Howdy BP Community! Longview Texas

[Michael Wheeler]

Howdy Y'all!

This is Michael Wheeler, based out of Longview, Texas. I have been a listener of the BP podcast for quite some time and have been educated in many areas that have been beneficial.

About me - Based out of Longview Texas, I work for a local construction company building affordable homes. My primary job is finish work and project management, though I assist with trade work from time to time. I started my real estate journey when looking for an apartment in the area to be closer to work, rates start at $800 a month for a 1B1B in a decent part of town.  My immediate thought is that it could go towards a monthly mortgage, then one thing lead to another and here I am heading towards financial independence.

Financial Strategy - My goal is to own a commercial multi family property in the future. My plan is to flip homes and then use the cash to invest in rental properties working towards commercial property. Being skilled in construction, I believe I'm quite capable of managing, directing, and performing much of the work myself using contractors & friends in the Industry.

Current challenges - My two biggest challenges have slowed my journey, and I am looking forward to overcoming them. Finding properties in my area to flip has been especially difficult, everything is overpriced or above market value by time repairs have been made. My second issue has been my age, I turn 19 this January and it has come across to me that folks do not want to do business with a younger individual. 

Where I'm at - My plan is to keep on striving towards landing a deal on a property to flip. I have a decent amount of cash (15k) to start with.

1. Find a good realtor who can send me listings.

2. Find a partner who is willing to mentor and work on projects together.

3. Source hard money lenders which fund fix and flip projects.

4. Land that first deal for a flip.

5. Land a deal for a rental property.

Glad to be a part of the community, and appreciate all advice given. I know this is the journey I want to take and am ready with my foot in the door.

Cheers,

Michael Wheeler