Novice in W. Texas dreaming of sailboats!

[Terry Burwell]

Let me explain. The 5-7 year plan is to buy a sailboat and become liveaboard sailors. More specifically, the plan is to buy a Seawind 1190 Sport catamaran and name it something cheeky or profoundly meaningful. I've thought of this a lot. The boat, the routes, the dive sites... even the interior decorating (NOT nautical!) I've been thinking of it so much lately, I want to do it sooner rather than later. As there isn't a single relevant body of water near me at the moment in Midland, TX, so the sooner the better!

I should have been a nurse, but I grew up in Wyoming and summers found me covered in contempt and pipe grease while I worked on oil rigs. Upon college graduation, I couldn't stomach making $28,000 with my Biology degree when I had spent several summers working next to people who made $100,000+ who literally could not read. Thus began my love/hate relationship with the oilfield. 

Fast forward six years, a few addresses and a 2-year international backpacking trip later, and I had begrudgingly joined the (black) gold rush in North Dakota. I realized I needed to break the cycle of earning money just to spend it all while traveling the globe and returning right back where I started. I did some research and purchased a turnkey rental property in Memphis, TN. The following year I bought another one, and another the year after that. Here I am now with four rental properties in Memphis. I'm not getting rich yet, but I see the potential for great passive income when the mortgages are paid down. 

Now my wife and I are in Midland, TX and looking to purchase our first house. We have been renting from a sweet old lady for the past year and we realize if we keep renting from her, we will have paid her $100,000 over the course of our 5 year plan. That's not okay with us. We are very interested in a 2 year live-in flip. I am also interested in investing in multifamily properties as well. 

I hope to be an active BP member now who is ready to learn and get my hands dirty. I've started the path to getting my real estate license and hope that it will help us in future deals. Right now, we are keen to find a home we can add value to. 

I look forward to learning from this community!

Sincerely, 

Terry

[Dean Harris]

@Terry Burwell

Memphis is cash flow king!! There are all kinds of options in Memphis that can allow you to remain passive and avoid some higher priced homes. 38117 & 38119 are great zip codes in Memphis to buy, fix up and flip! 

Good Luck!