New Member Novel from Salem, MA

[Harris Schoenfarber]

Hello all,

I'm fairly new to BP (officially joining in January, 2015), though I've been referencing the site for guidance for about 3 or so months now. I have always been interested in investing (real estate and stock market), but my interest was accelerated after reading a number of books on investing since back in November/December 2014 - MONEY, Master the Game, several of the Rich Dad, Poor Dad books, HOLD, Loopholes of RE, and Brandon's Book on Investing in Real Estate w/ No (and Low) Money Down to name a few.

I am currently a Project Manager for a Biotech/Pharma company in Cambridge, MA, where I have been for approx. 10 years now. I am also in the midst of completing my MBA with a focus on Entrepreneurship. Even though I enjoy the challenges of my work, and the stability and support it provides my family, I'm realizing that I need to start thinking more long term about my goals, retirement and legacy. I’ve learned a great deal about what is realistically going to create and support the lifestyle that I would like to retire with (and pass on to my children), and real estate investing is an essential part of the equation.

My experience in real estate investing is limited to what I’ve read, what I’ve learned on BP and other forums, and through discussions I’ve had with work colleagues and friends of friends. Since embarking on this journey, I’ve made a point of engaging with anyone and everyone in discussions on their experiences in real estate. I’ve also been listening to the BP podcasts (and RE audiobooks) during my commute, while doing dishes, and at the gym. Part of my work also involves supporting the NA Real Estate group for my company, so I am taking full advantage of this opportunity to learn about corporate real estate as well.

I try to make a point of picking 3 things every day to move forward towards my goals (e.g. posting my Newbie posting on BP, reaching out to BP members to begin networking, and seeking a mentor to truly take a step forward in my process). In addition, I have been committing myself to analyzing properties, writing out and constantly revising and re-revising a business plan for my venture(s), while continuing to build a team for my investing. Engaging in this process has made me realize additional steps that I would like to take, such as getting my Realtor license, amongst other real estate investment supporting goals.

With all that said, my short term goal (2015) is to purchase a buy and hold MFH (3+ units) locally as an owner-occupied, where I walk in with cash flow (or flat at the 50% rule). This will allow us (my wife and I) to get accustomed to training our tenants and officially and effectively managing a property. The longer term plan (late 2015 – 2017) is to continue investing in local buy & hold MFHs (owner occupied) via conventional and seller financed deals, with the occasional flip in between to raise capital. I am also opening myself to the option of buy and hold SFH's in a distant market (with a property manager) where the costs are ½ what they are near me, and they offer better opportunities for cash flow. The area I am considering for the latter venture is a city that I travel to for work on occasion, so I know the area a bit and welcome the opportunity to add this to my long term portfolio should my family and I decide to relocate at some point.

Anyway, enough said for post #1. 

I look forward to connecting with all of you on BP and off line, and welcome your feedback, advice, and thoughts.

Kind regards,

Harris Schoenfarber