All Forum Posts by: Alicia Gates

@Milton Rivera and @JP Garcia, thank you for the wealth of information!  This helps alleviate some of my fears and provides really good next steps for us - I so, so appreciate that. 

We're going to start running through some of these next steps this week and we will post back with how it's going.  

Also, I know BP is run by people helping one another, and we would like to be a part of that, too.  I'm a CPA by trade (10+ years), so if you have any questions related to accounting, taxes, 1099s, etc., I'd be happy to answer them as I'm able to.  :)

Thanks again!

Great summary @Will Gates!  I'm the mentioned "wife" from above, and I AM nervous that it's too much too soon.  I'm also concerned about getting the financing, because while we already have a down payment squirreled away, since we're not house hacking these, would we be able to do a conventional loan? 

Some other concerns: 

• We haven't formed a business yet - should we before closing on a deal? 
• We don't have any business insurance - is the property insurance enough in the mean time? 
• Not knowing anything about the tenants yet, would we be able to start new leases with them as new owners (I would think yes?), require them to get renters insurance (if they don't already have it)? 
• The property is 30-45 min away, so we need to build into our expenses at the very least a handy man and a maintenance man for emergencies and then routine lawn care and the like.  Have we already accounted for that using the 50% rule? 

Hi everyone! 

I'm a newbie to real estate investing (though not new to the concept).  I joined Bigger Pockets about a year ago, but it wasn't until about 3 weeks ago that my husband and I started road tripping for multiple family trips, and we thought that Pod Casts from Bigger Pockets would be a great way to pass the time, and they certainly were!

A bit of background on me - I'm a CPA and have worked in the field for over 10 years.  I have worked as an Auditor, Tax Preparer, Controller, and now as a remotely based bookkeeper.  I LOVE accounting because it's all a puzzle, and I love figuring out the numbers.  This is one of the draws for me to real estate investing - my goal is to cashflow and rely heavily on the numbers (and try to not to fall in love with the property). 

My experience with real estate is limited.  I purchased a single family home in 2009 with the tax credit (at the time) in KY.  I later met my husband and we decided to move to CA in 2013, and I was unable to sell my home, so I tried renting it from CA.  WORST EXPERIENCE OF MY LIFE!  The tenant had the water service turned off (in Jan), trashed and then abandoned my home.  $10k later, it was ready to put back on the market to sell, which it finally did the day before my wedding in 2014!

Fast forward past a wonderful job in CA, I had a series of awful jobs and thought, "there must be a better way".  I quit my job at the end of 2014 and in 2015, my husband and I decided to design and build our own Tiny House on Wheels (THOW) to start our path to financial independence.  I know that's not the typical real estate investment, and they are somewhat like mobile homes that depreciate in value, however, for us we were able to build and move it for $30k, and now 2.5 years later we have broken even on that investment (THOW vs. Renting), and now our rent/utilities are so small that we are able to look at using our funds for other opportunities - aka real estate investing!

So, here we are, 3 weeks in and I'm still working my way slowing through "The Ultimate Beginner's Guide", and my husband has blitzed through it and is already starting to analyze properties in our hometown market.  

We've identified that we'd like to start with some multi-family properties, 2-4 units, and we may even do some house hacking (not sure - the THOW rent is already so good!).  

My next steps (that I've identified), is to start writing down goals (we've discussed them, just haven't written them down), develop a business plan, and figure out if I need to start a business for this venture now (and what structure that will be - we will not be taking on partners initially, I think, so it's just me and my husband, so SMLLC?), or if I can wait until after we purchase the first property and then transfer the title.  All things I'm working on and would love your input on!  

As a complete aside, here's a few other snippets about me: 

• my cat, Bucket, is an 8 yr old Cornish Rex and thinks he's a human toddler
• I've been married to my AMAZING husband for 4 years
• I enjoy reading & knitting
• I try to work out a few times a week (but my husband is the major athlete in the family with marathons, triathlons, etc.)

I SOO appreciate Bigger Pockets and all of you members!  I'm excited to learn more!