Hello BP!
My name is Chris Sarmiento and I'm new to Bigger pockets. I've been listening to the Podcasts, read some books, and trying to further my education on REI. I'm currently trying to plan/ save for my first rental or house hack buy. I wanted to start becoming more active on this site and I thought I'll just drop my personal plan here. Doing so will help me keep my progression forward to financial freedom.
Background:
I’m a Registered Nurse here in Gainesville FL. I’ve been a Nurse for 6 years and woke up from life’s monotony January 2017. This is when I began to binge on self-help books/financial books/audibles. Trying to feed my brain with anything that will help me improve.
April- October 2017
I started a Start-up that never went off the ground, but it taught me a lot about myself. I was able to find people to help with my vision and kept asking questions to myself and others in order to push further away from the employee mindset. Some Drama occurred with the Start-up and I didn’t see a future for it or money coming out for awhile so I placed it on pause.
October 2017- present 2018
A week after I placed my Start-up venture on hold, a friend came to me about partnering up on the Ecommerce route. To become a private Label on Amazon FBA and resell products. We got our first product on April 2018 and just launched our second product early September. We are on our way to profiting from our products that we’ve bought. Our hope/goal is to reinvest the money we’ve made to buy more products in preparation of Fall sales. Learning a lot/ Still learning from this Amazing opportunity that I came across.
Current plan:
My plan is to educate myself as much as I can with anything Real Estate. My Goal is to buy a rental in my area or nearby (Gainesville, Florida). My target date to Buy a Rental property, preferably multi-unit home or small family home by July 2019. My finances are good, DTI is about 13%, I'm slowly saving for a down payment for my target date. If my Amazon business kicks in, I can hopefully funnel that cashflow to my REI. If my Amazon business is a bust, I should have enough saved for a down payment by then.
I want to use an FHA loan to house Hack the Multi-unit property. Or save enough for a 10-20% Down payment on a 2/2 family home or use Owner Financing. I have some creative methods of financing up my sleeve, from reading and listing to biggerpokets, but I want to keep it in my toolbox as fallback options.
Thanks for reading! If anyone has Advise for me I greatly appreciate it.
I also noticed that there weren’t any meet ups around my area. If anyone in the Gainesville area wants to meet up for Coffee or a beer let me know!
Yours,
Chris
