This post is for me to ask the BP community for advice on how to reach my current goals.
Background: I am an active duty Marine officer and have been in the military for almost 15 years now. I plan to retire from the Marines 7 years from now and wish to be "financially free" that day. I want to generate enough passive income to more than compensate for my 60% reduction in pay when I retire. That should be around $4000 per month.
I currently own 4 cash flowing rentals. I have some liquid capital and about $200k equity in one of my homes. My VA loan is occupied by one of the 4 rentals. I currently live in Oceanside, CA but am focusing my property searches in SW Chicago suburbs and Atlanta. Both areas I have a team that I am working with and can handle rehabs and rentals. I am not opposed to working locally or in other parts of the country.
While I have gained some experience with the rentals that I have, I am a bit of an accidental investor since I bought most of these to live in and rented them out when I relocated. I have been obsessively educating myself on becoming a legitimate investor and am looking to aggressively work towards my goals. I spend about 50% of my time away from home in sandy places with no connectivity to the real world. Time is the biggest enemy in working towards my goals. My wife is a stay at home mom who is looking to get herself involved in the investing process with me.
I am hoping the community can help me to bring focus to my plan. What would be the best strategy for me to generate the necessary passive income in 7 years? I will appreciate any advice that you fellow members are willing to provide.
