Newbie From Long Beach, CA
I’m an Accountant by trade, but as long as I can remember I’ve always wanted to own real estate. Over the years I’ve read many books and understand conceptually how it all works, but I’m definitely lacking real world application.
I live in beautiful Long Beach, CA and would love to buy property here but it’s unrealistic on my accountants salary. Which is why I’m looking to purchase out of state, specifically Indiana. Why Indiana? Its Accountant’s salary friendly! And since I travel there a couple times a year anyway to visit my husband’s family it seems like a good place to start.
I've also read the Ultimate Beginners Guide and listened to marathon sessions of BP podcasts so its time to jump in and put up or shut up!
My plan is within 2-3 months to purchase my first investment property that cash flows. I’m interested in 2-4 unit multifamily rentals under $50K in Indianapolis and surrounding areas of Indiana. I will outsource to a PM since I’m out of state. Yeah I know $50K may not generate the most desirable neighborhoods but once a I heard “BP Podcast #54: Investing in Under $30K Real Estate” and countless others…I know it can be done!
My short term goal after executing my initial plan is to purchase 2-3 properties per year to gain experience and supplement my income. Slowly scaling up to 5 or more per year utilizing conventional, hard money and peer to peer lenders to finance.
My long-term goals over the next 7-10 yrs are to leave public accounting, achieve financial independence by earning monthly income of $10K - $20K, and become a full-time Real Estate Investor!
Of course I know there will be challenges but if you all can do it so can I!