How I Plan To Buy 5 Properties In 5 Years

So I have this plan to buy 5 properties in 5 years in real estate, and in this video, I’m going to tell you exactly how I plan on doing it. I’m also going to examine this plan and tell you the pros and cons of it, and the reason why I’m doing it this way.

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Income Goal

My goal is to be able to make $2000 per month from real estate

This would be enough money to cover my cost of living and allow me to have fun at the same time also

And the reason is because I’ll also have a paid of home

I have about 7 rules with this plan:

In order to buy the next property I have to pay off the current property

I’m only allowed to borrow 20-50% to buy each deal

I want to have a ROI of at least 8-12% on each deal

I’m allowed to use money from my stock portfolio but only taking out 4% max each year

All the money generated from the property has to be used to buy the next property unless I experience some crazy lost income for an extended period of time

I want to buy each deal below market value at last 20-50% ( I’m offering a cash offer which should make me more attractive as a buyer )

Each property has to have atl east 3-6 months’ worth of rents to cover maintenance cost

Ps. If I get 8% and my goal is 2k per month, I have to invest around $300,000 ( and at 12% that’s 200k)

What Type of Property I’m looking for and what is my budget

My budget is about $60,000 each year

I’m looking for condos, single-family homes, and multi-family and small apartment building

My market is going to be here in Dominican Republic, condos are attractive because they don’t have any restrictions, you can rent and airbnb if you want to

As far as condition, I’m looking for turn-key properties or properties that just need a face lift

The layout of the homes:

I’m looking for 3 beds and 1 bath preferred

But I’m also willing to do 2 and 1 depending on the area

Timeline – Laying out the 5-year plan

I also want to say, that this is a big goal but I’m fully aware plans can change at any time

And that I may have to slow down

I’m also aware that for 300k I could easily buy 1.5M worth of real estate but im not interested in borrowing that much money and worrying about it

In those 5 years I expect to get 5 properties

But I don’t expect to make the full 2k, because I also have to account for expenses, like taxes, insurance and maintenance

For example:

If I buy 300k worth of real estate split between 5 properties

One of those properties won’t be netting me any money ( that will be my personal home )

So the other 4 or the other 240k potentially, at a 8% return will make me about 19,200 per year and if I minus 30% for expenses, I get to keep about $13,440 a year

that doesn’t sound too attractive but look at the accomplishment

in 5 years :

I have 5 paid of properties of which one is my personal home

I make $1,120 per month Net, and halfway to my goal of $2,000

Every other property will be paid off faster

And if I stuck to my of buying at a discount I may have invested 300k, but the value of that real estate should be at least $360k ( 60k in extra equity )

Questions:

How much cash do you want per month

How much will you finance

What type of property do you want

What are your rules

And all the questions that you have, make sure to answer them

Ps. I always over estimate expenses and underestimate income

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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