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Updated over 8 years ago, 04/21/2016
New member from Atlanta
Hey everybody! Nice to meet you all, my name is Ricky and I'm brand new to BiggerPockets. I was referred to this site by a buddy of mine with similar goals as myself and am so glad he told me about it. I'm 26 years old and engaged to be married next year. Have worked a full time for about 6 years now and am in school full time pursuing a degree in Business Marketing and Professional Sales. Bought my first house back in September of 2015 as a foreclosure and came in the did a pretty big renovation on the house and fell in love with the process of taking something broken and making it new and better. I sit in a cubicle for 8+ hours and day and wonder if there's something better out there. I want to get up everyday and be in love with my career. I'm not looking for the easy way out, I'm not looking for get rich quick schemes, I simple want to do something fun that I'm passionate about and have more time to spend with my family. I'm very interested in the flipping aspect of real estate investment and multifamily properties, any tips or advice on how to get started would be more than appreciated. I'm a hardworking guy who's tired of working for "the man" and want to be my own boss and build a life of my own, something I can be proud of and happy with.
@Ricky Plemons HI Ricky, Welcome my friend. I'm new myself to BP and have met some incredible people so far! I too share similar views about the proverbial cubical and was fortunate enough to get away from it. Best of luck with your journey reach out any time. Cheers. Michael
Thanks @Michael Reilly, it's nice to meet you. I'm certainly hoping this is something that can be the horse I ride off into the sunset with lol. And I surely will reach out, you as well. I don't have a lot of advice to give just yet, but I'm always up for making friends with similar goals as myself.
@Ricky Plemons, welcome to BP! I'm glad more and more people are looking to 'get out of the rat race' and are willing to understand what it really takes to have all the time in the world.
First thing is first: You have to start somewhere. Your current residence, how long are you planing to live in it? Could that be your potential first buy/hold/flip strategy in enough equity exists in the home. Is your wife-to-be on board with you taking risks. Spouses scan be iffy about investing in RE simply because it takes a lot of work and your time. Always be on the same page with your spouse. This is a start small and build for the future industry. How fast you grow is up to you. However, if you never purchase that first deal, you will never reach your goal.
Second: Build your DIVERSE AND QUALITY team! This is probably something every RE investor will tell you to make a priority in when starting out. Partner, agent, attorney, accountant, contractors, etc. Try to find the ones who work with investors exclusively, it might cost more but it will definitely be worth the investment in the long run.
Finally, you need to ask yourself why REI? You said earlier that you want to free up more of your time. Flipping, in most cases, is just another job. You become a glorified project manager and it's hard to implement systems where you are not the go-to guy for every little detail. A lot of people do it because of the adrenaline it provides them, simply for their love of a go-go-go lifestyle and they enjoy being that go-to person for everything. Buy-and-hold model, on the other hand, is a passive way of gaining wealth because no matter what happens, you are still receiving that monthly paycheck from the doors you have. Once you find that great and loyal property management company, you get to wake up each morning and with ease spend time with your family and plan out your day according to your own standards. BUT ALWAYS MAKE SURE THE NUMBERS MAKE SENSE BEFORE YOU PURCHASE ANYTHING!
Get ready for fun and often times rocky rides. The sooner you learn how to get up every time you get knocked down, the faster you will be able to find and close great deals. Read, build relationships and take action is the best advice I can give you.
Cheers,
Damir
Wow @Damir Kamber, thanks so much for the response. I certainty agree with everything you said and fortunately for me my fiancé is awesome and knows that once I set my mind on something, I'm going to give it my best, so she trusts me to take that leap of faith. I know in the beginning I definitely won't have more time with my family like I want but I'd actually be enjoying the work I was doing. As opposed to now where I literally have to force myself to get up and put on a fake smile for the rest of the day. Like I said, I'm not looking for the easy way out, I just want to love what I do. I'm not afraid of hard work, I pride myself on my work ethic, I just ultimately want to be happy and build my own life.
That's awesome, it's irreplaceable having a true partner at home. Also remember, this is not a one-size-fits-all industry and every individual piece of creativity leads to success. Do what works for you and like you said, you must enjoy what you do.
Good luck and let me know if I can be of further assistance.
Cheers,
Damir
You got it @Damir Kamber thanks for reaching out!