Newbie from Stormville New York

[Bill Dengler]

Hi everyone. My name is Bill and I am from Stormville New York.

I am new to REI on a serious level. I purchased an out of state home about three years ago which I have a management company take care of and rent out as a vacation home. The main reason for the purchase was to buy a vacation home for my family that we would move permanently too in 5 years once the kids were off to college. I was only renting it to help offset some of the expenses until I move to it.

I was on my journey to FI (financial independence) when I was having an email exchange with Carl (Mindy's husband, before I knew who was who) about reaching FI and he ended the email exchange with a simple link to bigger pockets. He didn't tell me what it was. I took a look at it and didn't quite know what I was looking at. I did see they had podcasts so I cued one up. Well, that was when Brandon Turner and Joshua Dorkin opened my eyes to something that I always wanted to get into but didn’t think I had the money. I am a graphic designer with a passion for updating, building, DYI'ing my home. I have done everything from full blown gut jobs, to custom moulding to making furniture. So naturally I was like, sh@t, this is what I want to do. I didn't even realized until a few dozen podcasts in and two audiobooks later that I was sitting on a ton of equity in my primary home, which is paid off and my vacation home which is more than half paid off.

My goal. Get into BRRR and eventually create my own construction company that can do renovations and flips for houses I find and eventually do renovations for investors only where we do it right, each and every time. I want to do 3 houses this year.

I am currently vetting out a few agents, looking for some management and construction guys so I can get my first BRRR going. I figured I could get a HELOC on my primary home so I could do an all cash deal, this way I can refinance it ASAP and won't have to wait 6 months like you would have to if you did a conventional loan. Plus if I have the cash at my disposal, I can hopefully get a better deal cause I can act quicker.

Well, that's my story, thanks for reading this.