All Forum Posts by: Reese Millican

@Andrew Freed I sent you a DM. Thanks!

@Paul Ireland I feel you. Do you think the market will have cooled off in the next three years? I don't want to raid my entire 401k to purchase something.

Hey everyone. I have been an on again, off again user of Bigger Pockets for the past EIGHT YEARS. That is how long I have been deferring my goal of homeownership! I have finally reached the point in my life where I am actually going to do it. I am saving for my first cashflow positive, owner-occupied rental property!

I want to move to a community within an hour's drive of my job in Auburndale, MA, although I can go a little farther. I am thinking at least a triple decker where I can cashflow positive per unit. I have $60k in my 401k, and I plan on saving $1300 per month for the next two years a down payment/rehab. I am hoping for an FHA style loan with 10% down, but I'm flexible.

I would love to hear from any real estate agent/investor who has experience with buying a multi family and becoming a cashflow positive landlord anywhere in eastern/central MA, northern RI or southern NH. 

I hope to hear from you soon!

Hey BP,

I would have real estate by now if I stayed focused and motivated. However, I did not work toward this. Just got out of a relationship with someone who never wanted property, so that is one reason why I did not persue it. But now I do not have her as an excuse. I need to make this happen.

I recently had some major car repairs that required significant cash, and it dawned on me that I should try to make more money if I am to afford a multi family. So I thought about becoming a real estate agent. But then I met this guy at work who plays in bars and makes $70k/year on top of his $50k salary at our day job. I thought, I can sing pretty well and have been playing guitar a few years, so I should try to do that. And then the holidays came up and the next thing I know I living check to check.

Now, honestly, I have a plan. I track all my money and I want to start savings $750/month toward my first place. I would like to get good enough at the guitar to start making money on the side as a musician and save all of that money towards a place. I find it's easy to "let life get in the way" if you are not focused and motivated. How do you guys keep your eyes on the prize, stay focused and motivated?

Welcome Kenny! I am also starting. Y jour ey as a real estate agent. I look forward to sharing  my progress with you!

Real Estate Agents and Realtors,

My name is Reese Millican and I want to secure my retirement through real estate investing. My short term goal, one to two years, is to transition from my current job as a credit counselor to a top producing real estate agent. I want to do this to learn more about the real estate industry, grow as a person and to make the money I need to buy properties in New England. 

Can you share with me any networking or advice on starting out in real estate, particularly in the Waltham, Greater Boston area? My plan is to save six months to a year's worth of current living expenses first to have as a cushion while starting my business. While doing this I will learn all I can about the industry so that I am prepared to hit the ground running. Finally, I will get my license and go. If you don't mind, please answer some of the following questions: 

What are some common mistakes to avoid?

What does it take to succeed?

What are the best things I can start doing RIGHT NOW to increase my odds of success?

How do I pick a market?

What local organizations should I get involved in to learn more and build a support group and client base?

Thank you so much for taking the time to respond and I look forward to hearing from you!

Hello Bigger Pockets!

My name is Reese Millican and I am committed to early retirement through real estate. I will change jobs and become a real estate agent, and use my experience, personal growth, and future cashflow to buy enough income generating properties that within 10 years or less I will not have to work anymore. Then, I will start the next phase in my life where I travel and make music and do not have to worry about money.

I am joining Bigger Pockets to learn all I can, network and encourage others to reach their dreams as well. I plan on working in Massachusetts because I love it here. My first property will be a house hack, and then I intend on buying and holding income generating multi family properties. As I gain experience, I am willing to try other strategies like BRRRR and flipping, should they suit my needs.

I hope to connect with as many people as I can, particularly those in the greater Boston area and Central Massachusetts. I am glad to be part of this community!

@ TJ Hines I want to live in the property, not just have it be income producing. I want to physically own real estate, something I can live in for life. 

I have no debt other than cc debt that I pay in full each month, so my DTI is pretty low.

I have never owned a home before. FHA loan sounds pretty good. I'll do more research on it.

Hello Fellow Investors,

I make $50k/year gross. According to Nerd Wallet, I can allegedly afford a $1500/month mortgage. I want to get an owner/occupied a multi family unit in MA, no further West than Worcester (I work in West Newton.) That puts my mortgage in the $289k range (I have excellent credit.) 

If I only make $50k/year, is this realistic? I know I will have tenants paying the mortgage, but do the numbers add up? Am I making enough money to really support a multi-family unit when it comes to evictions and maintenance and vacancies?

Also, it would take me 6 years to put 20% down on the mortgage. Is there a way I can put 10% in three years, or will that increase my mortgage payment to make the numbers even less realistic?

Thanks for your responses.