All Forum Posts by: Joseph Liz

Hello all, I’ve got this idea stuck in my head that might sound crazy, but just might work.

So currently I have zero debt, rent an apartment for $435/mo, car insurance/gas and groceries, and other little miscellaneous things, I only spend on average of $800-$900/month. Currently I am making 80k as a nurse, which is about 60-65k-ish post taxes.

My goal would be to have 3 paid off homes (in cash) in the $100k-$120k range. Rent them out, and travel the world for cheap living off the cash flow. A property of that price would rent for 1k-1.2k if I could find something decent enough. After paying taxes and insurance on those 3 homes, let’s just average it to $300/home. And hiring. Property manager let’s average at $150/home.

So I would receive $3450 (1,150x3)

And minus the property manager and tax/insurance

From that $3450, would equal $2100 in cash flow per month for 3 fully paid off homes in that price range. Given I could find 3 deals like that.

Say I was able to continue to save the way I’m currently doing, and able to buy 3 homes for cash, what other obstacles could I encounter?

I would have no less than $50k reserves in the bank before I go off and retire and live off the cash flow.

Shouldn’t have read that damn 4 hour work week, now I feel like this it totally do-able and can retire in 5-6 years.

@Neil Schoepp thanks a lot for the reply, Neil. That’s exactly what I was looking for. A list of the paperwork and miscellaneous items needed between the seller and myself. Off to go do research on all of that, thanks again!

Hello all, Ive got a question in regards to closing on a deal.

So, say you found a good deal, on the MLS, Zillow, or whatever. You've got enough for your 20% down + closing costs. You're in contact with the seller and they accept your offer. What now? What are the following steps that are in between having your offer accepted, and to having someone put the units keys in your hand?

Also, Is there much of a difference between buying a property from a private seller? Say you do the door to door method in finding deals and the seller decides to just sell to you. Compared to looking at Zillow and going through a real estate agent that is listing the property?

Hopefully I’ve made these questions clear!

Thanks guys