Hello,
my name is Chris DeSanctis. I'm 31 years old and I work full-time as
a physical therapist and I live in Winston Salem, North Carolina. I
have no background in real estate and at this time I do not own any
property. My ultimate goal is to FIRE with a buy and hold/BRRRR
strategy of SFH/MFH.
I
discovered BP several months ago from an IamA on Reddit by a guy who
went from nothing to nearly having 100 properties in about 10 years.
I read every post he made then continued expanding and learning most
recently finishing Rich Dad, Poor Dad, Brandon's Rental Property
Investing book, and several dozen episodes of the BP podcast.
I
found myself thinking more and more about my future, what I wanted
from life, what my dreams were.
Last
week I got home and saw an email for Brandon's 90 Day Challenge
webinar. I don't know what came over me but I dropped what I was
doing, sat down, and watched and took notes, which is something that
I 'never' do. After I was done watching I realized that it was time
for action. I can dream all I want, but I actually have to get up
and do something about it.
Right
now I am in the education and planning stage. I'm still listening to
podcasts, working my way through other books on the list. I have a
spreadsheet for analyzing properties and have started scoping out my
local market, analyzing deals, looking up information with resources
available. I feel like I've already learned a lot and the idea of
doing this is getting a little bit less scary; numbers and math help
make me feel comfortable I guess.
I've
started driving for deals...really more just learning my area, but
call it what you will.
I'm
slowly putting together my 90 day plan – it's sparse, but I'm
trying to follow some advice from one of the early episodes about
just figuring out the next step when you start to feel overwhelmed.
My
short-term 90 day plan:
Buy
a 3-4 plex and house-hack
I
intend to use property management company ASAP.
Must
be FHA compliant because I plan on making the minimum down payment
(estimating 10-12k to spend by August)
Light
rehab okay, but no major work. I don't plan on getting my hands
dirty because I'm not competent with that kind of work and the return
on investment isn't worth what I can make elsewhere.
B/C
neighborhood in southern Forsyth country or Davidson county.
My
medium term plans:
BRRRR
single and multi- family properties in this geographic area.
I
want to make enough money to transition to part-time PT so I can more
effectively accumulate properties.
My
next steps:
Networking:
I need to form my core team - Real estate agent, mortgage lender,
contractor, property manager. I will use the forums to find
recommendations from other members. I want to meet a really good
real estate agent first and hopefully utilize them to help me search
and meet other members of my team.
Learning:
Finish
Unofficial guide to real estate investing book
Examine
this listsource and openlettermarketing things that I keep hearing
people talk about.
Continue
analyzing deals. I have done 8 so far and will do 2 more tonight
after the webinar. (This has been an interesting step. Some of the
properties I thought would be excellent at first glance were TERRIBLE
deals and others I thought were 'Meh' actually turned out okay.
So I
know this is super long winded. I think I mostly did this to just
establish myself and change my habits and start immersing myself
instead of watching from the outside. I think it also helped me
think out my plan and what I need to do next.
I
look forward to growing here and hope to meet any locals to the
Piedmont Triad.
Regards,
Chris