New Member from Atlanta GA

[Damien Lee]

Hello everyone! 

*TLDR at bottom*

Intro

My name is Damien and I’m excited to have recently joined the BiggerPockets Community! I’ve just recently been introduced to real estate investing and Bigger pockets by a friend so I’m very new. I’ve decided to educate myself with the real estate books here and follow Brandon’s advice on analyzing 1 deal a day. Ultimately I plan on investing in RE using mainly rentals and the occasional BRRRRs (if I can find them) to become financially independent and transition to a job I have more passion for. 

Plan for BP

Since I’m just starting off I’m going to try analyzing deals in a market that I know well (Midtown Atlanta, GA) and post it in the BP community! (If anyone knows if there’s a place for something like that please let me know). Midtown is pretty awful in terms of cashflow opportunities so to counteract that and get better at deal analysis, I’m going to analyze the deal with the current asking price and then counter offer with a deal that would make sense for my goals. I’ll include all of my assumptions and the reasonings for why I’ve priced things as I have. My hope is that anyone interested in Midtown or just helping a newbie out will come check and point out any mistakes I made or anything I might have overlooked. 

Eventually, I'll start analyzing deals in a location that's more viable for cashflow. I also want to give back to the community (who hopefully helped me improve my deals) by analyzing one deal for a random person a week and also helping out newbie investors like myself. But until then, I’ll just be here trying to improve my skills and network. Once I’m confident in my deal analysis I want to find people to partner with me and invest in multi-families in another state that offers better opportunities. 

My REI Plan

My overall plan is to start off focusing on rental properties, specifically single family homes and then shift my focus towards multifamily homes. The first single family home will be to get used to property management as well as ease into being a real estate investor, and from there then it's full speed ahead! Each rental property will be aiming for at least a $200 monthly net cash flow per unit or a 10% ROI. BRRRRs will just need to net cashflow of at least $50 a month since they're more about building equity with low and no money down. I plan on using mostly low and no money down tactics from PML/HML/Family and friends or partners.

Yearly plan

Year 1: Buy at least 1 property, get used to it, and aim to have 4 by the end of this year. Main focus will be multifamilies

Year 2: My second year will be about maintaining and getting used to REI while I plan to get at least 4 more properties.

Year 3: Optimize my process and buy at least 10 more properties

Year 4: Fully optimized and ready to go, buy at least 24 units (2/month).

Year 5: Continue to optimize and buy as much as possible

Let me know what you guys think of my plan and if you have any advice! Of course this is just a rough outline as plans are liable to change :) I’m excited to meet everyone and get started on my real estate journey!

TL;DR

• - Completely new investor from Midtown, Atlanta, GA

• - Want to invest in Rental properties and the occasional BRRRRS
• - Will analyze and post 1 deal a day on the BP community
  • Analysis will include all assumptions, ROI on asking price and what the purchase price would need to be to be a good deal
• - Goal is to become FI off rental income and transition into a different career
• - Looking for someone to partner with to invest in Multifamily homes in a location that makes sense (for me)

If anyone knows where I can post practice deal analyses for feedback please let me know!

Yearly plan

Year 1: Buy at least 1 property, get used to it, and aim to have 4 by the end of this year. Main focus will be multifamilies

Year 2: My second year will be about maintaining and getting used to REI while I plan to get at least 4 more properties.

Year 3: Optimize my process and buy at least 10 more properties

Year 4: Fully optimized and ready to go, buy at least 24 units (2/month).

Year 5: Continue to optimize and buy as much as possible

Use HML/PML/Partners to fund purchases.