All Forum Posts by: Justin Gottuso

@Tim G.

Right on. That’s clearly what’s happening.

@Zeke Liston

Thanks for sharing. I’ve been researching Columbus :-)

@Remington Lyman

Thanks for sharing! I’ve been researching Columbus :-)

@Jason Yarusi

Thanks Jason! Yes:

1. Enough rental property income to replace my wife and my income so she does not have to work/so she can CHOOSE to work or not and so I can spend more time investing and doing creative and community work

2. Teach my kids about money and investing and give them viable work opportunities as young adults (when they get there in 20 years lol. Technology is changing and disrupting almost all industries and yet people will always need housing even if robots are doing half of our jobs)

3. Then expand and go beyond my own family/community and have hundreds of thousands per year (millions if I’m honest but still working on being ok having that much money) so I can GIVE considerably to charities I believe in, awesome start ups and friends projects, as well as self fund my own businesses and creative endeavors

So... I’m looking for one or more RE pathways that can get me to my first and third goal (second is parenting and mentoring driven)

Anymore thoughts for me now that you know my goals? Thanks!

@Arnold Gordon Sr

Thanks!

@Tony Kim

Ugh. LA (where I currently live, moving to the Midwest next week). Rapid appreciation is clearly happening in south LA (I told my dad countless times over the past few years to buy something in Inglewood). But now there's nothing in LA below 600k and paying cash for properties in the Midwest that cash flow just seems like a much better play, and less financial risk. But I also like ADU's and think there's a rapidly growing market to add cash flow to single family homes.

@Eric Martel

Ding ding ding. First goal is financial freedom for my family. From my early research seems like I’ll need about 40 units so my family is well cared for via cash flow (200k per year). Is that in the ballpark? Trying to clarify what I’ll need to acquire to reach that goal ultimately, then to get to know people who have ‘made it’ there and can help me see holes and blind spots so I can smart about it.

@Tom Ott

Thanks for sharing! Definitely a viable option. Has this worked well for you? What strategies do you use mostly?

@Nathan Claire

Thanks for the substance and silliness ;-)

A modification/addition to the BRRR method I'm considering are ADU's/Accessory Dwelling Units. States like Washington have had them for a while and california just since 2016, but basically all single family homes can become 2 unit properties. So same strategy but buy, then build/add ADU, rent/hold or sell after appreciation picks up. In LA now a certified tiny house can count as an ADU/legal rental. Those might cost 50k and rent for 1500-2000 depending on the neighborhood.

@Jaron Walling

Thanks for sharing! Yea, I’m thinking of diversifying beyond RE, keeping solid emergency fund and keeping our own expenses low, then save as much as we can (leaving Los Angeles for Columbus, Ohio and looking forward to less chaos and stress so we can focus on our family and learning about RE and building wealth over time)

But then also keeping x amount for investment properties. I like the idea of paying cash for one or two properties in the 50k range and growing from there. Or put it all down on a larger multi family, maybe with some partners. Still exploring options and gleaning from other people’s wisdom :-)