New REI "interested party"

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New REI "interested party"

Edwin Leahy
Handyman · sallisaw, OK · Member since 2008 · 7 posts · 0 votes

Hi everybody!

I'm Ed from eastern oklahoma.
Currently I own no property other than my personal residence,of which I currently owe around 13k(worth ~150k)
I will be entirely debt free around the beginning of next year and i'm interested in real estate and RE investment.
I'm 29,married,with 2 children(1 severely disabled).
I currently work several jobs,Ford dealer tech by day,part time autozoner at night and I have a small side business programming GM fuel injection between those two.

Honestly,i've always been interested in auto's etc.. but this will be the second time in my adult life i've decided I don't want it to be a career.

I'm considering quitting my day job for Ford and getting my RE license on the side.
This is for several reasons.
I've always been interested in real estate,I love any kind of new education,frankly i'm tired of my day job and would like to try something different(even if it's drastic).

Depending on how all the financials work out with AIG,income shouldn't be a problem should I quit one job to concentrate on RE education.(currently? have around 500k in fixed AIG annuities,arrgghh!)

I live in small town OK,and have talked with a local investor/realtor that is known in the area recently.
Offered to take him to lunch if he will talk with me about REI,he liked the idea and gave me his card so I begin my networking and education.

My wife and I plan to invest in multi-family homes,apt's and mobile home parks. Due to the status of the surrounding areas most will be Sec 8,which I understand is great for getting paid but as a landlord you must work for it.

We are Dave Ramsey fans,and I read every book I can get my hands on that he reccomends.
We plan to start with a very small cash or half down property,pay off extremely quickly and keep going.
Our main issue is with our risk management due to our personal home situation with the kids,and is our main focus.

I look forward to learning what you guy's have to teach us. I have experience/cert/license in everything from being an E.M.T to accounting for the local best western and auditing in a casino.

I can do anything I set my mind to i've learned,with everyone's help here I hope to be a competent real estate investor with minimal problems.

Sorry for the long post,hope I covered everything.

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  • Christian Malesic
    Real Estate Investor · Harrisburg, PA · Member since 2008 · 716 posts · 41 votes
    18y

    Wow! I do not know if you covered everything - but you sure did cover a lot of ground.

    Do you know what you want to be when you grow up? Are you still experimenting around?

    Is REI the next in a long line of trial runs? Not that any of life's experiences are bad mind you.

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  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    18y

    Congratulations on being debt free, and following Dave's guidelines. We're trying to do that, too, but are not in nearly as good a spot as you. Oh well, better late than never, I guess.

    I'd sure hang onto that job. I know I'm hanging onto mine. Being an RE agent is a different gig than being a RE investor. Do some reading here on the pros and cons of being an investor with a license. Its a good time, IMHO, to be accumulating properties, so long as they truly cash flow. Do some reading here on that topic, too. Not sure its such a great time to be a RE agent.

    Your accounting knowledge will be very helpful.

    Anyway, welcome to the boards. Sounds like you really have that gazelle intensity, and that will serve you well for RE.

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  • Edwin Leahy
    OP
    Handyman · sallisaw, OK · Member since 2008 · 7 posts · 0 votes
    18y

    Honestly,I'm still not sure what I want to be when I grow up Christian.
    I'm thinking of getting out of my current job anyway,and that is the reason for thinking about getting the RE license.
    It's simply time for me to do something different.
    I'm becoming miserable and while i'm not opposed to changes I am opposed to being miserable :)
    The wife and I have discussed it and we aren't opposed to selling our current home.
    With the cash from the sale it would be possible to buy at least 3 decent rentals.
    We could rent out 2 and live in one for awhile while we look for more.
    I've lived the high life with over 150k household income a year and the lowest in which I slept behind a chicken factory for a couple nights on the ground.

    Even if we only end up with a couple houses it would add to the income stream.

    I don't have a clue if this is what I want to do with my life or not.
    I've weighed the pros and cons and even if I fail miserably it won't be an issue other than pride.
    And i'm too smart to fail,I'm just hoping this time I won't get bored.

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  • Christian Malesic
    Real Estate Investor · Harrisburg, PA · Member since 2008 · 716 posts · 41 votes
    18y
    Originally posted by Edwin Leahy:
    Honestly,I'm still not sure what I want to be when I grow up Christian.
    I'm thinking of getting out of my current job anyway,and that is the reason for thinking about getting the RE license.
    It's simply time for me to do something different.
    I'm becoming miserable and while i'm not opposed to changes I am opposed to being miserable :)

    I feel you. My initial education is as an Electrical Engineer with a specialty in Computer Architecture. Earlier in life - I landed the PERFECT job as a USAF officer working directly with the military complex to design a brand new flying computer platform for the Air Force. Long story short - I hated it. As much as I thought it would be me - it simply was not!

    Happiness is key. I do not know if you will find it in REI - I have. Do not be fooled by the gurus and get rich quick artists. It is a job. It takes a special mindset - mostly that of the entrepreneur to get off your butt and do something.

    Even if you do it part time (as do I) it can consume free time. I am glad you found BiggerPockets! There are many here who will help you 'get it'. As you read the posts and become familure with the posters you will figure out who is 'full of it' and who is the 'real deal'. Additionaly - there are different styles of REI. One will fit you better than others.

    The ride is the greatest - hop on!

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