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Updated over 10 years ago,
Buy and Hold Investor in DeRidder, Louisiana
Hello Everyone,
About Myself:
I have been interested in investing for a long time. Not just Real Estate investing but investing as a whole. I've dabbled in Commodities, FOREX, Stocks and Real Estate.
Commodities - Market moves too fast for me and too volatile. FOREX - Slower moving market but still to fast for my taste and has too much leverage that acts as a double edge sword.
Stocks - I follow Bogleheads method of investing for long term with the correct portfolio mix of index funds and bond funds held in the appropriate tax advantaged account. I still actively invest.
Real Estate - Studied books such as Multiple Streams of Income, Rich Dad Poor Dad, Think and Grow Rich, A fortune at your feet, OPM - Other Peoples Money, ABC's of Real Estate, Cashflow Quadrant, How to be a quick turn Real Estate Millionaire... to name a few. Purchased my own property and learned alot but now ready to take it to the next level.
Looking to invest primarily in Residential Real Estate for cash flow on a part time basis until I can replace my full time job. By day I'm a Network Engineer.
I've followed all of the books advice up to this point. Paid off all debt, established an emergency fund, invested the rest and now at the point to start investing in Real Estate to grow a business that I will be able to teach and pass on to my son.
Looking forward to a bright future in Real Estate.
Most Recently a co-worker of mine mentioned he was interested in Real Estate and we started talking and it really got me fired up again to actually get started.
My problem is that I have been suffering from Analysis Paralysis, as they say.
Today I sat down and put some preliminary goals on paper:
Short Term:
Start REI Business - Setup LLC
Look for Properties that when analyzed have 20%+ Cash on Cash Return and $200/month Cashflow.
Build Business Team - PM, GC, CPA, Lawyer
Build Investor Team - Bird Dogs, Wholesaler, Rehab Specialist, Landlord, Developers
Medium Term:
$3000 / mo Passive Income
- 15 Units w/ $200/mo CashFlow
Long Term:
-Replace Job income with Passive Income from REI Business
-$6000/mo Cash Flow
-30 Units w/ $200+ Cashflow
Started Taking Action today and so far:
Found potential bookkeeper with accounting degree. She just started working for my Step-Father. Going tomorrow to help him relocate to his new office and plan to develop that relationship and pick her brain on best methods for keeping the finances straight for rentals. Basically all of the back end business stuff nobody talks about.
Found a good lead for a property that I'm told the owner wants 10k to get rid of it. His son got arrested so he won't be needing the property for a while and just wants to off load it. Drove by the property and it looks like it needs alot of work. It's a small house not sure on the sq footage or bed/baths at this point but for 10k for a lot in the city with a house on it... sounds like there is money to be made.
Not bad for one day of activity.
Also earlier in the week found a portfolio lender and looking to move my personal accounts to that bank and start "developing" that relationship :D
Looking forward to sharing information with everyone.
Cheers!
Jeff