Aspiring BRRRR Specialist Ready to Crush it from Metro Detroit

[Caleb Coats]

Hello BP community,

I have been exploring the BP community for about a year now, but decided to dive in and become a more active member. I just created my profile description and thought I would make my introduction post and share it with you here. I would be grateful to connect with anyone who has similar goals or has experience with BRRRR's and syndication's that would be willing to share their story.

My Profile Description:

I am an aspiring BRRRR specialist currently in the metro Detroit region, and excited to have a place like BP to share my experiences and connect with members that have similar interests.

I am a Engineer by trade and work in the automotive industry. I am ready to put my skills to use on the side through rental property investing. I read Rich Dad Poor Dad last year and it changed everything for me. My wife Alexsis and I are on a mission to financial freedom, so we can be less dependent on our jobs and do what we want, when we want.

Experience:

When I was a kid, my dad flipped our home and I was exposed to most aspects of building a home. I’m sure my dad was violating some child labor laws but the exposure taught me so much about hard work and rehabbing/building construction. In high school, I was very passionate about architecture and even designed a home in my drafting class. I guess you could say I grew up on real estate, but lost my way through college and at the start of my engineering career.

In January 2018, my wife and I bought our first house in Royal Oak, MI. The home has opportunity for improvements, so this year I added a new front porch that required a permit with the city. I did all the design and work myself, and was able to complete it within our planned budget. We have also installed a new hood in the kitchen, exhaust fan in the bathroom and new windows and door on the garage. We have a long list of future improvements but have decided to shift our focus and finances towards real estate investing. We knew our choice in this home purchase could slow down our path to financial freedom, so we plan to get creative with our financing and bring the brains and grit to the table.

I have been obsessively reading books on real estate, have listened to many of the BP podcasts and I am very eager to get started. I am so proud of my wife too. She decided to get her real estate agent licence this year. Her goal is to use her licence to gain experience and knowledge from helping home buyers/sellers part time and potentially going full time in the future. I’ve considered getting my contractor’s licence, but we will see if it make sense for our future investing plans.

Real Estate Goals:

2018-2020:

• BRRRR 1-2 SFR or small multi-family properties per year
• Learn all the tricks of the trade and set up our systems and processes (as an engineer, I am obsessed with systems and processes)
• Get educated on multi-family properties and syndications
• Attend monthly meetups and network with other real estate investors

2020 and Beyond:

• Complete a syndication with a multi-family property
• Continue using BRRRR on single family homes if it makes sense
• Start building wealth for even more deals

Stay tuned for future updates.