New Member from the Gulf Coast of Mississippi

[Jay Ritchie]

Good afternoon,

I've been lurking here since Feb when I joined. I learned about BiggerPockets on the Lambo Goal podcast with Sean McCabe and Matt Lopez (@MattL7).

I just finished listening to Episode 169 of the Podcast. I am finally caught up with @Joshua Dorkin and @Brandon Turner's stories, jokes, and more importantly excellent, and highly educational podcast, having binge listened to what apparently adds up to 192 hours and 47 minutes (not sure how many cat jokes that represents).  

Thanks @Joshua Dorkin and @Brandon Turner for the effort and commitment involved in producing the podcast. You sound great at 2x by the way.

I consider myself a n00b at Real Estate, although after listening to the podcast, I realize that I have done two live-in fix and flips (long term), purchased a house at the height of the bubble and ended up upside-down, purchased raw land twice, and manage some real estate in a trust. So maybe just a n00b from an investing standpoint.

I am exploring Real Estate investment to supplement income and to generate passive income. The brain dump from the podcast has opened many new avenues and approaches to me, so I am working on processing through them to pick an niche and move forward. I am locating and meeting with local experts to learn what my "Farm" has to offer.

I had some modest goals sketched out as I began this exploration, but now I feel like I need to revisit them to make sure they aren't too small.

I look forward to interacting with folks here and continuing to learn. I look forward to meeting folks that know way more than I do and hope one or two of them will give me crap if I continue to learn too long without pulling the trigger.

So, Hello I am Jay.

39564

[Susan Maneck]

There are an awful lot of VA foreclosed homes on the Gulf Coast, I notice. That might be a good place to get started. I live in Jackson myself and started buying houses when I found that my home which was purchased from HUD nearly ten years earlier was now under water. I could either moan and groan over my loss or take advantage of the situation by buying up the neighborhood. That was in 2012. I now own eight house altogether (including my residence), five of them on the same street and my rental income exceeds my salary. My strategy is to pay cash for a house usually in the 30-35K range, rehab it, rent it, and then after a year get a HELOC from Wells Fargo, take that money and go buy another house.