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Updated over 8 years ago,
New Real Estate Investor - Houston, TX and Montgomery, AL
Hello BP Community!
I am an attorney (focused on international law) working in-house for a big energy company in Houston, TX. I bought a small house in law school in Montgomery, Alabama and kept it as a rental for the last 7 years. I am now looking to begin buying other buy & hold properties to produce cash flow in the Montgomery, AL area. A bit nervous about long distance investing but developing a network from my existing contacts and working with the law school there to create a website and market directly to the 100 incoming law students every Fall - in addition to the general public.
We are also considering a flip or two per year to help fund the buy and hold strategy - most likely the flips would be closer to home here in Houston, TX. I have a business partner who is a good friend of mine and he is totally new to the real estate game. After we get 10 properties or so we will need to find financing assistance or private money - the plan being that our track record will speak for itself and we will be seen as a low risk company for investment.
We will be using BP to learn as much as we can and do our best to avoid the mistakes of other. But we undoubtedly will make mistakes and will then share them with the BP community to contribute the conversation.
Long term goal is build up to a portfolio of 50 units which will produce sufficient cash flow to pay for our kids college and retire once the kids go off to college. Based on what we have read, I am sure this goal and strategy will evolve over time - going full time real estate in the next 5 years is a stretch goal if everything starts going well.
Happy to be here - we look forward to being a part of the BP community.