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Updated about 8 hours ago on . Most recent reply

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Olivia G Gonzalez
5
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10
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Newbie looking for advice

Olivia G Gonzalez
Posted

Hello everyone, I am hoping for some  insight!

I decided not too long ago that the best way for me to build wealth for myself and my son is through real estate. I am a single mother and have been working overtime + weekends for the last 6 years. I am over it and eager to find a way to make my transactional job a 32 hr/ wk ordeal so I can balance life, work and being a parent. For this to happen, I would need to acquire about 2k a month in cash flow after taxes (hoping to do it using BRRRR).

My grandparents (who live in Spain) acquired financial freedom through about 12 buy and hold properties and it always left an impression on me.

My best friend who lives in the same city as me is a general contractor and has done 7 BRRRRs and 1 flip in the last 4 years. He did well on all of them and is willing to show me the ropes and walk alongside me each step of the way, including doing my rehabs and value-adds. 

I have about 150k of cash capital to invest.

My concern is an embarrassing one: I am a mental health therapist by trade. I could absorb social sciences like a sponge from a very young age. Math however, has never made any sense to me at all. I just read "Start with Strategy" by Dave Meyer and I would say that the concepts make sense for the most part but things don't "click" in my brain like they do for psychology. When I read these forums and listen to the BP podcast, I never understand things 100% and sometimes I understand exactly 0%

I am tenacious, cautious, ambitious and willing to learn. The BP deal analysis calculators are a life savior, as well as having a friend already seasoned in BRRRRs. However, there's a part of me that wonders whether it's wise to enter this real estate gig when my brain just doesn't grasp math or real estate concepts very well. Is this something that will eventually make sense to me after I've gained some experience? 

Thanks!!

  • Olivia G Gonzalez
  • Most Popular Reply

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    Todd Rasmussen
    • Rental Property Investor
    • Clarksville, TN
    1,413
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    Todd Rasmussen
    • Rental Property Investor
    • Clarksville, TN
    Replied

    @Olivia G Gonzalez

    You can invest in real estate without the deal analysis piece if you are investing in notes and things like that, but not to make the returns you'll need to return 2k a month on 150. Stick to your friend like glue and run as many deals as possible to get the experience. Math is how you evaluate everything in business and real estate is no different. Don't think you have to give up the dream, just make sure you are ready to get in.

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