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By the end of 2015 I will have 10 properties I am receiving checks off of monthly, either via rental or owner financing (this is the goal). I currently have 1 rental property I cash flow insane off, and 1 property I bought cash and sold owner financed. These were practice runs. There is a decent chance I am going to pick up 6 new properties by the end of January and if that happens I will consider bumping this number up to 15. I have two others I am working on as well. I recently reconfigured my retirement and cash reserve situation so I am in a decent position to be able to buy 10 properties, and even more if I decide to convert my IRA to self directed, and I have investors lined up already if I need them if things really start rolling. I have spent an entire year working on my business plan and model in my spare time as well as testing the waters with one of each type of transaction, and I think I can pull this off. If I can meet my goal this year, and 5 subsequent years, I believe I can retire before 40, which is my goal (I am 32 now). I have put an incredible amount of work into this, sought advice from very successful people, and been humble and willing to learn at every step. Even if it does not work out I have learned enough already it was worth it. If in a few months I am having success I might post a thread detailing what I am doing.
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Dec 30, 2014 02:50
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Harry posted:I'm not sure if it's just the wording, but you can't manage the property if you use funds from your self directed IRA. You'd have to invest in someone else's property. I know, that part is annoying but if I find a property or two it makes sense to have someone else manage then no big deal
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Jan 2, 2015 18:09
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james1844 posted:Please do let us know how you're able to work this out. My wife and I have three investment properties, but we keep getting denied by the banks - I think the concern is that we have too many mortgages. So if you're able to solve the problem of how to get more property without bank financing, It would be great to hear about it - so far I haven't seen a good model. The 6 I had a shot at temporarily fell through as one guy in the deal just had a major personal situation come up. I got two offers on cheapo fixer uppers out now, I think one will get accepted and the other will not. Sent out 607 targeted letters last Thursday. I tried to PM you. Have you looked into a portfolio loan? I have some other stuff I was gonna say in the PM also. My dumb side thinks I should quit my job and focus on this full time, but my analytical side says no way. If I can turn three deals in 60 days I'm going for it though, I got like 9 months of living expenses (separate from business funds) and a unique niche without much competition.
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Jan 20, 2015 00:49
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Ribsauce posted:By the end of 2015 I will have 10 properties I am receiving checks off of monthly, Got 1 locked up, 3 total, 7 to go, looking at 2 more this week.
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Jan 25, 2015 22:49
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