Posted over 4 years ago

In the beginning...

 I just thought I'd like to maybe start a blog and track what I'm doing.  Putting down my ideas, receiving feedback, and noting things that I actually go out and do.  Maybe I'll actually be successful one day and it'll be interesting to look back and see all that I've done and how I got there.

I'm turning 28 soon and have a great job and a little money.  I had a plan to take that money and put it into my house and make a basement suite.  I bought my parents house because it has a perfect setup for a suite downstairs.  Get 2-3 renters in there and charge them some $1500 a month and pay down my mortgage and save for myself.  After 5 years I figured I could save enough money to look at getting a second investment property.  Repeat every 5 years and after owning a few houses, I could probably quit my job and live off the rental income (provided each house was a bungalow with a basement suite or room to put one in).  So one half pays the mortgage and the other half goes in my pocket, or back into the mortgage.

I recently went to a Fortune Builders seminar and they mentioned how you don't need money to actually get into real estate investing.  They very briefly went over some concepts only to sell you on the 3 day seminar for $197.  But the seminar sounded useful and so in the end I signed up.  It really is only $197 and I can afford that.  The seminar is in a few weeks but the gears are just spinning in my head.  The whole concept of doing the leg work to find a property, scope it out, find contractors, get quotes, line up the times, dates, hours and cost and finally put it into a document sounds like something doable to me.  I figure I could pump out a really high quality plan/proposal.  Apparently I can then go forward to look for investors to see if they want to invest in the plan.  Or I can just sell them the plan and all the contacts and take a small finders fee of sorts.  If I get the money from the investor, a contract is made and any profit from the flipping of the house is split up.  It's interesting because I went to the seminar with someone that happened to be selling their place and will have a fair chunk of cash sitting in their bank account, looking for something to invest in.  I also may know 1 or 2 other people that might be interested in the plan and have money.

I also thought about how I know 2 people that are looking to buy a place soon.  I was thinking that if we scope out a place and have them actually buy it, we can renovate it right after they take over the title.  That leaves us with a place for sale to make some quick profit, or a long term investment to be held for a future sale.

Ok was writing this at work and got majorly distracted haha.  I think I got the point across though.  Just going to spend time learning more in preparation for the 3 day crash course.  Might even try and make up a mock proposal.  Will look towards making amazing proposals on paper with visuals for before and after and track down contractors or businesses that can do the whole flip.  Hopefully if I keep using them there will be some good relationships developed and then I'm on my way :)

Comments (2)

  1. Tiny 1491858518 avatar biggerpo

    Hey Jarrod English and welcome to BiggerPockets. Writing down your ideas is definitely a great way to help you think things through and to keep you accountable. That said, I think you should drop in and join us on the <a href="">BiggerPockets Forums</a>, where you can count on our vast community to help you get moving. Let us know what questions you've got, and keep on sharing!

  2. Tiny 1399666016 avatar ireallylikethis

    Great job getting those ideas out in print- oftentimes when we write about our game plan it becomes more achievable and practical. Buying a residence, waiting and moving up every couple of years is a fantastic way to build a real estate portfolio. The biggest obstacle that many young professionals find with this plan is that if their significant other does not like moving around want to settle down, does not like to live in fixer-uppers, then the plan can get side-tracked. This is not always a very family-friendly method of building wealth, but it IS the best method in my opinion. I applaud your focus, and encourage you to keep talking about it, keep writing about it, and keep working your plan!