All Forum Posts by: Kenneth Lee

7 years is a bit arbitrary, but I envisioned that I would like to have built sufficient assets and passive income that I could retire early, preferably before my son reaches college age. Would love to travel and not worry about working while maintaining our current lifestyle, which is pretty modest. My wife says she'd probably go mad if I was around the house all day, so possible I'd just pick up something else... possibly REI or golf to stay out of the house :-)

First of all, I'll say you guys are incredible.  Thanks so much for the plethora of ideas and information to chase down.  I intend to pay this forward by chronicling how this pans out as I get things rolling.  Now I'm going to go back through this thread and try to reply to specific posts.  Not sure if that's the proper BP etiquette or to try to consolidate all the replies into one uber response.  

Sorry for misquoting -- but wouldn't flips require nearly as much effort?  I envision myself being the "sucker" in many of these deals trying to remotely manage things.  How do successful flippers do this at scale?

Appreciate the advice -- it seems like syndications are a good passive option and having capital locked up for several years isn't a concern.  How would you vet for good and trustworthiness?  There are well marketed ones such as RealWealthNetwork (which seem to have a reasonably good reputation here), and I've seen some proposals but honestly lack the skill/experience to vet whether the plans are for real vs. just well marketed.

I do want to keep the day job -- I enjoy the work and I've been positioned for success/growth.   I project that I will have 7-10 years of increasing earning capabilities before I become "too old" for this line of work :-).  The good thing is instead of upsizing our home, we're pretty good at living within a budget and putting everything else away

I undoubtedly want to find a way to snowball this, that's for certain. That having been said, I am skeptical that I would be successful at flipping without a significant active time investment. I'm sure there are those that have come up w/ good systems, but I understand that the out-of-state BRRRR or flip is fraught with peril for "dumb" money. Happy to be told that I'm misinformed, but I suspect this will not play into my wheelhouse.

Above/beyond what I'm putting away in 401k/IRA/529/taxable accounts, I want to invest $200K/year for the next 7 years. What would be effective ways to parlay that into a great passive income? How would you do it if you couldn't spend time to do flips/BRRRR or get heavily invested into the day-to-day?

Curious what sort of general strategies people would employ here?  Blow it all on one large MFH each year?  Acquire multiple SFHs?  Invest in syndications?

Have SFH which was appraised last week @ $172K. Currently have $107K remaining on the loan @ 7.375%. This should have been a cakewalk, but turns out there was a charge off on my credit report that was paid in full a while ago, but not cleaned off my report. I'm working on removing the item, but no guarantee and it's 30 days to process the dispute. Anyway, I guess this screws me for FHA despite credit being ~740 across the bureaus.

Since I'm paying 7.375% almost anything would work out better.  Just reaching out to see if any investor savvy lenders in OK want some easy business. :)

Thanks Lane -- very interested in hearing some of the scaling challenges!  I feel like I had a small taste of that today -- hours spent talking on the phone/filling paperwork to refinance one property.... Cannot imagine this if one was trying to acquire multiple properties per month.

That's very generous -- would be happy to chat more!  I'll PM you!

I'm open to any area of the country and I suspect that I will not have the time/skills to either find or create value out of the properties near Seattle. I ended up going with Verity Credit Union for the HELOC.