I’ve been talking about my short term goal a lot:
buying a multi family home, living in one of the sections, renting out the other sections and living rent free.
But what about my long term goal?
That’s a good question. My dream is to be a full time investor and entrepreneur.
I love my current W2 job(s). I love interactive design. But I want to be an entrepreneur…and I’m not talking about being a freelancer. There’s a big difference between freelancers and entrepreneurs.
I’ve been immersing myself in my education: books, blogs, podcasts, forums (specifically from BiggerPockets), and talking to people who are actually doing it. Now that’s an education.
I’ve learned that real estate consists of:
1. Your niche
2. Your strategy
A niche could be anything like:
- single family homes
- multi family homes
- commercial real estate
- large apartments
- small apartments
- REITs (which is basically like a mutual fund for a giant piece of real estate
There are many, many more niches—the list goes on.
Next is your strategy:
- Buy and hold
So here’s my long term goal for the next five years: (and of course, goals must adapt over time)
My niche: multi family homes
My strategy: buy and hold (that just means I’ll hold onto it long-term and collect the monthly cashflow)
I want to do this until I am making $4,000 per month in passive income by the time I am 30 years old (I’m currently 25).
During this process I will build my network organically (you can read about that in an earlier post).
I will then launch a fix and flip company. I will then have two niches and two corresponding strategies:
Niche 1: multi family homes
Strategy 1: buy and hold
Niche 2: single family homes
Strategy 2: fix and flip
Another option is to wholesale on the side. Theoretically, this can begin immediately. I will write another post about wholesaling soon.