Like many, I’ve been pulled into the relative REI gravity the last year or so, and am very interested in starting out.
However, when I begin reading some of these forums, I get really confused by all the terms and techniques. I obviously don’t want to blunder into some deal just to be into something, but at the same time, don’t want paralysis by analysis.
So, I thought I’d pose this to y’all and see what response you’ll give.
Knowing what you know, what would you do if you were just starting out now? I’m in my early 40’s, don’t have much, (any) savings, and realize I need to participate in some form of investing if I’m going to have any hope of retirement. I’ve been foolish and impatient for much of my financial life, but am beginning to see the light. (Gary Keller’s “Million Dollar Investor” has really helped my mindset quite a bit.)
I realize there are a lot of options to acquire properties with little to no money down, but I also realize there are plenty of ways to get confused and quickly get into something akin to a horror story. (Don’t want that.)
Here are my goals:
To retire in 20 years with $4-6k per month in passive income. (Perhaps more, if COL increases.)
To be financially secure past that for life.
I have a wife and 5 children. College is not a strong suit with me, and if my kids want to go, their grandparents have already prepaid for 2 years.
I know “the sky’s the limit” with investing, but I’m just not interested in making absolutely as much as I can; always being on the lookout for the next deal, etc. I want to participate in a very good investment medium, (RE,) and work with it until it produces what I need. That’s about it.
I don’t want to get super fancy. I get confused fast with tricky details and “creative” financing. If there are solid programs available, I want them.
So what say you? Can you give me a simple roadmap I can work that will bring me what I need, according to my tolerance level and past financial challenges?
I do appreciate your help!