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Updated over 5 years ago,
Newbie from West Texas
Good morning all,
I'm pretty new to BP and I guess my real estate investing career started right out of college, 2 years ago. I purchased my first home in Midland, TX and rented out 2 rooms to my friends. I actually under charged them for rent but it came out to where we split PITI and bills 3 ways and I still gained all the equity and tax benefits of home ownership. That definitely got me started with the itch but I've recently gotten married and my friends moved out and my wife moved in. I really started to pursue this dream more in May of this year. I am under contract for my first property in Lubbock, TX. It is a SFR currently leased through July 2019 that I'll be taking over. It's an older 4/2 home rented out to 4 college students which from my research draws higher rent than a single family living their. My next steps are to continue building a portfolio of solid SFRs and hopefully soon branch out into multifamily properties. Lubbock has quite a few SFR with a detached back building than helps draw additional rent and adds doors. This is something I am interested in as well. I chose the college rental market to start because being fresh out of school I am more familiar with these markets.
My goals aren't fully defined yet (working on that soon) but in the short term I hope to bring in enough passive income in the next 3-4 years that we can supplement my wife's salary giving her more freedom and flexibility as we look to start a family.
Caleb