Newbie from Philadelphia, Pennsylvania!

[Jimmy Hoac]

Hello BP community! Just a warning, but this post may be quite long!

My name is Jimmy Hoac and am super excited to have found about bigger pockets! I was born and raised in South Philadelphia and am currently still living there. My parents immigrated here during the 80s and have built a pretty successful life in starting a few small businesses and obtaining a couple real estate properties. If they can do it without even speaking English when they first arrived, why can’t I?!

So a little about myself… I am a full time mechanical engineer working in the aerospace industry. A few years ago, I learned about the concept of passive income, something that is definitely NOT taught in school and it just rang a bell. I started following many entrepreneurs mainly in the internet marketing space and followed people like Pat Flynn from smartpassiveincome and Gary Vaynerchuck. About a year ago, I started getting into publishing and have learned a LOT not only about publishing, but entrepreneurship, outsourcing, scaling a business and etc. Prior to that, I bought my first house in late 2012 and renovated it which turned out to be almost a gut job. My parents helped me out with this process I have to admit. It’s a very popular neighborhood (East Passyunk) as there have been many investors coming in and all kinds of restaurants and bars popping up. The property has 5 bedrooms, 2 full baths, and 2 powder rooms. So I’m currently living in 1 and renting the other 4 out. I might even potentially rent out the basement for even more cash flow!

I’ve understood the importance of being your own boss and creating opportunities and income streams for yourself rather than relying on a full time job. Besides, being financially free is a goal everyone has isn’t it? I want to say in recent years I’ve developed more and more of an entrepreneurial spirit with my online business and real estate and am trying to further develop this. It is definitely a journey and no matter the ups and downs I am enjoying it to work towards my goals! I also started a blog to document this journey. I'll leave the blog link out since I'm unsure if I'm even allowed to post it.

So what brought me here? With the blog, and my facebook postings on my entrepreneurial journey, I was able to connect with an old college buddy who told me about biggerpockets and the kind of things he was doing with real estate also. So now I’m here and quite excited! There is an insane amount of information but I just have to dive in. I am a big systems guy and would like to scale my real estate business one day. I learned about the concept of wholesaling not too long ago actually from watching a webinar of Cody Sperber and Josh Altman. It seems like there are some legal issues revolving around that but I’m sure I can clarify it here in the community. I’d eventually like to acquire enough property from wholesaling and flips that I can have a number of rental properties, then let a property management company maintain it, then I can scale. I have big dreams but I just have to take the first step.

That’s all I have to say. If you made it to this sentence, I appreciate the time!

Looking forward to talking to all of you!