Hi Everyone,
There is no telling how many words I've read on the BP forums and site over the last week or so. Not to mention the podcast. This is a gem of a community regardless of the topic and I'd have to say it's probably the best I've experienced in the REI world. So...I thought it was time to introduce myself.
I'm located in a no-mans-land between Memphis, Chattanooga, Nashville and Huntsville, AL. My home town has a whopping 1900 or so residents, but with virtually no available rentals, including the three doors that we own (a 1BR Duplex and a 3BR SFH).
I started studying REI in the early 2000's, but I was emotionally attached to paying off the mortgage on my residence. We accomplished that in March of 2014 and in July 2014 we closed on the duplex and in September 2014 we closed on the bank-owned REO SFH next door to the duplex. We spent too much on the duplex both in purchase price and renovations, but the SFH was a much better deal, so all together we're cash flowing a little even with paying off the mortgage and HELOC at a 10yr clip. We're self managing and I even keep the grass cut myself.
We're pretty frugal and have saved up another decent down payment in the last two years. When I started looking around and doing research again I hear the term "turnkey real estate" from Clayton Morris when he was on Leo Laporte's TWiT podcast. I then heard Clayton on the BP Podcast and from there found the wealth of information that is the BP forums.
I am getting an idea of where turnkey sits on the spectrum of REI possibilities and still haven't decided if that's the way to go or not for us. I'm handy with tools and did quite a bit of work on the existing properties, but on the other hand I had rather start being more entrepreneurial and use contractors and property management. Problem is, there are "no" property management companies in our area. That pushes me back toward turnkey and out of area/out of state.
My other involvement in real estate is as a photographer. In 2008 I left a full time J.O.B. and started my own real estate photography and web design service, shooting stills and panoramas and providing virtual tours and other marketing tools for agents, mostly in the Huntsville and Madison AL area. This peaked out in 201. About that time, I got a job offer that was a better than I could refuse, so I jumped back into the "E Quadrant". I maintained the photography on weekends until this year when my clients finally found another photog they're happy with. I think I now have my Saturdays back!
I'm thankful to be happy with the full-time job, but ever since reading Rich Dad Poor Dad and Cashflow Quadrant (in probably 2003 or so), I have wanted to achieve financial independence with passive income. So...I'm making another run at it.
I really hope as my experience grows that I can give back to the BP community by offering advice and information.
Brett
