All Forum Posts by: Josh Freeman

First off, I want to say thank you again for all of the posts and contributions to this thread. The community here in fantastic. I'd like to add a few more statements about what I've done so far and clarify my overall investment goals

I want to build my investment portfolio that will include SFR & MFR's. Both types of properties have features and advantages that attract me. Should I be seeking turn key rentals? Or BRRRR??

-*I  don't have a reliable handyman or contractor.

I'm currently working at home as a healthcare recruiter which has lots of advantages that has helped me get ahead. I do make a good salary, but I know that my ceiling in corporate america is limited, and I don't have a desire to stay in that type of grind much longer. I finally have the capital and I'm very eager to get going in REI!

Again, my credit is good (730+), 115K Cash plus other assets, (cash value life insurance, inventory from my online business, stocks). 140K Personal line of credit at 4.5% from a local bank here in Tampa, Hard Money Access if needed. We're also working with a mortgage broker who is dedicated to finding us the best loans for our future rental properties. 

My girlfriend just became a licensed agent so we can use that to our advantage with saving money on commissions and having access to MLS etc.

Flipping Homes was our first passion, and I still want to do it! I failed with my first property that I purchased last June at the county auction in St Petersburg, FL. I won a bid on a property that ended up needing more renovations than expected. I had to walk away and forfeit my $7,000.00 deposit.

Lastly, I would like to replace my Corporate Recruiting job with Wholesaling & Flipping Properties while simultaneously building my rental portfolio. I have been doing research for the last 10-12 months and need to transfer that into ACTION.  

Becoming a member of BiggerPockets has helped me tremendously. Again, thank you for all that read this and any feedback that is given. I've reached a lot of goals and milestones throughout my life and am very blessed. Looking forward to continuing the success and learning from the best!!

-Josh

@Joe Au The listings in the Tampa market seem to be plentiful for Duplexes, and Quads. They tend to come and go weekly. I am finding mid size to large apartment complexes as well. I love browsing through the MLS. Learning new tips and tricks all the time.

I'm also curious to know which strategy would be more optimal?

BRRRR - Great strategy, but this method typically would use the majority of my cash flow.

Or

Use my capital to make as many down payments and acquire as many cash flow propeties possible that don't need a lot of work and rent out immediately.

Is there any reason that I should not purchase 2 Quad Plexes? Or anything bigger than a duplex or triplex to begin with? If I have the capital for the down payment on a bigger multi family then why not start there? Would like to accelerate my growth as quickly as possible with the funds that I have. 

Thanks!

Thank you Michael. If you come across any great deals in the Tampa area please let me know! 

Thanks for the feedback Ben! I like the affirmation of seeking out MFR's to begin my investing career. We are currently seeking out and visiting duplexes, Tri's and Quads.

-Josh

Hello All, My name is Josh Freeman.  I'm located in Tampa, FL and  I'm a new PRO Member of BiggerPockets..Here goes my first post.. Its kind of lengthy, but thanks for reading and any replies are appreciated!

I am looking for suggestions of which type of properties I should be targeting to get my real estate investing career launched based on these goals and my current situation. (I am pretty well informed and have read multiple books thus far over the last 8-12 months) My girlfriend just got her Real Estate License and we have MLS access. She hangs her license at Pineywoods in Tampa, FL. We also have a great Mortgage broker who has been committed to helping us find the best loans.

Background:

Degree in Finance, Started my career in banking and I work at home as a Recruiter. Have read several Real Estate Book recommendations from Bigger-pockets. LLC established as of November 2015. I have great credit. (730+)

Goals:

My goal is to obtain 100+  cash flowing rental units within the next 3-5 years and grow that to 500 units within 10 years. I want my rental portfolio to include a mix of SFR and MFR. 

I believe holding SFR's in the Tampa market would be beneficial based on the growing appreciation in our market. 

Continue to build my real estate empire and quit my job ASAP! 

Capital:

I have 115,000 Cash and access to 150K personal line of credit at a 4.5% interest rate, and access to Hard Money if I need it. (400K hard money approval)

Strategy:

Purchase first rental property(s), Refinance, Purchase more, Rinse and Repeat

which type of Property should I start with?

Thank you for your feedback!

-Josh