All Forum Posts by: Jose Gonzalez

@Jim Froehlich

Hello Jim and thank you for your response. I wouldn’t run the business at full capacity as I don’t want to leave my job. I do want to be a Landlord and create passive income. In 5 years my goal is to have at least 5 rental properties. I set my goal at 1 rental property per year, who knows if it goes well I might even pull off two rental properties per year. In 10 years if I have enough cash flow coming in I do see myself leaving my job and working for myself. In the meantime I’d like to live off my job and the cash flow from my potential properties will be strictly to re-invest.

@Bill S.

Thank you Bill for your response. I live in New York and real estate here is expensive and out of my starting out price range. I do see what you’re saying and it makes a lot of sense to me. My goal was to buy out a property cash, rehab and refinance to then invest in my own backyard with a larger capital. I’m still in the research part of my journey and trying to learn as much as I can before taking the jump. After reading your post I will take a harder look at my own area, maybe I’ll find something worthwhile. Thank you.

@David Stevoff

I will definitely reach out to you in a month or two when I’m ready to head out there. Thank you David.

@David Stevoff

David thank you for your reply. I definitely decided to go for my first rental property in a couple of months instead of the business. I was looking at Detroit and now that you’ve informed me about the new Chrysler factory, spiked my interest in Detroit even more. Maybe I’ll take a weekend trip down there to see the area for myself. Thank you for the feedback my friend.

@Ned Carey

Those numbers are the net return. I also after reading the previous post from Bob decided against the dry cleaners. Thank you for your response.

@Bob B.

Your response really put things in perspective for me, thank you. You are absolutely right, I’ve never worked in a dry cleaner so I don’t know the business. I will continue to save and learn about real estate until I am confident and able to take the jump and buy my first rental. Thank you for your response.

@Tyler Hespeler

Thank you for your response. There aren’t any meet ups by me but I definitely want to attend some meetings even if I have to travel a bit just to learn more and network.

Hello BP community,

A little about myself, my name is Jose and I’m from NYC originally but been living upstate NY since 2017 when I bought my first house. I have a great job that allows me to have a comfortable life, pay my mortgage, car, and support my family but I was living paycheck to paycheck. I have been reading books and listening to Bigger pockets podcast to learn more about the real estate world because I’m tired of living paycheck to paycheck.

I recently got a second 35 hrs a week job and I what I do is save 100% of that income and continue to live my life with my primary jobs income. So far I’ve saved approximately 15k. If I continue on this track i I am projected to have 30k by July. I must say I have the investment fever so I’ve been looking at houses online in Baltimore, Connecticut, Detroit, Colorado, and Texas just to get an idea of what’s out there.

This brings me to my point, a friend of mine is selling me a drop off dry cleaners near my house for 65k which he will finance 30k himself so I only have to come up with 35k. I wouldn’t work this myself so I would have to hire another employee making my income to approximately 500 to 1000 a month on a good month. I ultimately want to invest in rental properties and create long time passive income. Should I start that right away or give this business a chance???

I’m I better off with real estate right from the jump or should I invest in business first?

Ps: also, any advice on where to look for rental properties for a rookie like myself would be appreciate. Thank y’all in advance.