NewtoBP- Own in DC/Tri-Cities TN goal $25K in R.E. income by '18

[Matt Wassum]

Hi,

I am looking to get more active in real estate - goal is to get to $25,000 to $35,000 in additional rental earnings per year in the next two years to allow me to quit my day job.

I live in the Washington, DC area and work as an internal auditor.  I have a public accounting background / CPA, and have done real estate part time for the past 7 years.  I own a mobile home park, and two 3 unit houses in the Bristol TN / Kingsport TN area, a retail building and a few single family homes in Smyth county Virginia and some properties in Maryland, just outside of Washington, DC.  I did all of this with no real mentor and not even really reading any books on it or anything.  I am not proud of that, but I am looking to move to the next level which I believe may require me to learn more.

I don't make a ton of money off of all of my properties, but am working on changing that, and I feel good that I am not losing money. 

To be able to reach my goal in a short time period is why I am planning on becoming a more active member on Bigger Pockets.  I am hoping on making good connections with people that I can help / that can help me. I need to systematize a much more efficient way of identifying good deals, negotiating the deals, closing the deals, making repairs, and then renting them out using a reasonably priced property management company. 

I am interested in property in Southwest, Virginia, Tri-cities Tennessee, Washington, DC metro area (specifically Cheverly, Maryland but open to other areas as well), and Provo, Utah and Rexburg Idaho as I envision my kids attending school there later on. 

I also speak Spanish and French and love playing soccer and have 3 kids 5 and under.  I tell you this as I figure it may help me find like minded people more quickly that I may be able to help / that may be able to help me. 

If you feel like you may have any good ideas or anything that I may be able to help with on this journey feel free to let me know.  I will try and make it a habit to check back here.  I look forward to posting more detailed questions in the future. 

All the Best!

[Steve Tetreault]

@Matt Wassum

  Your portfolio is very impressive considering you've self-educated yourself!  I'm a nationwide investor of both commercial & residential properties.  My companies main strategy is wholesaling, but we do buy n' holds in the DMV mostly & turn them into assisted living & drug rehab centers.  Our company & my business partner is based out of Upper Marlboro MD & that is where most of our buy n' holds are.

I always enjoy chatting with fellow REI's & would love to talk shop with you sometime! I'm going to send you a colleague request with my contact info. As far analyzing deals, I'd be happy to share a few pointers! If I were you, I'd venture into assisted living as you can get $700 per room which certainly beats $700-$950 per apartment! I'd be happy to explain how to break into the biz!

  Anyway, I have to run, hope to hear from you friend & keep on the path that you're on!

God Bless,