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Updated about 5 years ago, 11/01/2019
RE Strategy for working on the road and long hours
Hey BP,
I’m a recent college grad I just got my first job working in the construction industry as a safety engineer. Every couple months I move into a new area. The upside is great I can stack away 40,000 to 50,000 after expenses for real estate investing. The downside is moving to new locations every couple months, and working anywhere from 50 to 80 hour work weeks.
My goal is to be financially free within eight years. I would like to build a buy and hold cash flow multi family portfolio.
Is this the best strategy for my situation and do you have any tips to making this work?
@Morgan Madill you're lucky to have such a good income for expenses! I also am interested in a multifamily buy and hold rental portfolio. I am new but based on what I've learned and heard from others, the best strategy for you is one that works specifically for you, but multifamily BRRRR is a good niche and strategy to go with when you are starting out if you want to scale up quickly and minimize your risk on a per tenant basis. Good luck in your endeavors. Maybe we can share stories as we go along since we have similar goals. I am from the Philly area!
@Ben Feder
I'm extremely fortunate to be taking home the money from the 9-5 that I am. I've looked into the BRRRR method, I should probably give the long distance BRRRR book a read! That'd be awesome man would love to talk strategy
Originally posted by @Morgan Madill:
@Ben Feder
I'm extremely fortunate to be taking home the money from the 9-5 that I am. I've looked into the BRRRR method, I should probably give the long distance BRRRR book a read! That'd be awesome man would love to talk strategy
Certainly! Where do you invest now? Locally? I'm considering local to start off so I can physically be at the property but being able to do long distance certainly expands the horizon for more opportunities. Would love to connect.
@Morgan Madill I definitely recommend that book. It's great and has given me the confidence to start investing from afar. Good luck on your journey!
@Ben Feder
I had a deal fall through on my in Charleston, pulled the trigger too soon lost the hand money and some extra! Very valuable learning experience but could’ve been avoided through more learning. That definitely a solid plan dude, can save a lot by self managing by buying close to you! We can connect of Facebook or Linkedin?