New Part-Time Investor from Western New York

[Jason V.]

Good Morning All!

I'm a new member from Western New York. My wife and I both work full-time jobs and are starting to purchase investment/income properties on a part time basis. Right now we own a single family home that has been rented out very successfully (knock on wood) for the past 18 months, and we are currently evaluating several more properties in a neighboring town.

Our current goal is to generate enough income/cashflow in the next 4 years to replace my wife's current income by investing conservatively, buying good cashflow properties, and rehabbing homes for rental when we can buy them right (cheap.) Our current investment property was an extensive rehab, and I find that it is work I actually enjoy doing.

Without knowing the community better, I may take some flack for this, but we are adverse to debt (at least as far as most Real Estate folks are concerned.) I don't believe in borrowing every single penny available, then refinancing what I already own to borrow more. I understand why many people do so - it's just not who we are. I have no problem taking on a mortgage to buy a property (or two, or three) but the goal is to own outright as much as possible, as fast as possible. I also understand the math looks better, and sometimes much better, when you borrow more for longer, but this is an investment philosophy choice for us. Hopefully that wont' make me stand out like too much of a sore thumb.

I work full time as a mechanical engineer, and in addition to the little experience I already have being a landlord/doing rehabs, I've been reading as much as I can. 'The ABCs of Real Estate Investment' had quite a bit of good information, and I'm just starting 'What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures, Updated Edition' which the engineer in me is very much looking forward to. I've also read quite a few other general business/finance books over the years, and am always looking for more information. I plan to start listening to the BiggerPockets podcasts during my commute (about 45 minutes each way, every day. Longer now that the snow is falling again) so if anyone has recommended ones to start with, I'd appreciate the info.

All in all, I'm really looking forward to how much there is to learn here, and hearing the experiences of folks who have been doing this for a long time. 

[Linval T.]

@Jason V.

Welcome aboard the vibrant BP community. You already have some tools in your toolbox....no pun intended.

Since your interest lies in buy and hold, I added several links below for your review. Upon reading and listening the included podcasts I am sure you and your wife will have a candid discussion about the pros and cons of your investment philosophy/strategy. 

Frankly, there is no right or wrong way, it's what you are comfortable with and if it's in line with your freedom number as mentioned in podcast 151.

https://www.biggerpockets.com/renewsblog/2015/05/26/real-estate-financing/ (RE financing)

https://www.biggerpockets.com/renewsblog/2015/03/27/financing-options-rental-property-guide/ (financing options for rentals)

https://www.biggerpockets.com/renewsblog/2014/03/06/bp-podcast-060-serge-shukhat/ (0-68 rentals in 4 years)

https://www.biggerpockets.com/renewsblog/2014/08/02/passive-real-estate-investing/ (slowly building wealth through passive investing)

https://www.biggerpockets.com/renewsblog/2015/09/30/bought-rehabbed-rented-refinanced-14-properties/ (BRRRR explained)

http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)

http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)

Now, you simply have to work on the other elements to progress your REI pursuit.

Ok, now that you have taken your initial step, below are some quick links to get engaged.

• http://www.biggerpockets.com/starthere
• http://www.biggerpockets.com/meet
• https://www.biggerpockets.com/alerts
• How to Use @Mentions on BiggerPockets
• https://www.biggerpockets.com/rules
• https://www.biggerpockets.com/terms
• https://www.biggerpockets.com/invites
• https://www.biggerpockets.com/perks
• https://www.biggerpockets.com/forums/categories
• https://www.biggerpockets.com/rei/glossary/

REI books suggested by BPers

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.