New(ish) in Oneonta NY

[David MacClintock]

Hi there BP! Longtime listener, First time caller. My name is David MacClintock, I am located in Oneonta NY, which is halfway between Binghamton and Albany. I have been lurking unregistered in BP for a few months now, just sucking up knowledge without any contribution, which I suppose is quite rude. 

A little about me and my Real Estate involvement. 

I bought my first duplex 5 years ago via "House Hack" and have very recently payed the mortgage off. Over the 5 years I have completely upgrade the house, which I rent half of to college students, have a quality appearance and be bulletproof. 

In my family there have been/ actively are people who have owned or worked in carpentry, finish carpentry, plumbing, electrical, cabinetry, welding, highway maintenance, automotive repair, estate planning, loan officers and commercial property maintenance. I have had the fortunate advantage to grow up with all of this accumulated knowledge around me and have worked for many of them learning the individual trades. This provides me with a fantastic base of knowledge and the skills to execute on much of that knowledge. 

I currently work for a package delivery company dispatching daily driver routes. The hours are tedious (I go to work at 2 a.m) but it has given me the ability to start my own business as a field services provider which I work at 25-30 hours a week as well. 

I currently only service local bank REO as I have found no use for the national vendors that larger banks utilize. This has allowed me both to gain a grasp of how foreclosed homes are kept and common issues as well as providing me with great working relationships with the local banks.

My ultimate goal is to put my blue collar traditions behind me and build true wealth through multi family residential ownership. The beginning of that road for me seams to absolutely rely on those skills however. 

The way I see myself actually getting into the RE investment business is through total multi-family rehabs. Some to hold, some to flip and the occasional "right deal" SF flip. 

My struggle to jump in head first isn't financing as I have the equity from the duplex and enough cash to buy a few more MFR properties. My real struggle is the fear of failure that I keep coming back to every time I go to bite the bullet and engage full time.

Currently I am deal hunting. I hope to purchase two properties this winter and go full time by early spring. I have a great support network to do this, I just need to be sure I make mostly right moves. 

That final assurance requires a few big details. The most of which is I need to find the right CPA for me to establish this business. I have no problem working my tail off until I succeed but I can't see that happening without the proper guidance from someone who really understand the nuanced laws and accounting of the business. Much of that I may be able to learn on my own, but with such a large variety in what I plan to do, I think it would be best left to professionals. 

So go ahead BP. Convince me to jump off the ledge (or convince me to stay safely on my cliff). Either way I look forward to interacting and absorbing the variety of information you each can offer.