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Updated over 6 years ago,
What to do next??? How can my brother and i expand?
80k in cash savings
70k in Roth 401k
High 700 Credit Score
Low 6 figure a year job
House #1 56k invested, (Value 100k) No mortgage. Currently rents for $825 a month.
House #2 26k Invested, Needs 45k Rehab, ARV 120k, No mortgage. Could rent $875 to 950 a month.
House #3 10k Invested, Needs 25-30k Rehab, ARV 70k, No Mortgage. Could rent $650 to 750 a month.
House #4 40k Invested, Needs 5k Rehab. ARV 60k, Has mortgage at roughly $500 a month. 10k balance remaining. Could rent for $600 to 700 a month.
Vacent Lot #1 6k Invested, Utilities in place, We cleared the lot. 8k in value.
Good morning everyone,
I figured i would start with numbers so i could hopefully catch someone attention. This may be a long winded post and I apologize. I must say I really enjoy this website. When it comes to websites and forums that are out there to help people, it seems none are as helpful and professional as Bigger pockets. Every post I read is always filled with helpful courteous advice. With that being said im hoping to give a little background on myself and maybe get some directions from the professionals.
Im currently a Senior Superintendent for an oil field service company. It was the most exciting job you could ever imagine when I got into it. Now that Im a few months away from turning 30 im being driven more and more internally to find something I could do with my time that would allow me to work from a home base. My job is 100% travel dependent so I may only spend 20 to 30 days a year at home. Id love to increase those numbers and I believe real estate could do it. I have read a few books on real estate and believe I could put my talents to work in this business. While im not against passive income from real estate id much rather make it a full time 100% devoted business. There's something about providing quality rentals to folks. Id love to start cleaning up neighborhoods house by house if I could. There are few things more rewarding as looking at before and after pics of a house that has been brought back to life.
Hopefully I still have your attention. My goal would to be able to quit my current job in 5 years to work solely on building a real estate company. Not only would that allow me to be home more but hopefully at some point I could provide jobs to others. The biggest thing I don't like about my job is how the employees are treated to id love to be able to have some of my own and work hard providing them with a place they'd enjoy to work.
My brother and I have a partnership. We have set up and llc to do business through and we have slowly dabbled in real estate for the past few years. But now we want to get serious. He also holds the same position in the same company I do. Flipping and rentals are what were figuring what we need to focus on but we are open to anything. We both have residential, commercial, and heavy industrial construction backgrounds. Mine is solely focused on electrical, while his is carpentry, painting, and framing. We also have a good friend who owns a concrete company that we could incorporate into our business if need be. All in all there isn't much in a residential house we couldn't do ourselves if we had to. I have only listed my savings and cash on hand. My brother would also have similar savings both in cash and in his 401k. The properties listed have been purchased by both of us. At this point we are stuck. Is it possiable to increase our portfolio enough to allow us to do this full time in 5 years. Were not looking to kick back on a boat and retire in 5 years. We want to make this our job. We both average over 4000 hours worked each year. We love to work and don't mind it one bit. But we both want to grow something for ourselves. Something to call our own. I have rehearsed this post over and over in my head all last week and I still cant explain the excitement we have at making this our serious journey.
Pros, if yall were in our position what would be your next move. Everyone had a start somewhere and just like I teach new hires in our industry to be safe and grow within the company its now time for me to reach out for help on how to start my next journey in life. If there are in pros in the panhandle of Florida or anywhere in the south east for that matter I would love to buy you lunch and talk. I got into the oil industry because I felt like I would be surrounded by smart people which would allow me to grow mentally. It did in a way but it just blows me away how many smart and creative people are on this site. Its something I want to be apart of and 5 to 10 years down the road I would like to be the one helping out the next up and comer. Any advice would be very helpful folks.