All Forum Posts by: Raheem Jamaal

Thanks for the advice @Arpan Patel and @Alexander Stephenson! Still have to work kinks out of this strategy because I have no idea how conventional loans work or what I'd need so definitely have to figure all that out and Arpan, I wouldn't even know where to begin with commercial real estate. That's an entirely different ball game and set of rules, but a good strategy nonetheless. Maybe if I do a plex with an FHA Loan for my first deal, buy below market value, have some built in equity, do the owner occupied thing, rent the other side out, live in it for a year, do a cash out refi after that year is up, and hopefully I'll have some credit built up by then cause currently I have no credit history. After that I have no idea where to go from there. I still have a lot to learn as far as getting past the first property is concerned, but at least I have a dollar figure of how much I want to cash flow annually before I retire from being an HVAC Technician. Also I need a solid team behind me if I want this to work which I don't know where to start with that either. I guess I just have to take a step at a time.

Thanks again you guys!

So as I read, watch videos, and listen to BP Podcast more and more on the topic of REI, I've decided to begin planning for early retirement. I'm 24 and currently I'm going through training to become an HVAC technician. Which in my area, an HVAC technician's salary is between 35 and 40 thousand dollars a year. Which I should have the funds and proof of income to put down for my first property in the 150 thousand dollar range with an FHA loan; if I understand correctly. So here is where you guys come in. I need to figure out if this strategy that I'm about to discuss with you all is legitimate to retire early.

Alright, so I save my money up and find a killer deal on a duplex, triplex, or fourplex; my plan is to house hack my way to an early retirement. With that said, once I buy my first cash flow positive property and live in it a year or however long it is to be able to move with an FHA loan, I want to lather, rinse, and repeat until I've built up a portfolio of around 100 thousand dollars or approximately 8,333 dollars a month so I can travel and basically do what I want. What I'm having trouble with is the necessary steps to take once I've bought my first property and want to move on to my second, third, and fourth.

I need to know who I need on my team from the beginning and who to talk too to find good deals in the top markets. I'm just about willing to move anywhere in the top markets (except Florida it's just too damn hot and humid there. Haha.) So any advice or tools would be greatly appreciated and I will continue to keep everybody posted on BP of my progress. 

EDIT: Just realized that I couldn't retire early this way because I would have to live in a unit for a year and then repeat this process again every year. PLEASE. If you know of a better system and strategy to take for my goals, PLEASE, chime in. After watching this video I realized that I have to do some tweaking to this strategy. I just don't know what I should do. Here's the breakdown.

$100,000 a year

or approximately $8,333 a month

56 units at $150 a door would be exactly $8,400 a month.

1. Year— 5 units
2. Years— 10 units
3. Years— 11 units
4. Years— 15 units
5. Years— 15 units

What's up, @Levi T.! Nice to see someone in my market that's doing well in real estate investing. Love to chat with you someday and get your story!

What's going on, BP family?! My name is Raheem and I'm super new to the BP community. I made my introduction post a couple weeks ago which you can check out here, but I'm back and I'm eager to find some local rehabbers and flippers in my market to network and have conversation about the "fix and flip" method of real estate investing. Please, if you're in my area which is Fredericksburg, Virginia; definitely get into contact with me. I would love to chat with you about deals you've made and are making cause shamelessly I want to pick your brain. (: Thanks everybody that comments on this post!

This is great advice! Thank all of you guys that left comments! Now is there any particular reason why I shouldn't dive directly into commercial multi family and house hack? @Mindy Jensen And @Nick Ye I definitely feel you on this, man. There aren't many multi families selling in this area sadly, but that is also great advice, but by the time that I'm ready to invest, I should be out of this area if everything goes as planned. 

Well, now that I'm married to this opportunity of real estate investing, I can now introduce myself to my new in-laws; the entire Bigger Pockets family! My name is Raheem. I am 24 years old, and I am slowly, but surely learning everything I can about investing in multi-family commercial real estate. I would just like to share with you guys my plan of action to get my feet wet in the game and my end goal. First, I want to say, I will be attending school to become either a plumber, plumber's helper, or an HVAC installer very soon (I'm thinking HVAC installer) so I'll be initially working a full time job when I begin my investing journey. Currently; unemployed; no credit history; no car; live with mom (not ashamed to say it, but definitely not my ideal situation). Getting my feet wet- My first move in the game will be to do what Brandon Turner likes to call "House Hacking". I will probably put a down payment on a 5 plex. Now I have no idea how I'm going to go about finding the deal for this property (I live in Fredericksburg, Virginia so if anybody knows anything about this market, please by all means contact me or I may decide to move to a different location and invest there) or how I'm going to go about getting the money to make the down payment (maybe one of my BP in-laws can help me out here as well) End goal- I want to own enough equity and generate enough cash flow in my multi-family commercial real estate properties to be financially free to travel first class or by private jet, own an island or a really nice beachside modern luxury estate, a Mercedes-Maybach S 600 Pullman, a couple of luxury watches, and most importantly I want to be able to take my grandma to Canada (she has never been on a plane and has always wanted to go to Canada. Now, I do have a dollar figure in mind, but if I told you, you'd probably laugh at me or...maybe not...because we're all on the path to success together, right?! Hell! I want a 250 million dollar net worth by the time I'm 40!) Now, you may think I'm naive or you may think that that's great and really believe I can do it! Either way I really appreciate you taking the time to read my introduction and any feedback or advice; negative or positive, I'll accept and I will be very active on the BP forums. (: Thanks BP Family!