Posted by Justin-IL on March 18, 2000 at 08:20:20:
My goal is simply to be able to do what I want, when I want. It’s all about freedom. I look at it like this: Having time for myself, my family, and my Church is #1, and if I become a millionaire in the process, great!
according to the book, “The Millionaire Next Door”. I presume that most people investing in real estate are in it for the money, income, wealth generation, or how ever you want to express it, but the money. Most probably have some goal of some sort and a MILLION is a nice round number. And the millionaire show doesn’t hurt either. Or the standup comedian/real estate investor of that other tv show.
Do you want to be a millionaire? As being having at least a million in NET worth. Many on this board have had great sucess already and many more just starting out will obtain their goals. what is your financial goal? 1 million, 10 million, 100 million or more?
Faith and family, then work. REI allows us the freedom to dream, to know that we can accomplish what we set out to do.
My goals? 100 rental units, which, based upon my current empire of 8 units, would be about $2million net worth, and about $250k annual before tax cash flow.
My goal is to have a blast–everything else is cream! - Posted by Lisa in Oz
Posted by Lisa in Oz on March 17, 2000 at 19:06:33:
That’s the truth. What’s the name of that book? “Do What You Love and the Money Will Follow?” I’ve never read it, but I believe it. Had a meeting today with a guy who just might assist me in making a ton of money which is cool, but the best part was just sitting and talking deals. Beats any JOB.
I’m not so much interested in net worth as I am in putting together good deals, enjoying them while I’m at it, and generating some nice low-maintenance, long-term cashflow, so I can go where I want, when I want without an employer or clients breathing down my neck.
However, that cashflow comes from assets with value, so to generate whatever income you deem necessary you will have (unless you’re doing all lease/options) a cooresponding net worth. So if you want say $10,000-$20,000/month you’re going to be controlling millions in assets.
Besides, saying you are a real esate financier with $10,000,000 net worth is always nice too
I tend to agree it is a numbers game with the goal being to control a sufficient number of units to have sufficient cash flow. As such the net woth s somewhat irelevant what is more relevant is the the size of the cash flow that it generates. I feel that with r/e if I I want 300k before tax today that will be equiv amount in 10-20 years time.
Presently I have the same goal (100 units) and am at 48 units when I settle early april on another block of 15 units. This will take cash flow to $8000 p/w.