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Updated over 10 years ago, 08/02/2014
My path as an investor
Hi guys,
My goal is to have $20000/ month in three years after taxes from real estate. After many months of educating myself through podcasts on BP, forums and also YouTube videos this is what I hope to achieve. I have developed relation with a realtor who understands what I want as an investor. A lender has approved me for 10 homes with 4 homes requiring 10% down if they are homepath homes or 20% on all SFH,and lastly 25% if 2-4 units . I have a CPA who also knows my plans.
I do have a decent job and great credit but very less savings because I sent a lot back home for a projects until I realize how leveraging in this market can propel my goals faster.
I intend to buy at least 5 SFH each year and shot for $80 to $90 000 homes with very little reno cost that rent easily 1300/monthly. My market is great for families and also has highly rated schools. I will like to use creative financing like subject to after buying maybe 3 SFH. Any advice as I start this journey.
and am not sure but is it normal that all I do and want to do is to read and listen real estate. I wake up reading real estate books like am in college prepping for an exams. I barely watch TV anymore ( and the reason why private jets and Bugatti and Lamborghini cars are not advertised of TV because the people that buy these barely watch TV) well after the World Cup. And lastly BP is a Blackhole!!!! When you get sucked into it, that's it, I love the education I get from here. Thank you Josh for making all these possible.
Hi @Nana K.
Welcome to BP!!
I think you have a great plan and sounds like you have made great connections. Now you need to go out and start making things happen.
Best wishes for your future success!!
That's a very aggressive goal. U better start buying and start growing as soon as possible. Good luck
How are you getting funds for down payments? What is your marketing budget to establish a strong pipeline of deals?
Big difference between being a landlord on paper and in reality. Start with one, see how it goes.
Originally posted by @Nana K.:
and am not sure but is it normal that all I do and want to do is to read and listen real estate. I wake up reading real estate books like am in college prepping for an exams. I barely watch TV anymore ( and the reason why private jets and Bugatti and Lamborghini cars are not advertised of TV because the people that buy these barely watch TV) well after the World Cup. And lastly BP is a Blackhole!!!! When you get sucked into it, that's it, I love the education I get from here. Thank you Josh for making all these possible.
Yes, its normal for someone who has a strong passion. Keep that passion alive and start looking for the deals. You have dedicated quite some time on getting prepared, but don't let reading and education prevent you from taking action. Good luck!
Hi @Nana K.
I think starting with education is the best way to go. Get into a deal or 2, learn from the experience, and keep revisiting your goals and plans. Most likely, they will continue to evolve and change as you do the same in your investing career. Picking the right market is crucial, as well as building a good team. Best of luck!
Andrew
Its unbelievable that you guys take your time to even write a line on my question. Thank you guys all.
@Sharad:
Thank you sir, I do have a contract on one property which is 86k and with 10% down, PITI $654. i factored property management to be 120 but wont use them now since its my first. I factored 150 monthly maintenance. Rent income is $1200 or can even do $1250 if i upgrade kictchen with backslash and stainless appliances. am not sure how to quantify vacancy but overal possible cash flow around $350 monthly, take 1 month out for vacancy and year cash flow maybe be $3000. not accounting for taxes, depreciation and equity built. I think my numbers are accurate but am open to all advice.
@George P.
Thank you George, yeah I set it high enough so I will be chased by a pitbull goal which will make me run faster with purpose than a chihuahua goal. All said though, be ready for me to bug you with questions on how I attain this goal.
@Anil
Thank you sir. By using my w-2 rat race pay, family pocket, private lending and hope to be very experienced in creative financing like subject to.
@ hello Seth sherman, surely will be a different thing as a real landlord. Am here for the marathon.
@Daniel Guillermo
Its a crazy feeling but yes I have one under contract and already looking to pick up at least 5 by the end of the year.
@Andrew Lanoie
Thank you sir. I hope to have a mentor soon who will help guide me in this path.
Hey @Nana K.
You're welcome. It seems like you have done your homework on what the operating expenses can be, which is a great thing. That will give you a huge advantage over other investors who think Cash Flow = Rent - PITI.
Stay focused on your goal and make sacrifices now to reach your goal ASAP.
Good luck!
