Quote:
Originally Posted by jamg
im 24 now, and my plan is to dump 80% of my salary into a property home.
im going to live with parents and hopefully buy a piece of property every year for the next couple years. i've got 6 years till 30, so if i can own 8 or so, even at $1k rent a month.... that's an extra $100k-ish on top of what i would be making at my job. the good thing is that my aunt is in real estate so she knows the business as well as manages a ton of properties.
i'll be able to live my 30s with much less financial stress Lol
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good plan!
1k profit a month? that is asking for a lot. Don't forget about putting cash aside for maintence and operating cost (ideally 50% of the rental)
My highest performing property brings in $1100 profit a month from rent. Putting aside half of that, and paying for operating costs such as paying for taxes and insurance, its only yielding a couple hundred a month. This is pretty typical for an investment rental property unless there was some creative owner-finance purchase method involved
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