Hi Everyone,
After finishing up Rich Dad Poor Dad for the third time and with the support of a few amazing human beings, here I am writing my first BiggerPockets post rather than lurking through the blogs and forums late-night. To the end of an unprecedented and challenging year that I've (fortunately) come out of stronger than before, it only seems like the right thing to do to be here taking action today.
I was born and raised in rural Georgia, so as you can imagine, financial literacy was non-existent. When I was 25, I moved to New York on a whim with about $600 in my pocket and a carry-on suitcase, not having finished college with no real plan for the future. The only thing I knew at that time was that something bigger was out there for me, and experiencing a life in New York could help me find that. Six years later and as I turn 31, I couldn't have imagined that through all of the challenges and hurdles that I had to overcome along the way, not having enough money in my pocket at one point to buy a subway pass for $2.75, that I'd be living the life I am today. At that point, I decided failure wasn't an option and started doing freelance work and applying to jobs that were way out of my league. I got that job that was out of my league. I found someone who believed in me. From that point forward, I realized I was the only person who could give myself the life I wanted to live -- and it wasn't impossible.
I currently live in Brooklyn; renting a studio apartment. I'm single, have no debt and no liabilities, have good credit, and I've finally saved a comfortable amount of money as well as created a diversified portfolio of investments which I continue to fund. As I continue to educate myself financially, I've learned the importance of having your money work for you and how real estate can generate cash flow and passive income, and how ultimately it's the business I've always dreamt of. I can be the entrepreneur I've always wanted to be, and I can get myself to a point of being financially independent, living the life I always thought only existed in movies.
When I'm not listening to BiggerPockets podcasts or reading through the forums, I find myself browsing Zillow or Trulia, searching for "the best listings of the day" and constantly contemplating reaching out. I feel that with the mentorship I've gotten (and continue to get), my network (which I'm hopeful to expand here!), the resources I've found, and the research and learning I continue to do, that I'm ready to put the fear aside and dive in head first.
After narrowing down my interests and with the budget I have, I'm really focused on small multi-family homes (duplex? four-plex?) in areas like Dayton, Indianapolis, Birmingham, or possibly even Athens or Augusta, GA (I'm familiar with both areas). I am also keen to put an offer on a place that already has tenants.
My questions to you are:
- What motivated you / pushed you to purchase your first investment property, and how did you overcome any fear of actually DOING it?
- What's the best piece of advice you'd give a first time buyer?
- Are there any absolute "must-knows" that I should know or avoid when making that first offer?
- Did you always have an affinity for real estate or is it a passion you developed along the way?
As I sum this post up, I can't express what a pleasure it is to be here and to have been introduced to such an incredible, knowledgable, passionate, warm and welcoming community of like-minded people. I look forward to all of your thoughts, feedback, advice, and connecting with each of you.
Here's to the beginning of a new milestone, community, overcoming obstacles, growth, and moving forward boldly.
Happy New Year!
- Jessica
