New to Bigger Pockets: First Goal

[Joanna Liriano]

Hey folks, 

My name is Joanna Liriano and I am dead set that I will buy my first property this year. I am reading Real Estate Rookie by Ashley Kerr and I am learning about real estate as if it was a part time job. I've worked on my first goal and just wanted to share it with you guys. I feel that the more people know about your goals, the more pressure there is to make it a reality. #Accountability. I am open to hear feedback, advice, and/or some guidance. So here we go:

I want to profit $15,000 per month by 2033 because I want to feel financially free so I can still make a living without having to work as someone’s employee. I will do this by buying 15 small multifamily properties in North Jersey that yield at least $1000 a month in profit through short-term rentals.

• Leads: I’m going to search for properties in Hudson County, Bergen County, Passaic County, Morris County, Essex County, and Union County. I will speak to a housing counselor for down-payment assistance programs. I will compare loan officers for the best home mortgages and pre-approval. I will also find an experienced real-estate agent who can help me find good deals.

• Analyze: I will analyze real estate markets through AirDNA and estimate how successful Airbnb would be in that area by calculating average daily rates, occupancy rate, and revenue. I will compare these results with long-term rent prices to see which option is better.

• Propose: I will offer no more than market value. One out of three offers tend to close. I need to offer at least one every four months. This means I need to analyze 5 deals a month, or one deal a week.

• Success: Close on the first contract.