Newbie from Brevard county, FL (Melbourne/Palm Bay)

Newbie from Brevard county, FL (Melbourne/Palm Bay)

New to Real Estate · Brevard, FL · Member since 2020 · 5 posts · 3 votes

     Hey everyone, joined bigger pockets a while ago and have been reading, listening to podcasts, and just trying to learn as much as I can. This post is going to be long so TLDR: sick of my cubicle job and being someone else's employee, ran my own business for a while but it never really took off, now looking to real estate for financial independence.

     My main goal is time freedom, which obviously requires money, but also an investment style that isn't very time intensive long term. I've slightly narrowed down my interests, I would love to do industrial real estate but don't have the capital. So I'm focusing on multi family managed by someone else with the hope to grow capital over a few years and be able to land a very hands off commercial tenant. I also plan to own a couple short term rentals in areas I would like to vacation so I can have the freedom to go vacation when I want without worrying about costs.

     I've come kind of a long winding path. Grew up in a military family, moved around a bit, we ended up in a textile mill town just as textile mills were going out of country. Always got good grades in school, people told me to be a doctor or lawyer but I had no interest in either. I was always very technical and enjoyed tinkering so I ended up working in automotive shops for years because I didn't know what else I would do. I was at a small private shop, finished my 2 year degree from a local college. A few years in I ended up running the shop 3 days a week when another employee (2nd in command) left for another city. The owner would come in 2 days a week and other than that I was in charge of everything and I was planning to run the shop. Suddenly one day the previous 2nd in command guy came back and was right back in 2nd place. Since I was only a few years younger than him I knew I'd end up working for him the rest of my life if I stayed. I left for a dealership and had a manager who enjoyed making life miserable for people. One of my professors had been a retired engineer and basically taught for fun money and access to the shop and equipment at the school. I realized engineering was something I was interested in and I applied for a 4 year program at a state school.

Fast forward past engineering school, graduated and got a job with a giant corporation. Great pay, stable, good benefits, etc... They had some "innovation" projects that I was interested in and figured would be great for my career. I ended up entering several, including forming a team that won first overall nationwide. I got a pat on the back, the project taken from my team and given to someone else, and stuck back in my cubicle. At that point I realized my mistake was working for someone else, so a coworker and I found some government funded competitions that had the promise of leading to full time employment and big contracts. We entered a handful, and ended up taking 1st place in one with $10k cash prize. We formed an LLC, made some products, did some contracting work here and there (on top of our day jobs) and made a decent amount of money, but it consumed every ounce of free time for 2 years. We had a couple big deals fall through, my business partner got an offer he couldn't refuse in his home town, and he left. That pretty much sealed the fate of that company, I had no interest in maintaining the amount of time demand it had for some money that was never enough to quit my day job.

     So here I am with a well paying job I don't enjoy, what to do? Most engineers play in the stock market or save their way to retirement, but I just can't stand the idea of working until I'm 65. I start looking into real estate investing and listening to podcasts. Someone mentions cash flow quadrants, I watch the 5 minute explanation on youtube and a light bulb goes off. My whole life I've been trying to stay poor, through being someone else's employee or owning my own job where I'll never actually be able to just sit back and enjoy life. Now I am focusing on multifamily specifically for the value add/forced appreciation aspects with the hope of replacing my wife's income in the next couple years and mine within 5-10. Once I have the capital I would like to pivot to industrial space since I have some familiarity with it and it seems to have much less competition (maybe?). Plus the lack of landlording duties and the triple net potential feed my overall goal of just being able to enjoy life on my own terms.

         I basically do excel spreadsheets and math for fun for all of my hobbies, so if someone needs a numbers person I can potentially fill that gap. I'm currently about 200 pages into "What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures".

     I'm in my 30s now, and I've finally realized why I just keep hitting roadblocks. I am not a people person. I avoid social gatherings in
general, typically to work on some project. When I do go to large events I never introduce myself to strangers, and basically do the minimal
amount of interacting before leaving. Not having a network has held me back and prevented me from finding opportunities and meeting potential mentors/friends/business partners. I've consciously been trying to work on that in 2020 but covid really put a damper on my plans. I do plan to attend local investing events, and would love to have any local members just message and chat. Posting this long winded life story is sort of a first step for me on this path.

If you made it this far, thank you very much. I look forward to meeting and learning from the community here!



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Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
5y

@James Tolson - welcome to real estate in Brevard! I think many of us investors can relate to how you feel. Actually, those feelings are what led to us being in this game.

My husband and I host a meetup in West Melbourne the third Monday of each month, if you are interested in coming please reach out to me and I'll give you the info.

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  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    5y

    I have a number of properties in your local area.  There are a few local meetups, which I recommend.  Also some Facebook groups that can provide contacts.  This is a great county in which to start investing!

  • Real Estate Broker · Palm Bay, FL · Member since 2017 · 175 posts · 89 votes
    5y

    Hello James,

    Let's connect. I would love to see where I could help get your moving in the direction you are wanting to go. I am in Brevard and some of the things you mentioned remind me of myself lol. 

  • Member since 2020 · 18 posts · 8 votes
    5y

    @Kerry Baird if you have more information on local meetups I would like to know more. I am in Merritt Island. 

    OP thanks for sharing. Great post. 

  • Real Estate Agent · Satellite Beach, FL · Member since 2014 · 66 posts · 42 votes
    5y

    Hello @James Tolson.  I’m also an engineer, local in Brevard County, but now full time real estate investor.  I was able to get out of the rat race, and it’s definitely possible in your timeline.  It took me 9 years of buying properties to replace my salary with rental income, which I’m happy about it and own a lot of my properties free and clear now, but could have achieved my goal much faster if I embraced good debt and went bigger earlier on.  Now property values are very high, returns are smaller, so risk has increased substantially.  If you ever want to chat more, send me a DM.

  • Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
    5y

    @James Tolson - welcome to real estate in Brevard! I think many of us investors can relate to how you feel. Actually, those feelings are what led to us being in this game.

    My husband and I host a meetup in West Melbourne the third Monday of each month, if you are interested in coming please reach out to me and I'll give you the info.

  • Rental Property Investor · Orlando, FL · Member since 2015 · 353 posts · 269 votes
    5y

    @James Tolson my profile says Orlando but I do most of my real estate buy and hold investing in Brevard County and have a number of rental properties in the area because the numbers work out better than where I live. Let me know if I can be of any help on your journey!

  • Member since 2020 · 18 posts · 8 votes
    5y
    Originally posted by @Priscilla Z.:

    @James Tolson - welcome to real estate in Brevard! I think many of us investors can relate to how you feel. Actually, those feelings are what led to us being in this game.

    My husband and I host a meetup in West Melbourne the third Monday of each month, if you are interested in coming please reach out to me and I'll give you the info.

     I would be interested in your meetup! 

  • New to Real Estate · Brevard, FL · Member since 2020 · 5 posts · 3 votes
    5y

    Thanks for the replies everyone, I think I've contacted everyone who's reached out. 

  • Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
    5y

    @Chris Witham message me and I'll send you info. 

  • New to Real Estate · West Palm Beach, FL · Member since 2020 · 3 posts · 0 votes
    5y

    @James Tolson I have similar feelings as you do James. I too am an engineer as well. I've been working remotely and will continue to work remotely post-covid. I've decided to look for a home in the Palm Bay area. I'm leaning more towards a live-in flip at the moment since I do not own any real estate and to gain some experience in the rehabbing sector. I'm coming from Palm Beach since homes in Palm Bay are more affordable than what I can find here. Looking to connect with you and anyone else to learn more. Thanks!

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