As I post this I’m looking for advice if this is this a good start for REI based on my goals? My goal is to work on rei part-time until I decide to leave my 9-5 in three years and continue to doing REI full time.
Buy 1 to 2 houses(SF or Duplex)s a year to hold and rent for about 3 years
After 3 years start purchasing more than 2 rental properties(same style) a year
During that time rehab 1 or 2 properties to sell each year.
This is a beginning all of your commentary will be at your mercy and greatly appreciated.
That is a good start, but I seriously doubt that you would be able to leave your job for REI in 3 years at that pace. What you really need to do is start with the income you would need in 3 years from REI and work backwards to determine a plan that meet that income level. Be sure to include the real world expenses for both the rentals and the rehabs. Failing to account for the real world operating expenses for rentals and taxes for the rehabs can result in quite a shock when you discover the realilty.
Simply buying rentals or doing flips is not a good goal. A better goal would be to have an income of $5,000 per month in 3 years by operating X number of rentals at Y positive cash flow and selling X rehabs per year at Y profit each. Running a business is all about the numbers. Simply buying or selling property won’t get you anywhere.