New Real Estate Investor From Evansville, IN

[Mike Everitt]

Hello to all of the members of BiggerPockets!

My name is Mike Everitt. My wife and I moved to Evansville, IN from Mississippi a little over a year and a half ago when I finished my undergrad at MS State (Hail State). I am currently a capital projects engineer by day for a large automobile manufacturer. Primarily, I work with plant engineering to create a concept and manage contractors to install/integrate cells of automated painting robots with a general timeline of around 1 year from concept to launch.

I have always been interested in becoming financially independent as well as the potential of real estate investment as a source of income. I just assumed that I would never have enough capital to get into something like this, but I have become hooked over the last several months as I've been listening to all of the BP podcasts and Robert Kiyosaki's "Rich Dad Poor Dad" on my way to work. While my job has been a fantastic opportunity for my wife and I, our work schedules are both very labor intensive. Being able to spend more time with my wife is  a huge motivation for me to start my own business and someday be able to set my own schedule.

The only hands on experience that I have with real-estate has been buying our house here in Evansville, but I have become fascinated with researching and understanding creative financing and investment strategies for real estate. I have tentatively started communication with a realtor, CPA, and a few lenders, but I have definitely not taken a jump into the deep end yet.

My primary interest is BRRRR investing and I have been researching and analyzing deals from the MLS using nearby recent sales found on the county assessor's site. I haven't made any offers or reached out to anyone to ask about off-market deals as of this point, but I hope to start being more aggressive with this as I become more comfortable with understanding financing options and evaluating exit strategies.

I am super excited to be starting this new path in our lives!

I want to say thank you to all of the BiggerPockets members and I look forward to becoming more active in this community that has already helped me so much.

[Casey McCoy]

Welcome to Evansville Mike! That's super exciting for you! With being a new REI I would buy two books, one is the book on flipping houses and one if the book on estimating rehab costs by a fellow GoBundance bro @Brandon Turner and J Scott. Being an engineer I would also read millionaire real estate investor by Gary Keller (its the book his personal real estate investment company uses for their strategy). Then start analyzing deals using the BP calculators, they're great and you can share them really easy. Go through the pictures on things on MLS and just start analyzing deals, driving by and going into the preview with soft numbers to firm your perceived assumptions. When we started investing back in June of this year I analyzed 50 deals, made offers on 12 and got 1 and then the day after our first closing put another under contract and then about a month after we closed on that, one of those past deals we offered on that initially rejected us came back and asked if we'd would still be interested so I went Re looked, analyzed again and formed up numbers (it now had fleas now so we dropped the price) and just closed on that one. We'll buy 51 over the next two years so a lot more analyzing, but the very key thing is to analyze (not to find out if it is a deal) to find out at what price would it be a deal and make the stinking offer because you can never start by analyzing, you start by offering, that is the actionable item and most important. Also go back to episode 1 of BP podcast and fiendeshly listen through to today. A client turned me on to BP and I'm forever grateful. Great start!