Im new to REI, but have been interested in it for years.
A little background about myself
I was a carpenter for years, at one time I was working mid-high end residential on Long Island. I thoroughly enjoyed the work but wanted more money so i went to work in the union in NYC. I was soon after promoted to Foreman then to a superintendent, after a few years of doing that i was promoted to a management position. I have been doing that for the last 7 years or so. The work is not as gratifying as building something with my own hands but the pay is steady and i make a very comfortable salary. I am very good at what i do and am very respected and companies make me offers constantly. Respect does not matter to me I am a very humble person, but respect helps me be more effective at my job. I did own a few Residential construction company's one by myself and the other with a partner because of licensing.The crash of 08 hurt my business and i was helping keep it afloat with my income from my other job. I had several people working for me and did not want to put them out on the street. In September of 2012 i had a meeting with all of my employees to let them know that after the jobs we had, I was closing shop. They had until around the beginning of the new year to find another job.
Then disaster hit.
Hurricane Sandy was a disaster like i have never seen. It looked like a war had hit. Most of my family lives on the shore line and lost their homes. I went out there to help my Grandparents get back into the house all i asked for was to pay material and my guys. When i was working there people started coming asking me to help them and give a quote. I got the next job immediately, then the next, i started throwing out insane numbers to people not to gouge them, but hoping they would walk. They almost all accepted my quotes. In 18 months i was able to dig myself out of the hole i was in, pay off all of my supply houses, Credit cards, and all Debt. when i say all i mean all, i had 0 Debt.
This was a high point for me. There was more work than I could take on and would be for a few more years, my guys were happy and fed I could build my business and grow from here... But that was not what I wanted. My wife and I grew up on the island and wanted to get out. Our dream was to move somewhere more affordable and with a slower pace of life. I was bought out by my partner.
I have since moved out of NY to the NEPA (north east Pennsylvania area) but still work in NYC.
I purchased my family home for a decent price in august of 2015.
The now
My house does have some equity in it but i would prefer not to use it for funds but i'm not completely against it
Like i said earlier i make a very nice living and my DTI is about 24%. I could save roughly $2500-$3k per month right now, or more if i tightened up the belt. I am also not factoring any of my wife's income into the picture but she makes a somewhat ok salary. She is pregnant with our 3rd child and will be out of the work force come September then she will go part time after the new year.
I do have some money saved up but i don't want to spend all of it on a down payment so i'm looking at more affordable homes that might need some work. I am capable of doing any home remodels/repairs necessary except excavation, arborist (trees). I prefer not to do roofs anymore but its not out of the question.
I have been putting together a team lately consisting of an agent who works with sales and rentals, a broker and an accountant who invests in property himself and has been a personal friend for years.
For the last year or so i was investing most of my money into physical precious metals. This will never be spent or used as collateral. It is just there to look at and use if all hell breaks loose and the dollar collapses.
Im not afraid to work i currently put about 70 hours per week into my current job between commute and time at the office. This is actually down from the last few years where I would be working roughly 80-120 hours per week + commute. This is the reason i am seen as an asset where ever i go. I want to spend some more time with my family and think this would be a good avenue to make myself financially independent and eventually stop working in the city.
So there it is, it went on a bit longer then it was supposed to.
I have several friends that are interested in partnering with me but i think i want to do one or 2 by myself before I partner with someone.
I think i like the idea of the BRRRR method best but i can be fluid with how things happen.
At this point I'm listening to youtube/podcasts about 3-4 hours a day and reading as much as I can get my hands on. I understand that i cant wait for the stars to align and have the perfect 1st property just fall into my lap, eventually I will have to "just do it". Hopefully i will have my first property by the beginning of the summer. The plan is to have 10 within 3 years but like i already said i can be fluid and have some friends with money so this number could go up.
let me know what you think I am open to ideas.
This is more of an introduction of who I am and where i come from then "I want to get rich in real estate tell me how to do it"
That will come next LOL
