All Forum Posts by: Jonathan Aulich

Isn't there some kind of documentation for actual dog if it is a true service animal? If yes I would ask for that. 

Like most BP members, I developed a passion for real estate after reading the infamous Rich Dad Poor Dad some time over a decade ago. Fast forward to 2019 is when I really started to invest in myself by educating myself through books, Podcasts, YouTube, and seminars. Being an Engineer that I am, I found myself always over analyzing and strategizing that I was stuck in the "Analysis Paralysis" state for quite some time.

In February of 2022 I happened to struck up a conversation with an acquaintance about REI. He always had that entrepreneur mindset and was currently wholesaling. He sent me all the deals he had and I started analyzing them, all the while mentally reminding myself to stick to my strategy and numbers. One of those deals had all the criteria I was looking for and THAT was when I took the plunge (April 2022) and bought my first investment property with the intention of BRRRRing. This turns out to be a true BRRRR since I was able to pull all my capital out during a refinance. With 25% equity left in the property, it was only cash flowing $75/mo (after all expenses and reserves of course). But to me it felt like this was a home run deal lol.

Since then I've built up some confidence/knowledge and was able to acquired 5 more properties. The latest was a duplex that I acquired in February of 2023 for $120,000. This needed a lot of work ($68,500 total), but I was confidence that the ARV would support it. We were able to complete the rehab in May and started to market the property. While this was being marketed, I was able to picked up another property and currently in phase 1 of the rehab. As of today, July 28, 2023, we have officially closed on this duplex with the sold price of $280,000.

My ultimate goal is to one day retired from my W2 so I can do REI full time. This would give me the flexibility to control my own time and be able to spend more time with my kids and wife. I hope my short story here provide some insight and motivation to other professionals out there. Through perseverance along with knowledgeable actions, anything is possible!

Hello, I read Rich Dad, Poor Dad in my 30s  and I thought I would be in real estate by 40.  Fast forward 10 years later  I have yet to invest in real estate. Lurked around BP site for the past year, have listened to  the BP Rookie Podcast on my drive to work, read books Skip the Flip and Financial Freedom with Real Estate Investing; then decided to FINALLY  make an account the other day, just  accept my vulnerability and ask the forum for direction. I find all the info very overwhelming, but decided to commit  myself to making my first deal this 2024. I tried Fundrise which i thought was dipping my feet into real estate investing,  but find I want to do more of the actual owning of the property myself. The intent is for cash flow so I can be released (even partially) from my 9-5 grind. Possibly start with one duplex or a 3-family home as a long term rental. I wish I could invest in my backyard but I  live in RI and our inventory here is very expensive.  I also wish I could get my hands dirty but with my job responsibilities currently, I do not have the ability to directly oversee property rehab and will also have to rely on property managers. A few questions:

1. What US states would you recommend to invest in for a newbie like me looking to invest out of state, but hoping for something simple to start with? I was thinking of limiting it to a couple of states where we have direct flights from RI so it would be easier to fly in/out to oversee things. I read about OH, FL, NC…?

2. Once I do narrow it down to a state, how do I find reliable people to work with? Locally, we would rely on connections and word of mouth, but for an out of state person, where do you even start?

2. I found a couple of online property groups that rehab/rent out/property manage units and they help you from finding the  property then manage it for you long-term. The sites do not really divulge the specifics. I  have emailed them but did not get a response. I figured maybe they deal with investors who are more nuanced than a newbie? How do you get taken seriously when you have never done a deal??

Looking forward to hearing from anyone. Even just writing this post felt cathartic.

Aileen

Hi Kyle, nice long posting you shared. I'm many years your senior, and so maybe this is more like what I wish I had done when in your situation.

I have one investment property now, which had been my primary residence when I bought my current house. That was inspired by the book the Automatic Millionaire Homeowner by David Bach, and probably one of the few smart decisions I've made with RE investing.

I also like to recommend a book to you here, The Richest Man in Babylon. It tells you that "a part of all you earn is yours to keep, and what you save must earn, and its children must earn". For me, I wish I were more persistent with my RE investing and taking more actions.

I like many BP podcasts, and will recommend episode 223 with guest Scott Trench (if you haven't seen it). The book Set For Life by Scott probably would be very helpful in your situation, particularly with his idea of building out this financial runway.

Best luck to your RE investing journey!

I just moved to Portsmouth from Pensacola, FL and bought a duplex in the Waterview neighborhood for a "househack." We purchased here because the numbers made sense and I'm in the Navy and stationed at Navy Hospital in Portsmouth, so I'm incredibly close to work. Our little neighborhood of Waterview and Glenshellah across High Street just before crossing the Churchland St bridge is great. I feel generally safe here. However, there are many areas of Portsmouth, that I wouldn't live or invest in. I'd love to connect with other investors and wholesalers. Any local meetups in the area?