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Updated almost 5 years ago on . Most recent reply

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Petra Clarke
  • New to Real Estate
  • Las Vegas, NV
0
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Looking for any advice for a Newbie

Petra Clarke
  • New to Real Estate
  • Las Vegas, NV
Posted

Hola everyone! I'm taking this time to learn about Real Estate Investing. I dont know much but I'm okay with that because I'm looking forward to network, learning and trying different things. I taught myself over the years how to build websites, some graphic designing, amongst other things. So I believe in myself that I can teach myself real estate investing with the right team.

I'm 40 years working from home in customer service and my husband is a 44 year old federal employee. We are almost empty nesters. Yay!

Goals by end of 2020:

Save $15,000 for an Emergency Fund

Pay off $3,000 left on Truck Note

Pay Off $5,500 left on Credit Card

Improve Credit Scores:

Mine is poor 628 and his I believe is between 710 and 730

We are on track to meet our goals above. Between both our incomes we are able to save $1,500 per month after all bills are paid and food.

We currently live in Northwest Indiana but we are moving in October of this year to North Las Vegas. We have never owned a home. So I think what makes sense for us is to house hack. We think buying a triplex or fourplex at a FHA rate of 3% is smart. Renting out the other units which will allow us to be rent free and continue to save save save. If we are able to do this then our total in bills is only $590! How does this plan sound to you all?

We dont have any fancy items like boats, expensive cars, motorcycles or anything like that. So that's how we've been able to get to this point. Where our grand total for just bills if we were to be rent free would only be $590. The only debt we have is our truck payment and credit card. On our credit report we may have a handful of medical bills but that's pretty much all our debt.

To start my one of my goals is to get out of the rate race and have enough cash flow to replace my income which is $2,000. This way I can get into Real Estate Investing fulltime and then eventually also have enough cashflow to replace my husbands income which is $3,000 a month.

I'm looking at wholesaling to start so I can continue to build capital but eventually cashflow is my end goal to set us up for retirement. I've also considered starting BRRR but I'm just not sure what route to go. Any tips or advice would be greatly appreciated!

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Marlen Weber
  • Specialist
  • Plano, TX
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2,343
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Marlen Weber
  • Specialist
  • Plano, TX
Replied

@Petra Clarke best of luck on your real estate investing career.

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