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Updated over 2 years ago,
Newbie Strategy Advice
I am completely new to Bigger Pockets. I came across Bigger Pockets after stumbling on "Rich Dad Poor Dad". I set a very ambitious goal of earning $250K by 4/16/2027 (~5 years from now).
Any advice on how to tackle this goal? I bought my first house for $858K. It is valued at $990K and I owe $785. I plan on moving out and renting.
Brandon Turner suggests to plan on getting ~$100 cash flow from each property - after operating expenses. $250K is $20,833 per month. I don't think I can accumulate 208 multi-family units in this time, if I acquire and flip properties. As such I think I should buy properties in areas that accumulate in value and then sell those properties transferring the profit into 1-3 large multi-family in years 3-5.