First and foremost I wanted to say thank you to all who took the time to even click on my post, and even greater thanks to those who find the time to reply. Time is a commodity we can never acquire enough of. Any words of wisdom will be greatly appreciated.
My name is Kenneth Barrera I'm a Noob investor, 24, from the city of Cleveland, OH. Working class $14/hr job, 720 FICO, currently saving $600 a month living with my parents. My brother's current lease on his apartment is up in November, and I told him about this great idea I heard about called ‘House Hacking'. He agreed and we are currently looking at duplexes in the Cleveland Heights area. (back story on my brother, 27, veteran, $24/hr job, 768 FICO) He has been approved for $150k VA loan. We are looking for a house in the range of $75k-$100k. Once renovated we think we can rent out a 2/1 (bed/bath) for around $800 a month. We are looking to force appreciation by finishing attic space with 2 beds and 1 bath. I am currently the sweat equity/time/knowledge partner, while my brother is the monetary partner. We intend to ‘BRRR' the property, and eventually get the house into an LLC with a friend of mine and his partner who has just recently purchased a duplex in the area. Our collective goal is 4 houses total by June 2018, try to get a portfolio loan to try and expand to bigger 8-10 unit properties by the middle of 2019.
I am currently helping my friend work on his property, I call it a sweaternship (lol), free of charge because,
1. I have no previous knowledge of renovating houses, just what youtube and Home Depot’s big orange book teaches me.
2. The knowledge i gain is far more valuable than the $10/hr he could pay me.
None of us really has a mentor but I am living vicariously through him learning as he goes and seeing what works and what doesn’t, because nothing teaches me more than real life doing it.
We are all ready to jump in and create a lasting business. Bigger Pockets has been instrumental in teaching me everything I know, though I know there is still much to learn. The articles, blog posts, guides, listening to 3-4 podcasts per day at work, I love the podcasts, I love listening to everyone’s story and living a little vicariously through them, though I know we all won’t have the same situations, the lessons they speak of is invaluable information I try to keep with me. If I never listened to my parents when they told me not to do something from their past experience, I for sure make an effort listen to and heed investor’s past experience.
I am a dry, maybe slightly damp sponge, my whole existence right now is wanting to fulfill my duty as a sponge and absorb any and all information, good, bad(preferably not), and ugly. So please if you can leave me a comment, I'm interested in any information, especially things you experienced investors wish you knew when you first started, and basically your routines, pitfalls, etc. Thank you so very much in advanced.
I want to emulate greatness. My mom came over from Puerto Rico as a 9 year old, and raised 3 children by herself, she set the foundation for me and my brothers, I intended to build a Castle on that foundation, one in which my daughter can use as her foundation to build her empire. I have my why, now I just need to put my foot through the door. (is that excessive force? Maybe in the door to start would be better. lol)
Thank You BP Community, you've changed my life, Sincerely,
Kenneth Barrera, Real Estate Noob
