Hi BPM(Big Pocket Members)!
I have a thought I'd like to run by you all to see if you think it's actually doable.
I have a goal of having 1,000 rental property's here in Oklahoma in the next 25 years.
Here's the breakdown
1,000 rentals all bought for 120k or less after all expenses
1000 rentals renting for 1200$ per month on avg
1000 rentals each at 600-700$ monthly mortgage
1000 rentals will $2,500 or less property tax each year
1000 rentals with insurance costing 1,500 per year or less
Now let's run the numbers
1000 rentals 20% down on a max of 120k = $24,000 per house or 2.4m for all
Property management fee monthly $120,000
1000 houses with $700 30 year mortgage = $700,000 monthly
1000 houses with insurance costing $1,500 a year insurance = $125,000 a month
1000 houses with $2,500 property tax each year = $208,333 per month
Total costs = $1,153,333 per month
Total revenue = $1,200,000 per month
Total cost for 1,000 property's out of pocket over 25 years = $2,400,000
Total value of 1,000 properties 120,000,000
Monthly profit after the 30 years would be though the roof at $453,333 a month.
I know theses numbers are really rough but the only one that's 100% for sure is the 1,000 rent houses.
Do you think this is too crazy to achieve?
I'm going to build it up as I go obviously and not do this straight out the gate.
It just almost seems insane that with 2.4-3m anyone can have 120m+ in properties!
This is my goal let me know if you think I'm nuts! Also let me know your goals!
