New Member & My General Plan

[William Buckingham]

Hey Bigger Pockets,

I'm new to Bigger Pockets, been listening to podcast for a while and decided I need to take more action toward my goal of being a real estate investor. I'm 26 and located in San Luis Obispo, CA. Central Coast of California if you aren't familiar, between LA and SF.

My ultimate plan is to Buy and Hold rental properties so I have a retirement income for myself, and so I can retire earlier than later. I work full time at a local software company. Nonetheless, I'm really interested to learn more about wholesaling - no idea if it is for me, but interested. I often work 50-75 hour weeks, so I honestly dont have the greatest number of hours sitting available - but I can grind through the night no problem. I have never worked in real estate. Below is my rough plan on how I'm going to get to my goal - feel free to provide feedback and rip apart my plan.

Plan:

1. Starting in March I am going to take over the property management of a family member's single family house here locally. I think this will expose me to some aspects of buy & hold REI. I'm learning all I can about property management right now.

- during this time I will continue saving money, reading a ton of REI books, and listening to BP Podcast.

2. During this time I will also seek out mentors [anyone looking to be a mentor?], practice analyzing deals, refining my purchase criteria, and deciding where I want to buy my first property.

-where I live real estate isnt cheap, and I am contemplating buying out of state for first investment. I welcome any and all insights on this.

3. Make offers and purchase first property by end of year 2023. I plan to manage it myself in beginning to keep things lean but will factor in property management in the calcs just to be safe.

Goals:

1.Own first investment property by 2023

2 own 15+ units by 2035 (I'll be 42 then). [This might be really low goal and I need to step it up... feel free to share your thoughts on this too]

3. I'm contemplating a ROBS, but will try to avoid as to keep that money as a last resort for REI.

I welcome and appreciate any and all insights, tips, and feedback on my general plan so far. I have a ton to learn so throw whatever you have at me.

Thanks BP community.

-Will Buckingham