Newbie with little to provide, but lots to take

[Joshua P.]

Greetings BP Community!

I've been delaying writing this new member introduction post for quit some time now, as I've waited to gain some kind of magical insight to share with the group instead of writing, "Hi, my name is Joshua and I want you to answer my question". Well, reality kicked in... I'm not magical and I'm a newbie with lots of questions. Below is my tale of getting into real estate. Questions to follow in subsequent posts ;-)

After having the opportunity to live, work and play in the Florida Keys, I came to the realization it was fun and I wanted to make it permanent. With the local definition of 'affordable housing' being in the range of $300K-$400K, acquiring a home was easier said than done.

I considered my options for an affordable home: 1) mobile home, which could wash away in the next storm; 2) houseboat, which could float away in the next storm; or 3) land-based structural dwelling, which is only slightly more permeant than the other two.

The decision-tree continues... what type of structural dwelling: 3a) an older ground-level house; or 3b) newer elevated house on stilts above the hurricane floodplain. Surprise, surprise, the older ground-level houses were typically selling at an 'affordable' price because the insurance was $10K-$15K/year! On the other hand there was no way I could afford a newer elevated house.

Then the idea came to me! Buy land, build a modest house to the latest building codes, and benefit from cheaper insurance. Wow, not easy!!! Stay tuned for a narrative of the Florida Keys building process in a subsequent post.

Fast forward two years later. I own a house in the Keys and I've doubled my investigate!

Now what? ...well, how do I get a more flexible career, so I can enjoy the fruits of my labor. There aren't many choices for high paying jobs in the Keys, and this real estate thing seems pretty enjoyable...

I tapped into my newly created equity with a HELCO and started looking for an investment rental property.

I find this thing called BiggerPockets.

I kick myself for not knowing about BP much earlier.

I'm closing on my first rental property next week.

Lots of questions to follow ;-)

Thanks to all in the BP community!