My names Chris, and I'm brand new to this.

My names Chris, and I'm brand new to this.

Fort Campbell, KY · Member since 2018 · 46 posts · 12 votes

Good Morning Everyone!

My names Christopher Labonte.  I'm brand new to BP and Real Estate.  Ive never done an introduction like this before, so forgive my ignorance.  

My journey started about 2 years ago.  I currently serve ative duty in the army, and did 2 years ago as well.  Without getting to deep into my current occupation, I became extreamly dissatisfied and unhappy and began looking towards my future.  I've been affliated with the military since I was 18, although I never planned on making it a carreer.  I've been using it as a place holder while I find my calling, that purpose that drive me to get up in the morning.  It was a long road with lots of pot holes and sharp turns, but I eventually found out something simple- I dont want to work!

Now I know that sounds strange, but I'm sure many people can relate.  I hate my job.  It makes me miserable and sucks the life out of me.  The things I enjoy doing- hiking, traveling, camping ect, they just dont pay the bills.  So I started looking for ways where I could work and do those things.  On my deployment last year, I started reading books on investings.  Specifcally Rich Dad Poor Dad, which again I'm sure many people read and got inspired.  I found some other books, but most importantly I found Bigger Pockets podcast.  And I've been listening and schememing ever since.  In the second Bigger Pockets: Money podcasts, Scott Trench  said that you should shoot to save 50% of your working income to start your nest egg.

So, here I am at the begining of 2018.  I have 11 months left of military service.  My projections say that by the end of this year Ill have 100k saved, and please dont think I'm bragging.  If anything its pitiful, because its money that does nothing for me.  But I'm now in a spot where I want to put it to work!  What better way then to start investing in a rental property.

Which brings me to why I joined the BP community.  I'm finally at a point where I have alot of scattered knowlege.  Like a shotgun blast pattern.  I have lots of information that related, lots of books read and podcasts listened to.  Its all great information, but now I need some help putting it all together so that I can reach my goal-- Buy my first rental property by April 1st.  

For those who took the time to read my story, thank you.  To you and everyone else, I look forward to being a part of the community!

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Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
8y

@Christopher Labonte Thank you for your service. My suggestion to get your first rental by April 1st is to network when you can, find the good wholesalers in your area and bug the crap out of them for a deal. I say that because good wholesalers will have their go-to 1-5 investors who buy most their deals (in my experience). Of course if you're buying from a wholesaler, the property will likely need work so I don't know if that aligns with your schedule and life. Good luck and feel free to reach out with questions, happy to help if I can!

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  • Rental Property Investor · Whittier, CA · Member since 2014 · 324 posts · 268 votes
    8y

    Welcome to BiggerPockets!  Its great that you're planning ahead, and have an 11 month timeframe to work with.  Build up your assets, research your markets, learn a lot, and hope for a downturn in the market while you wait!

  • Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    8y

    @Christopher Labonte Thank you for your service. My suggestion to get your first rental by April 1st is to network when you can, find the good wholesalers in your area and bug the crap out of them for a deal. I say that because good wholesalers will have their go-to 1-5 investors who buy most their deals (in my experience). Of course if you're buying from a wholesaler, the property will likely need work so I don't know if that aligns with your schedule and life. Good luck and feel free to reach out with questions, happy to help if I can!

  • Dave VisayaPro Member
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    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    8y

    Hello @Christopher Labonte, glad to have you here! Let us know how we can help! And you should jump in, the community is pretty great here. You'll love it :)

    BiggerPockets
  • Fort Campbell, KY · Member since 2018 · 46 posts · 12 votes
    8y
    Originally posted by @Grant Rothenburger:

    @Christopher Labonte Thank you for your service. My suggestion to get your first rental by April 1st is to network when you can, find the good wholesalers in your area and bug the crap out of them for a deal. I say that because good wholesalers will have their go-to 1-5 investors who buy most their deals (in my experience). Of course if you're buying from a wholesaler, the property will likely need work so I don't know if that aligns with your schedule and life. Good luck and feel free to reach out with questions, happy to help if I can!

     Hey there Grant!

    Thank you so much for the tips!  I really don't mind properties that need work, I'd rather loose sleep now getting things done so I can relax later.  So I have a question I'm sure you can answer- what exactly is a wholesaler?  I have a general idea from listening to the podcast, but not a true definition.  I'm also trying to figure out where I might go to network.  I have no problem meeting people or talking to them.  At the stage I'm at right now, I don't know my @$$ from my elbow so I would come off very inexperienced.  I really need more good sources so I can start to speak intelligently about real estate.  

    I was actually thinking about getting my associates real estate license just so I can get some structured education on the subject.  Do you, or anyone have any thoughts?

  • Investor · Taylor Mill, KY · Member since 2016 · 2k+ posts · 964 votes
    8y

    @Christopher Labonte You're welcome!

    A wholesaler is someone who markets for deals, negotiates with sellers, and puts the deal under contract (for $20,000 we'll say). Once they have it under contract for $20,000 they add some profit for themselves (we'll say $5,000). Now they market it to their buyers, their buyer will pay the $25,000 (ideally) with $20,000 going to the seller and the remaining $5,000 in the wholesaler's pocket. That is wholesaling in a nutshell. If you're driving around and see "we buy houses" or something similar, that is a wholesaler. That sign is what is referred to as a bandit sign.

    As for getting your RE license, it can't hurt. I don't have mine and never had any interest in getting it, but it could be a great tool/education for you, I don't really know too much about it honestly.

    To learn a little bit on your own, look at your market on Zillow (not the greatest resource but it's okay for now). Look at recently solds and see what houses are selling for, what kind of work they needed, which areas have homes that sell higher, which realtors are you seeing the most on the listings, etc.. There is a lot that the internet can show us these days!

  • Fort Campbell, KY · Member since 2018 · 46 posts · 12 votes
    8y

    What does seeing the same realtor tell you?

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