Glad I Found BiggerPockets

[Joseph Rath]

I realized I wanted to get into real estate 3 years ago after I had read Rich Dad Poor Dad on one of my field ops in the marine corps. I was super excited to learn all I could...even spending the money for a rich dad mentoring program. I was going strong for about 2 months....then I guess I just lost interest. 

Fast forward 3 years and I am out of the USMC, back in Minnesota, looking at going into college for a real estate business degree. I stumble upon BP while looking for a good podcast to listen to instead of the radio in Mankato. 

That was two weeks ago. 

I have been drinking all sorts of information in left and right, and trying to plan my next move. I'd like to hear what you guys think.

This summer: Read up on the market around the college I intend to go to (St. Cloud). Study the rent rates and find the crime free areas close to the school.

1st Semester: Move in to an apartment complex close to school. Pay the rent with GI Bill living expenses. Tour the area, connect with RE agents, brokers, REI groups. Make a network.

2nd Semester: Lease on apartment will probably be a year long, so I'll still be paying rent. During this time I will focus in and try to find my first investment property.

1st investment property stats.

Duplex

12% ROI

Cosmetic repair needed

space to house hack

Summer: Purchase property, move in, find more tenants, start fixing any issues with the house

Sorry if this was really long for an introduction...let me know what you guys think....

I'm really determined not to be one of the 90% that quit after the 1st month.

Thanks in advance,

Joe

[Michael Lee]

Hello and welcome to BP!  Just beware of the gurus and other that want to "sale" you something for too much money.  One thing you might think about if you are going to school, think about doing "house-hacking" while you are there and rent out the other unit(s) to make most,if not all, of your mortgage payment.  The bank or whoever will lend you the money for repairs too.  Just a thought of what you may consider.  Make sure you get a good deal to get a good start.  Always do the analysis numbers and try to look at it before you make an offer or at least have a clause in the sales agreement contract that will allow you the time to get an inspection and possibly back out of the deal if you want to without a penalty greater than your earnest money.

When you close on a property, right after it, get an insurance policy that will protect you if there is a loss.  As soon as you can, right after closing, change the exterior door locks.  If the locks are still good just install them at your next address.  Hire/Find a local and experienced Team that will help do things when you call.  Do not try to do everything yourself.  Do not cut any corners to make the something look better.  The basic Team members to get are Attornies, Real Estate Agents, CPA's (or accountants), Inspectors, General Contractors, and a Handyman.

I am 59 years old and I found BP about 8 months ago and I am still trying to decide what to do.  I also graduated from college in 1980 in business that emphasized real estate.  Since I was in Texas and planned on staying there I found out that I was qualified to take a broker test so I did and got a license.  I had that license for about 30 years and I closed a few deals for other people.  I have only purchased one investment property which I have sold.  My father has been in real estate for about 40 years and he has taught me a little bit.  If you think that I can help you please contact me through BP at any time.  Good luck and I am glad you found BP!