New to Bigger Pockets

[Jim Mitchell]

Good Morning! I am new to Bigger Pockets and I look forward to engaging on these boards for the mutual benefit of myself and others who I can share my experience with and help. I have already learned a ton from listening to the podcasts and reading various articles. Now I need to get going.

10 Year Plan: To secure 5+ fully paid for short term rental properties on Cape Cod so that I can retire from my full time job and spend time enjoying life with my family.

15 Year Plan: Pay for home in Costa Rica (to get out of New England in the winters:-)

I currently live in New Hampshire and have another home in MA. I am primarily looking at Realestate in MA but am open to either state as the opportunities present themselves.

Current State:

1 Primary residence in NH

1 Second home (that has turned into a rental property) on Cape Cod (Dennis MA)

• Currently generating 18-20k per year through short term rentals

Preliminary Plan to get there:

• Find mentors by starting conversations with those who have done it (GET STARTED)

• Begin by flipping a house or 2 per year using some of the wholesaling strategies I have learned so far.

• Take profits from these flips to pay off first rental property mortgage.*

• Purchase second of 5 long term rental properties use income from first to pay loan of second.

• Repeat…

*If these intended flips can generate cash flow positive returns will keep them as long term rentals (focused on short term rentals only)

I am open to any feedback, suggestions and criticism that anyone may have on my plan above or if anyone is interested in mentoring please let me know.

Thanks again for the support. I appreciate all that I have learned from those on these boards so far

Sincerely, Jim

[Shaun Reilly]

Hi Jim, welcome to BP.

This is a great place to learn. Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.

This is also a great place to meet people that can be assets to your business. Lots of great connections all over but we also have a very strong and active contingent here in MA on here so make sure to find them (Set up some keyword alerts to find out about local topics) and get connected.

Besides doing that on here make sure to get out to some of the many local investor events we have. You would definitely want to check out the NH RE Mastermind in Nashua. Since you are looking harder in MA I'd recommend the NEREIA in Chelmsford and there are also a couple meetings on the North Shore. Though since you are talking about the Cape you might want to make the pilgrimage down that way to some of those meetings. There is the South Shore REIA by the cape, the House Flipping School Meetup in Plymouth and the Eastern Mass REIA in Rockland. I personal favorite is the Black Diamond meeting in Waltham (Alternates every month with their Worcester location, next Waltham one is July) and they draw well from both sides of the city so you can make NH and Cape connections there.