either use those funds to purchase my next two properties OR to hopefully pay off at least one of the mortgages owed on one of my properties.

-As mentioned above, I will be buying an additional two properties by the end of the year. So I am selling two and buying two, never having more than 8 properties.

Year 6 and so on

-I will continue the pattern of selling two and buying two and hopefully starting to pay off multiple properties so that my monthly cash flow can durastically increase making it so that I can do RE full time.

So the way I wrote this plan is very basic as I just wanted to give the key points. I know there's going to be a lot more work put into it which is why I would like to take a whole year to invest in myself by gaining more knowledge, mostly on the numbers portion of investing. 

Please comment below if there is ANYTHING I should add to this or if you all have any tips for me as any feedback is greatly appreciated. I do want to also add that although I want to do this for the pay, real estate has always been a dream of mine ever since I was a kid. I am very passionate about houses and really see myself doing this as my life's work.