It’s been a learning curve with all this, but we have to start our empire somewhere!

But, that's before taxes.What rental property does is generate long term wealth by accumulating assets and having someone pay for those through rental income.If you want to own enough property to quit your day job, you'll have to figure out what you feel is comfortable enough to live on and then figure out how many units you wish to own.If you really want to build a real estate empire, you would have to buy a lot of residential units or large commercial property and run it like a business.

Business Ownership and Real Estate are the two biggest vehicles towards building an empire.

The best you can hope for is a property manager running this one rental for you who is willing to naively believe that you're on track to build an empire.

I help run a property management company in the Inland Empire and I've seen a lot of growth in that area.

Purchase price: $170,000 Cash invested: $10,000 Paying yourself by putting 30% to the side to create an empire

A 12 step plan to help you get your SH*T together and begin building YOUR rental real estate empire, whether it's 1 or 1000 properties!

A 12 step plan to help you get your SH*T together and begin building YOUR rental real estate empire, whether it's 1 or 1000 properties!

A 12 step plan to help you get your SH*T together and begin building YOUR rental real estate empire, whether it's 1 or 1000 properties!

I did this,  My wife and I and our good friends of 25 years bought a beach property together as a personal use property, then decided to start our "Rental Empire". it's time for some frank conversations with your friend to see if you two even want to be partners (Or can be).