Hi all,
TLDR: I'm 50 and want to scale quickly and be FI in five years. For my first MF, should I start small with a duplex or jump straight to large MF since I want to eventually get there anyway? I.e., is there value of learning how duplexes work before going big? Seem like completely different beasts.
Long version:
My wife and I have had a primary residence for many years, 401ks, the traditional plan. W2 employees, stumbled on BP, listened to podcasts, got my wife onboard, got a heloc, analysis paralysis. The usual. That said, I'll be 50 next year so time to get moving.
Goals:
1) FI in five years / ability to leave W2-life if we choose
2) Greatly reduce tax burden (mostly traditional 401k/IRA $ vs Roth)
3) Have a SCALABLE / manageable business. I don't want to build a haphazard, time-sucking, disjointed business.
4) Teach / show / prove to my teens the power of REI
5) Bonus goal: Have one or more properties appreciate significantly over the next 4-5 years. I say bonus because I know I can't control this.
Strategy:
I can't say I'm passionate about MF but it seems like the most logical way for me to scale up quickly given my age.
Next major step for me is BPCon so any feedback/guidance before then is tremendously appreciated.
Kindly,
Jon
