Next year I will start my journey in investing in Real Estate. Most likely in Commercial Multi Family. I decided to start with 2.5 Million and hope to reach a goal of 10 Mil in 10 years at which point I would like to cash out and live off the interest.
I am interested in hearing what approaches you would take to reach this goal, and if it is truly doable. I like the idea of having a 10 to 15 year mortgage and paying off any loans but this is probably not the best way to reach my goal.
Anyone who has completed a similar goal over 10 years?
Lastly I will be spending most of my time away so need to have to structure working on it’s own for the most part.
A leap into the real estate market with a $2.5 million dollar investment is quite the leap. It sounds like you are just getting started. Perhaps I would recommend investing in a smaller apartment complex to get started. Maybe something in the $500,000 price range. This will enable you to “get your feet wet,” learn a little about the real estate market and decide where next to put your larger investment. It will also be much easier to get a smaller bank loan for your first purchase. The lending requirements on multi-million dollar multi-family/commercial properties are much stiffer.
Either way - glad you have a plan and a vision. Now is the time to take the first steps to accomplish it because without moving forward it will only stay a dream.