All Forum Posts by: Erin P.

@Coco Zuniga - Thank you for the welcome! I love the idea of getting a duplex. And thanks for the information about cash reserve - that's helpful.

Thank you so much for the replies! Lots of good stuff to think about 

@Jonathan Greene - good point about getting my education elsewhere, I'll check out those sources first. And as for networking, I'm seeing more and more how critical that is to being successful in this business.

Thanks again!

I'm new to the idea of REI and still in the research phase, and learning so much! Very exciting. I'm planning to move to another state in about 6-7 months and have decided to get my real estate license in that new state, mostly to quickly learn the state RE laws and regulations and also take advantage of the networking opportunities.

Is there any reason that being a licensed agent would work against me in my plans to buy and hold multifamily properties? I mean, is there some kind of investing or buying/selling process that civilians can do or benefit from that an agent couldn't? I can't find anything about that specifically online.

Any insight would be greatly appreciated!

Thanks for the welcoming words, Michael and @Jonna Weber! I really appreciate it. 

Hi there! I've been lurking on the BP website for about a month now and am really excited about the possibilities of REI. Here's a little about me:

I'm 49, and starting to feel real stress about retirement, and whether I'll have enough money to live on. I've worked all my life and currently have a stable job as a marketing content strategist, with a good income and 401(K), etc. However, every month I get my 401(k) statement and the amount doesn't seem like nearly enough to support me for who knows how many years. That retirement stress led me to read Rich Dad, Poor Dad, like many others on this site, and then I got online and found BiggerPockets and have been reading voraciously since then. 

I am new to the concept of real estate investing, but after reading many, many blog posts and forum discussions, I'm thinking that I'd like to do some house hacking by living in a duplex or triplex, and then start finding buy-and-hold multifamily properties. Property seems very expensive here in Salt Lake City, compared with salaries and cost of living, and I haven't ever bought a house because I could never afford to buy in the areas I wanted to live. 

But now that I'm looking at real estate investing, the location doesn't seem to matter so much anymore. I have some savings and very low living expenses (although I do have a student loan--my final debt), and am trying to figure out if I should look for something to buy now here in SLC or hold on until I move to Urbana, Illinois, which I'm planning to do next summer to be closer to family. I could get more property for my money in IL but if prices are continuing to go up here in new developments, maybe I could make more with something here? 

I've researched a lot, but I know there are some big holes in my knowledge--such as where I can find information about the real estate market in specific cities. How can I gauge the markets in Urbana and SLC to know where my money would be best spent? Also, how big of a cash cushion should I have before getting into a multifamily deal? 

Ultimately, my short-term goal (within a year) is to acquire a multifamily property that I will live in to offset/zero out my personal mortgage payment responsibility, then use that "extra" income to pay off my student loan faster. My long-term goal is to gradually acquire enough B&H properties and build up a yearly cash flow (and equity) that will allow me to quit my day job. I'd like to be able to do that in 10 years or less. I don't know enough to say for sure whether that's realistic. 

Anyway, hello and thanks for this great site--I've learned SO much in very little time! :)