Good Morning BP - I'm new to the BP forums and like everyone else, here is learn some more about RE investing and creating wealth. I have been serving the last 13 years in the military and have another 7 to go before I can start collecting that pension. In the meantime, I'd like to make some moves along the way to set myself up for some positive cash flow and new business ventures to step into upon retirement.
A little bit about myself. Born in Jupiter, FL and raised in Upstate NY for the most part. Joined the service out of high school after a brief stint in a Plumber apprenticeship. Bought my first property at 21 and close to the height of the market back in 2006. Moved away for a bit and turned that into a rental in 2008. Came back in 2011 to a townhome that was destroyed by a tenant whom was hoarding all sorts of animals in a 2-bedroom townhome. Did the court thing to get some money back and completely rehabbed that property while living in. Refinanced that and bought a single-family house, turned the townhome back into a rental. Not generating the cash flow I desire but I have a safe tenant who is also a State Trooper and takes really good care of it. He's paying the mortgage and I get the equity. Rehabbing the single-family home now and hoping to flip for some extra capital. Along the way, I also started an S-Corp "Soft Wash" business cleaning roofs and exterior. Did that for 3 years and while it made money, the amount of time invested and trying to keep up was overwhelming. Listening to the BP podcasts, I understand now my value to work ratio just wasn't there and too much competition to turn that business into a reliable hands-off operation. Just couldn't generate the capital to get there.
Currently, going to Florida State Univ. online for dual degree, MIS and MBA program. They have a wealth of RE classes and investment classes I'm soaking up. Also, taking RE agent class at night to get my Real Estate license. My wife is currently a REALTOR in Yorktown VA as well so looking to form something together in the future.
For now, I'm looking for all sorts of mentorship. I love the podcasts and the different perspectives have really changed my view on RE. I'd like to get into flipping and using those profits to find profitable multi-family rentals. I'm also searching for a mentor in the area, someone who can put my new real estate skills to use to find properties, sweat equity, whatever it be.
I think what you guys are doing is great and I'm hoping to get to where many of you are at. Personal goals, generate an extra 1k a month to help pay for my children's education. Over next 5 years, procure 1 rental per year and along the way get my broker's license to form a Property Management company here. Use someone else 10% rental income to invest in my own rentals. Our property management in a heavily invested military area is really poor around here, I got some great ideas and some from BP to change that. Year 7, hit the ground hard upon retirement and get into larger business ventures. Looking for guidance, mentorship, friendship and long walks along the beach along the way.
