Seeking Guidance – Engineering plus a side of Real Estate Investing

[Austin Plough]

Hi there!

I grew up dreaming of becoming an engineer; being involved in designs of products and systems that make the world a better place. Today, I work in engineering, supporting efforts in commercial and military engine controls. While this work brings me fulfilment and is challenging, I am eager to get involved in Real Estate investing, so here I find myself on a Bigger Pockets forum.

Curious, are there any engineers out there who find themselves in a similar situation or whose experiences are relatable? If so, I would be interested to connect to hear your story!

My wife & I are renting as we save for our first home. Along the way, we are learning as much as we can. One of my favorite episodes of Bigger Pockets was from July 4th (2023), where encouragement was given to identify the following in a home: 1) Location, 2) Type, 3), Price Range, 4) Condition, and 5) Profitability (what makes the deal). Talk about getting specific!

Addressing these items, I am keeping an eye out for an older single-family home with basement (or similar space to House Hack) that is a fixer-upper in Garfield County (CO) with a listing price of $400,000 to $600,000. We are saving aggressively, with hopes that we can position ourselves to buy in mid to late 2024 with 20% down (or close to it). The last item, Profitability, presents some challenges, as I am unsure about how to define a deal we ought to pursue. Obviously, it must cash flow, but how much cash flow is realistic?

I often find myself looking at things from a million angles, so anticipating I will need encouragement to take the leap on an emotional financial decision that would be our first home.

Thank you for taking the time to read this post. I look forward to seeing this promote engagement!