New Member from Wilmington, Delaware

[Joshua Hower]

Good Afternoon Bigger pockets, my name is Joshua Hower; I go by either Josh or Hower.

Born and raised in North Delaware and planning on staying in the general area to be close to family. I have been interested in Real estate for a long time and even went to closing on a property that ultimately fell through thanks to a paperwork mix up about 7 years ago. Since then, I have spent most of my time in the rat race, thinking that was the way to move forward.

My previous career track has been a bit all over the place. Retail customer service, Army National Guard, Carpentry/Masonry, General IT, IT Project Management, data analytics, and probably more, forgetting. However, I have come full circle on the job market, and being a bit tired of my passive investments, I want more control over my wealth creation, specifically in real estate rentals.

Recently I picked up one of Brandon’s books on audible, which has focused my general meandering through properties into a goal-oriented outlook on real estate. I have always been told that rentals are pain and tenants will ruin your life, so I have avoided it even though my mind always seems to wander back to the idea. Coming from the book, I put together some high-level goals and strategic items. Residential seems to be the best for my target starting area, and the lack of multi-Families leads me to think that starting with a single-family will be my best bet.

Goals and Destinations

1 – Year

First Rental property acquired.

Create systems to manage the property and maintain positive cash flow.

Build relationships with contractors, real estate agents, and other pertinent groups.

5 – Year

Minimum of 5 Rental Properties (1 per year)

Have strong, in place, and proven systems for managing properties.

Achieve 3x cashflow of work salary.

Continue to build relationships with contractors, real estate agents, and local government.

10 – Year

Minimum 25 Rental Properties (adjusted for exponential growth)

Hire property managers and other professionals to handle day to day property tasks.

Reinvest business profits on lowering leveraged risk and diversify investments (stocks/Bonds)

Build relationships with regional government and other real estate investors.

20 – Year

Minimum 75 Rental properties

Use employees to handle purchasing and acquisition of new properties.

Contemplate retirement and possible sale of the business to another investor.

My Why

Ability to dictate my future and how I spend my time.

Ability to provide great wealth and comfort to my family.

Ability to travel through life on my terms and how I want to.

Ability to do what I want to.

Vehicle

Single-family homes

1. 2 – 3 bedrooms (if 2 bedrooms look for an opportunity to create 3rd bedroom)
2. 1-2 bathrooms

Frequency of Purchase

1 door every year for the first 5 years.

4 doors every year for the next 5 years.

5 doors at a minimum per year until retiring or selling the business.

Financing

How will I finance these properties?

1. Leveraged purchasing using cash down payments and cash closing.

(Or)

1. Private lending using the BRRR method.
   1. Buy, Rehab, Rent, Refinance