My Budget For My First Rental Property

Before I had my first 100k in stocks, I first started planning how I was going to get to $1M, and all I had invest at the time was about $7 or so. That’s a real story.

So I sold my personal property and I don’t have a rental property yet, but I’m already planning on how I’m going to be making $2,000 every month from real estate. SO in this video, I’ll share with you guys my first phase.

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First off: as you hear my numbers, a lot of people are going to say, its not possible where they are located, with their income and their current situation. But change that I cant to how can I; put your brain to work. Whatever man can do, man can do.

What I’m looking buy

Im looking to buy single-family homes or condos

That have 3 bed and 1 bath minimum

My budget is $60,000 but I want to get a discount of at least 10-20% ( so I want the property to be worth around $66k – $75k ) that way I have built in equity

I have some rules: but here are the main ones

Pay cash and if I borrow, borrow no more than 50%

Only buy another property once the other one is paid off

Get aleast 8-12% return or 5% if the property is an amazing location

How I plan to save all this Money

First I plan to save 40% of my income

Second I plan to withdraw 4% from stocks each year

Third I have some savings from the house I sold

All together this can help me purchase real estate for the first 2 years

How much Money would I make From the Property and what is my goal

First goal is to make $2,000 from real estae

But here is the break down

If the Property a Cost me 60k and it is worth 75k

First I have 75k in equity

If I can make 8% from rent that’s about $6,000 a year

After I minus Property taxes, insurance, vacancies and repairs lets say I keep 70%

So that’s $4,200 a year in cash flow or $350 per month

Its obvious now that to get to $2,000 per month

This is simple math and a lot of stuff can wrong, who knows

I’m going to need around 5-6 properties

Which will take me about 5-6 years

Phase 2:

Would be for me to consider trading in all those properties and getting an apartment building

But that’s another for another day

Ps. Remember properties appreciate with time, and rents also go up

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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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