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Updated over 11 years ago, 05/08/2013
Newbie seeking assistance from investors I am experiencing analysis paralysis with my road map/plan.
Bigger Pockets is the best real estate forum ever, I have gained so much knowledge within a few months and is still learning. One of the topics that I think is very useful to new investors is creating a road map or plan for your real estate journey and this is where I am stuck. Start with the end in mind, is a very useful and powerful phrase I picked up from Bigger P.
My real estates Niche is multifamily units and my strategy is to buy and hold with intent to create passive income. My plan is to get an FHA loan and purchase a 2-4 unit apt in an urban neighborhood that can generate between $500-$800 per month in rent and keep building my real estate portfolio.
My goal is to own at least 10 property within 10 yrs and I think its very attainable. My immediate goal for the next 2-3 yrs is to generate an income of $10k per month which will allow me to leave my job and focus on real estate, and I constantly ask myself this question:
"How much properties would you need to obtain your short term goal so you can get to your long term goal"?
Is there any post or blog I can read to give me a step by step or an outline of how to create that road map ?
Can some seasoned or new, investors share their experience on how they created their road map/plan and where I should start I am SO STUCK? I like to have clear cut goals so I know why I am doing this and the end result of doing this and so far I have not been able to put all the pieces together.
Thanks In advance, I appreciate any advise.