All Forum Posts by: Tim Pommett

Welcome to BP @Jerone Hammond

@Brandon Turner It's funny that you mention Kiyosaki, I'm a HUGE fan of "Rich Dad, Poor Dad", and I noticed he disagrees on a few points with Ramsey. Great link, thank you!

@Tom Goans Thanks for the reply! I'm actually a Mechanical Engineering grad from the University of Florida. I'm moving to Fort Worth to work for XTO Energy, I start on Tuesday. So when you invest in properties, you wait until you can buy the property entirely from cash savings? What would you suggest for someone like me who is starting a job and trying to establish themself in their first year fully financially independent? It seems like I'd have to wait for almost two years before I could buy my first tiny property

I'm moving to Fort Worth tomorrow from Florida, I'm gonna try my best to get to this meet up!

I've just graduated from college, and don't start my new engineering job for another week. In the mean time, I've been reading a bunch of books and attending seminars on how to manage my finances. One of the first authors I turned to was Dave Ramsey, who's extremely opposed to debt. At the same time, my ultimate goal is to achieve financial freedom by the time I'm 40, and real estate is the way I've chosen to get there. Many people on bigger pockets are advocates of using "other people's money", which is basically debt (right?) and conflicts with what I've read from Dave Ramsey's material.

My question is: How risky is it to use other people's money? I posted this in the Starting Out section because, well, I'm just starting out with EVERYTHING... Handling my money, real estate investing, etc. Because of this lack of experience, I realize that it could be easy for me to make a mistake. I have an open mind, I just need some help reconciling these two philosophies.

Thanks Paul!

Welcome! I'm brand new in every sense of the word... New to BP, new to real estate, and I'm moving to Fort Worth in late August from Gainesville, FL. Can't wait to meet more people like yourself!

Thanks for the quick reply, Mark! I've been a part of a few forums about random things, I've never gotten a response this quickly!

Any feedback on my goals or my niche? I'm trying to get as specific as possible so it's easier to search for deals

My name is Tim Pommett, and I am a part-time 2-4 unit multifamily home investor, earning profits through buy-and-hold investing and earning positive cash flows from monthly rental income. I say this to crystallize my goals, but I have ZERO real estate experience, having just discovered the business two weeks ago through reading a couple of Rich Dad books.

I graduated from the University of Florida with my bachelor's in Mechanical Engineering, and have secured my dream job with XTO Energy in Forth Worth, TX. I'm excited to start "minding my own business" through real estate investing, and I'm eager to learn from anyone in the Fort Worth area who is willing to teach me about the real estate business.

Ultimately, I'm a member of BiggerPockets to find a mentor and learn as much as I can. After reading about the real estate business for a few weeks, I can begin to appreciate how challenging this will be, and that it's definitely NOT a get rich quick scheme.

Here are my goals as a multifamily buy-and-hold investor:

Ultimate goal: Achieve complete financial freedom by the year 2030, earning a passive income of at least $10,000/month, and up to $100,000/month.
WHY? I want options. I never want to feel like I HAVE to work just to pay the bills. I'm lucky to have a very well paying job right out of college, but a salary alone will never allow me to reach my financial goals.

12-month goal:
-Post on the BiggerPockets forum once a day for a full year. This will hold me accountable to learning the business and staying active. Also, it'll help me connect to people in the Fort Worth area through constant exposure.
-Establish the foundation for my part-time real estate business by October 1, 2013. I wish I could start sooner, but I have no idea what kind of time commitment and training I'll need at my new job with XTO, which starts September 3rd.
-Purchase my first property by November 1, 2013. If someone can convince me that this can happen sooner, I'm all ears!!
-Earn $1000/month by July 1, 2013. Idk how realistic this is, but I know there's a lot of power in setting challenging goals

I can't wait to meet people here on BiggerPockets! It's relieving to find a website where people are passionate about what they do without all the bureaucracy and intimidation.