Kaiden Swainamer Welcome Introduction

[Kaiden Swainamer]

Hi Everyone, 

I am newer to BP and figured I would jump in and introduce myself finally. I got exposed to BP by talking to one of my regular customers at work about real estate investment and he pointed me towards BP... that was two years ago. Here I am present day finally dipping my toes in the water of real estate investing. I started my BP learning process by listening to the podcasts! I have about a 45 minute drive to work and listen to two podcasts a day whether I am driving or at the gym I am always trying to learn. I started on episode one and am now on episode 63 working my way through every episode. I have already learned a ton of new things! 

A little more about me is I work as a Sales Manager just south of Boston Massachusetts and have just recently closed on my first investment property. I purchased a triplex off the MLS that luckily follows the 1% rule (Did not learn what that meant until after the close). It definitely was not the best deal as I have now learned more about analysis, but the rents fully cover my mortgage and I am living bill free while living here with my girlfriend. The area just got a massive grant to build a ship/fishing port (estimated to bring 700 jobs here over the next year), there is a train station getting built within walking distance of the property, and the area has been on an upward trend for multiple years now. The train is a direct line to Boston, so there will be tons of jobs and employees brought to the area with the new port (Huge fishing industry) and the train.

My long term strategy is buy and hold by utilizing the BRRRR strategy to build passive income. I grew up surrounded by contractors, have a background working in construction growing up and definitely am confident in my rehab abilities and business knowledge knowing that if I get stuck I have family members to step in and help with the work. I am mainly focused on passive income for early retirement. Growing up I saw my parents stuck in the rat race always trying to get ahead no matter how much money they made, and I want to set myself up for financial freedom as early as I can. I just turned 22 years old a couple weeks ago and would like to start working real estate full time by the age of 30 and start to step away and put the business on autopilot between 35-40 so I can focus on my family time.

The main question I want to learn, is how do people successfully structure buy and hold deals with private money? And what are the strategies to buy the next properties? My first property was an FHA loan in New Bedford Mass and I am now left with about 20k in the bank. In order to find multifamily properties in my area, for a conventional loan I would need 70-100k for a down payment in this market. What strategies can I utilize to grow my business, and how can I leverage other peoples money to build my passive income focused business? For reference, I have great credit and stable income, but lack capitol for the next deals.

Any insight is greatly appreciated and I look forward to talking and networking with people in my area!

Kaiden