Finally Ready To Actually Do Something

Finally Ready To Actually Do Something

Investor · Longmont, CO · Member since 2016 · 185 posts · 156 votes

Merry Christmas and Happy Holidays BP!

I've been putting off this post simply because I wasn't entirely sure how I wanted to structure it. I've been a wannabe real estate investor for the last 3 years. You're probably thinking; so how many deals have you done? The answer is a massive 0. Well there's a reason. I discovered BP about 3 years ago and realized "this is it", and decided to go all in. So I quit my job... eventually. I did what I feel was the responsible decision, I looked into a career that would pay the bills and give me a competitive advantage in REI. I took an internship working for a commercial contractor while working on my degree and worked 60+ hours a week for a fraction of my previous level of income all while finishing my degree. I graduated this past summer, received a significant pay raise and was brought on as a permanent construction manager.

This brings us to today. I have saved up enough money for a personal emergency fund, reserves, and a down payment on a SFR in my local market. I've setup my budget which will allow me to acquire between 2-3 properties per year and will be beginning my acquisitions starting in January.

So why am I posting this? Because over the last few years I've come to realize that while I have tremendous work ethic and drive, it's only to an extent when I'm not accountable to someone or something. So I'm using this post as a way to keep myself accountable. 

The goal for 2020: Close on 2 SFR in my market that meet my criteria. 

I will post in here as soon as I have my first deal under contract and then again when it has closed. The remodel process start to finish, property management setup, and then quarterly stabilization updates on each property. 

Aside from my selfish hope of using this platform to develop a sense of accountability, I hope that a new investor might glean a conservative, realistic, and attainable approach to financial freedom without any hype or anything to sell by sharing what I learn throughout the process and any inputs the more experienced investors chime in with.

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Clint ShelleyPro Member
Surveyor · Dothan, AL · Member since 2014 · 425 posts · 391 votes
6y

@Brian Wilson

Awesome man. I read and prepared for 6 years before I took action. I now have 3 rentals and have done a few land deals in the last 2 years. Good luck and can't wait to see your progress.

Clint

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  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    6y

    @Brian Wilson You are right having people hold you accountable can help tremendously to get things done. Congratulations, it sounds like you taken some of the right steps to reach your goals. 

  • Clint ShelleyPro Member
    Surveyor · Dothan, AL · Member since 2014 · 425 posts · 391 votes
    6y

    @Brian Wilson

    Awesome man. I read and prepared for 6 years before I took action. I now have 3 rentals and have done a few land deals in the last 2 years. Good luck and can't wait to see your progress.

    Clint

  • Member since 2019 · 5 posts · 5 votes
    6y

    Accountability and being with like minded people are key factors of success in any area.  Congratulations on getting clear goals!

  • Investor · Longmont, CO · Member since 2016 · 185 posts · 156 votes
    6y

    After some unforeseen drama in the work place arose during the beginning of Q2 this year (not even including COVID) I have held off until early next year. I anticipate having my first rental by the end of Q2 in 2021 and my first live in flip by under contract by the beginning of Q2.

    I did however feel the need to invest something this year so I opened a Roth IRA through vanguard and maxed it out for the year. I also have started saving for an emergency fund to cover 6 months of my personal expenses "outside of real estate" while I play this waiting game. This scare at my W-2 turned out to be a good experience for showing me that my risk tolerance in regard to losing my W-2 income during these building years is much lower than originally anticipated.

    I will update this post when I have purchased my first live in flip.

    Hope everyone is having a great year!


  • Investor · St Petersburg, FL · Member since 2014 · 231 posts · 221 votes
    6y

    @Brian Wilson, I also had a W2 scare, actually a series of them, some related to Covid, others not. I work overseas for about 4 months at a time, and I was supposed to go to work in April. I physically could not get there with the travel restrictions, and I only get paid when I work. I had planned for my time off, AND buying a house hack, but not for a 2-3 month delay. Normally, I keep a sizeable cash cushion, and had to live off of it until I finally got to work in June.

    That "scare" made me even more motivated to grow my investments to cover my needs. I'm looking into bigger properties sooner than I expected. I'm looking at bringing in partners much sooner than I expected. It's actually pretty exciting!

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