All Forum Posts by: Daniel Fitzroy

Geat question here. for me its kind of a mix of both. I am studying to become a buy and hold investor building up 25k in annual cashflow. My 9-5 jobs have always been "ok". I've always appreciated the opportunity to work and earn a paycheck each week. I've made some good friends along the way but I'm struggling internally because i need freedom. mostly with my time so i can go be with my family more often and build a more enjoyable lifestyle doing the things I love most such as motocross, hunting, fishing ect. I live in Ny/MA so we wait all year for nice weather and nothing hurts more than watching the sun shine on a gorgeous 75 degree summer day and being trapped at a job. That being said I'm sure once I do my first renovation or even just get to watch as some contractor handles it I'll be hooked on real estate investing! I get excited just thinking about that one deal that comes together! You guys on here have been super inspiring too. 

Welcome to bigger pockets community! You can do what those guys suggested above and also set up keyword searches that will notify you of a word that gets mentioned in a forum post. for example "house flip". it will bring you to that conversation so you can learn or get notified of something in your area that you're looking for. Also you can go keep an eye out for the next local meetup and network from there! good luck!

Hi, how's everyone doing? hope you all are staying safe during the covid situation. All is well over here. I'm in the planning stages of my business and can't wait to get my family moved into a duplex/multi family rent hack situation within a year or two. I'm super excited and you guys have been a huge help thus far!

One question i had after listening to one of the podcasts and reading about the importance of avoiding "breaking the coorperate vale"  is how does one protect their portfolio of rental properties that they've acquired using the house hack/fha loan method?  I mean are there any drawbacks or concerns an investor might have when choosing to get started with this path? could someone sue you and claim that that whole house isn't part of your business because you, the investor lives/lived there? I'm still planning on jumping in this way as I think its a fantastic method. But would like your opinion on this.

Any thoughts are greatly appreciated, thanks! stay safe guys.

I think it's important to have a business plan. i havent started my investing yet so take my opinion with a grain of salt but the more I think about it the more complicated it seems. really what im trying to do is just buy multi family properties at some kind of discount. add value by renovations or by purchasing in a down market. then fix it up to my companies standards and get them rented out one unit at a time. some of the things ive been thinking about include financing. how will i finance deals after the first 4 or so when the banks stop lending traditionally. also how much do I need in resurves to cover everything from fees to extra holding costs to a major cap expenditure. i want my business to have a plan so i will succeed no matter what. so i think its important to think about those types of concerns regardless of what type of investing you're doing and factor those in to your plan. im excited to save money for the first deal im only at 3k so far. Goodluck to you! i found a generic free audio book that helped me figure out how to start making a busininess plan and keeping it simple is my goal. it can be legthy and detailed but i intend for it to be so simple. 

This is a fantastic post. As I'm in a similar situation my truck is almost payed off and ill have the option to buy a house soon.(hopefully a duplex.) I'm wondering what are the steps to purchasing a duplex you found on craigslist? also at what point does the script come in handy? So lets say you've successfully called a landlord and talked about purchasing a home you found on craigslist and you've ran your numbers/analyzed the deal and know you want to purchase it. would you then try to schedule an appointment for your inspector to go in? would you need to somehow make a contract for him to sign? perhaps that would be part of the script? 

@Eric Hrlbock oh ok I misunderstood what you did. But ok thanks ill check there and see if I can get to one of the meetups!

@Alan Brown Thanks Alan yeah I'm super greatfull for having bigger pockets and other great resources. it's incredible. LIke you said its a wealth of information i've listened to all the podcasts and studied personal finance prior to this so im off to a good start. I want to do it right from the start and be able to provide a good product for the tenents so I need to save up a bit but surely looking into FHA loans I learned they can even wrap the cost of a rehab into it for us I think its called a 203k fha loan. I don't know how to research an area yet im not that good with searching for data yet or what steps to take but episode 235 im re listening to right now and I may buy his book he talks about how to get started. anyway thanks I go to Kingston to shop at Walmart so im somewhat familiar its not too far from us! I''ll look into those areas.

@Eric Hrlbock, awesome I would love to be a part of it and I see you're a landscaping contractor with multiple house investments under your belt already thats fantastic! I travel to just north of poughkeepsie twice a week to visit my family and ill be looking for work come july! How do I get notified of a meetup the next time you have one and what are they like? Ive never been to one.

@Ned Carey, Thanks for the advice Ned! I do have a solid plan and I'm very confident in making a purchase I wont hesitate. I just have to learn more about how to Analise properties and how to finance them. Buy and hold is the Strategy though to start with and maybe BURRR if I can eventually fully understand it. I don't want to take on too much of a project at first I'll be hoping to find some sort of cosmetic fixer upper that doesn't have asbestos and that needs minor repairs like carpet,walls,paint windows, in need of new insulation ext. but nothing too crazy yet. Also I need to learn the legality of being a landlord and how to go about tenant screening. I'm super excited and just need to hustle to pay down this truck and come up with at least a down payment for an FHA loan and some reserves. by the end of 2020 I should be good to pull the trigger on the first deal!

Hi Tamara thanks! I need to get more clear about what my business plan is and learn how to create one. I've got it all mapped out in my head but need to fine tune it. Ill keep saving for the down payment though!

Hi everyone My name is Daniel Fitzroy 27 years old, I'm just a redneck Blue Collar worker from Western Massachusetts looking to build my net worth through real estate investing and Index funds slowly over time and I'm thrilled to be a part of this incredible community. I work full time at a machine shop for about 25-30k a year and I've decided to move to Poughkeepsie New York area in July of 2020 to move closer to family and hopefully have more homes to choose from. so ill be learning how to study different markets so I can eventually purchase a duplex to rent hack with my Family! Im looking to generate $25,000 in passive income down the road through rental property's. We will hopefully be investing in Multi-family and or Single Family homes with an ARV of around $100k-$150k. I want to learn how to be an amazing landlord and be able to keep the properties well maintained for our clients. Also I'de like to learn how to renovate homes to some degree so I can do some hands on work and stay busy if i switch to full time investing. I'm currently in debt with about $7,500 remaining balance on the truck I purchased a couple years ago and im super excited to pick one stragety and become succesfull to invest in. You guys are amazing, such a cool community on here!