"Wet-Behind-The-Ears" Rochester/Detroit, MI

[Randy B.]

Well, I've listened to a few podcasts and read some blogs that came across my email, and I figured it was about time I hop on this forum. My name is Randy Buckman and I am from Rochester, MI a suburb north of Detroit. I am currently a full-time firefighter/paramedic. The only background in real estate I have is that I owned a primary residence for 4 years and sold it at a loss to intentionally downsize, no foreclosure or shortsale. I currently live in an apartment with my wife and 16 month old son.

We chose to downsize when we started talking about having kids and this would allow my wife to stay at home if she wanted, and she currently does stay at home. We are currently completely debt free and have been for over 4 years now and we choose to live debt free as much as possible. We may take out a 15 yr mortgage when it comes time to buy a home to live in.

Which is why I am looking into REI. Since we are debt-free and we downsized while my wife was still working, we have been able to save about 80k in addition to funding our retirement accounts. We would like to grow that 80k within the next year or 2, ultimately to purchase our home cash, or a least have a sizeable downpayment. We would also like to reserve some cash to further fund REI once we have a house. Since our short-term goal involves saving a sizeable amount of money, I am thinking Flipping would be the best option for now. I would like to add some buy-and-hold properties later on to our overall portfolio.

I want to operate nearly debt-free while doing REI. I realize leverage is the most popular way, based upon what I have read and heard so far on BP, but at this point it doesn't make my stomach feel good or make me sleep very soundly.

I am open-minded and willing to listen, but I guess that is my stance at this point. I found this site from going to a local REI meeting, and firmly believe in learning and absorbing as much knowledge from those that have done something successfully. I think apprenticeships are very undervalued nowadays and feel they are worth more money than almost any college education.

Thanks for your time!

Randy Buckman

Rochester, MI