All Forum Posts by: Lissa Dear

@Mark Gallagher I am drinking from the fire hose right now, but I can definitely see where I can get started much sooner. My instinct is to be more conservative when I feel very green and my money is at stake. 6 months you say? I'll use that as a benchmark. Thank you!

@Account Closed Thanks Nick! Good luck to you as well!

Hello everyone! :)

I have a plan on what I‘d like to accomplish in the next 10 years and was hoping to get some valuable input from fellow BPers.

Goal: To earn 20k per month within ten years through multifamily ownership.

Why: To provide income making my 9-5 full-time work optional. Also, to gain financial independence and the freedom to live life on my own terms with more time for family, hobbies, adventures, and charity work. 

How: Well I don't know exactly, but I've created a plan to hold myself accountable. I accomplish more when I write down my goals and the steps necessary to achieve them.

Timeline: 

2015 - Renting, Saving, Learning

2017 - Buy Duplex, Triplex, Fourplex to house hack using FHA 203k loan (Using 30k saved from W2 job)

2018 - 2020 Househacking, Saving, Learning (Possible Partner to Fix&Flip)

2021 - Begin Fix & Flip Journey (Using 100k saved from W2 job)

2022 - 2024 (Fix & Flip Profits + W2 job savings = 400k) (30k profit per flip every 6 months. Numbers are estimates only.)

2025 - Partner for 4.8M apartment complex.

Key Points: Putting together the right team will be a major focus continuously. 

I actually don't know how much I'll have saved each year with raises, promotions, unexpected expenses, good years, bad years, etc. I save as much as I can from my day job, and won't invest until I have enough reserves. I also have 3 retirement accounts I contribute to that's not included in the plan.

It's been a few weeks since I became interested in investing in real estate. So, this is my very vague, summary level plan. Thanks for reading!

What do you think?

Welcome!!! @Scott Phillips I'm in Fort Worth. Trying to get into buy and hold myself. 

I'm 25 also. I think you have received great advice here. Never give up. You definitely won't achieve your goals if you do. Not everyone has it all figured out, but I think the important thing is to continue to learn and work towards you goals even if it's baby steps. Small progress is better than no progress.

Hi @Blake Watkins

I'm also in Fort Worth. Which REI meeting did you attend? I attended one in Arlington. I'm new also, but we can analyze deals together or talk further if you'd like.

Congratulations!!!

Hi @Damon Duperre

 Yes, that sounds like something I would be interested in. I have also started to attend the Arlington meetup to meet investors there.

Hi @Joe T.,

Welcome! I'm in a similar situation as you being in the corporate world and saving to invest, but I'm in Fort Worth. Congrats on your first deal! There's a ton of information and people here to learn from, so good luck on your journey :)

@Frank Jiang Oh how I love Introverts :) That image describes me perfectly. Not sure if that is good or bad :| I definitely had to read up on the INTP type. Pretty rare.

Thanks everyone for the welcome! There's so much information here. Do any of you remember how long it took you to go from "learning" to actually buying a property, e.g. weeks, months, years?  @Andrew Syrios @Okeoma M. @Mark Nolan @Jon Klaus @Paul Timmins