Trucker here trying to find a pathway for first home ownership!

Fort Lauderdale, Florida
Starting Out
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Trucker here trying to find a pathway for first home ownership!

Alexis J Villatoro
Member since 2022 路 2 posts 路 6 votes

Hello everyone!

First of all, let me tell you I am glad to join this community and I am coming here very humble and with an open mind. I bring a set of skills as well which I will later discuss so that I can also be useful to this community too. So here is my situation; I am 34 years old, truck driver, 775-800 credit score, great credit history, and not much debt. I was very irresponsible during my 20s so it took me a while to build my financial situation to where I am today.

I've been cleaning up a lot in my 30s but I am still not a homeowner. I drive and live in the truck full time so that is why I have been able to increase my savings and clean up most of my debt. I am looking to buy a 2 family house with a basement so I can rent out both floors and use the basement as a sort of base of operations or when I am off the truck. As for location since I am living in the truck I can definitely do it anywhere in the country but I want to be close to a major international airport since I travel frequently overseas. 


I found about BiggerPockets through Youtube and I will be going through Education and many of the books recommended on the podcasts which is great and very informative. However, I do feel lost on where to start and need direction. I'd highly appreciate if someone could point me out on where to start since there is so much to learn. I'd like to go through the Owner Financial route but I am wondering if it is difficult to find these people? Like I said I am a complete noob on this but would sure love some feedback. 

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Caleb Brown
Real Estate Agent 路 Kansas City 路 Member since 2018 路 4k+ posts 路 3k+ votes
4y

You have a great launching pad. Really it's just networking with lender/agent in the market you are looking in. From there run numbers with 1 side being occupied and then both when you move out. Would you be using an FHA loan? Take the leap and go for it

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  • Caleb Brown
    Real Estate Agent 路 Kansas City 路 Member since 2018 路 4k+ posts 路 3k+ votes
    4y

    You have a great launching pad. Really it's just networking with lender/agent in the market you are looking in. From there run numbers with 1 side being occupied and then both when you move out. Would you be using an FHA loan? Take the leap and go for it

    2Reply
  • Alexis J Villatoro
    OP
    Member since 2022 路 2 posts 路 6 votes
    4y
    Quote from @Caleb Brown:

    You have a great launching pad. Really it's just networking with lender/agent in the market you are looking in. From there run numbers with 1 side being occupied and then both when you move out. Would you be using an FHA loan? Take the leap and go for it


    Thanks for the encouragement Caleb. Yes I was also thinking about the FHA loan but as of now I only have 1 year of work due to the pandemic messing up my work stability when it was going on. So I am looking into September next year when I will have 2 full years of work history with my current company. At least that is what I saw when I was looking into FHA loans. Yes I will be reaching out to agents/lenders through here since it seems there is great resources/networking here.

    1Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker 路 Cody, WY 路 Member since 2010 路 28k+ posts 路 41k+ votes
    3y
    Quote from @Alexis J Villatoro:

    1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

    2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

    3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

    4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

    5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

    6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

    You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

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    1Reply
  • Steve Vaughan
    Rental Property Investor 路 East Wenatchee, WA 路 Member since 2014 路 10k+ posts 路 16k+ votes
    3y

    I'd be looking as close to family as I could that also has the following:

    An area with no storms with names,  floods, earthquakes, tornadoes or other disaster events, mild winters, low property and income tax with landlord friendly to neutral policies.

    And of course good affordability rent/value ratio in at least a c+ neighborhood.

    Welcome to BP.  Appreciate your service out there on the road listening to podcasts and audiobooks馃憤

    2Reply
  • Ty AshBusiness Member
    Real Estate Agent 路 Milwaukee, WI 路 Member since 2018 路 201 posts 路 132 votes
    3y

    HI @Alexis J Villatoro!

    I'd recommend that you keep/start learning! Podcasts, Books, and Mentors you find by networking.

    I'd pick up a copy of Set for Life by Scott Trench as it has a good framework for financial independence, especially for a newer investor. Real Estate is just a part of your total financial picture so don't become too focused on just real estate. You'll want to learn more ways to increase your income now and in the future, keep your expenses low, and take the difference to invest into assets, real estate/business.

    As you mentioned above, a house hack will probably be one of the best strategies for you to get started and take action while giving you a great return because of the low % down needed to get started. Once you get to this point, make sure to run your numbers for both while living in the house hack (lowering your living expense to less than what it would be to rent in your area) and post move out where you need to be at least break even after accounting for your monthly payment + maintenance, capex, vacancy, property management.

    In terms of location, I definitely recommend you finding a location where you have friends/family as boots on the ground while you're on the road or abroad!

    Best of luck getting started! Here for you with any questions you have along the way!

    0Reply
  • Aj Parikh
    Rental Property Investor 路 Centreville, VA 路 Member since 2019 路 1k+ posts 路 799 votes
    3y

    Hi Alexis! Your story is amazing!! When you consistently do something towards a goal, it shows and the fact that you have a stellar credit score and savings in the bank shows your hard work. 

    One of the strategies that helped me scale was buying properties out of state working with turnkey companies. If that is something you want to discuss, I would love to get in touch. It's one of the easiest ways to get started. 

    0Reply
  • Ecaterina Katerina Morosan
    Real Estate Agent 路 Miami, FL 路 Member since 2022 路 238 posts 路 102 votes
    3y

    Hey Alexis!

    You have a great starting point. For now, you have to find out for yourself where you want your first investment property to be located (for example, Ft Lauderdale is a great choice due to no income tax, large airport, easy access to I-95, growing population and infrastructure etc). A lot of my friends are truck drivers, and they're moving from WA and IL to FL simply because it does make sense for their business and families. 

    The next step would be to discuss your loan options and investment strategies. You need to partner up with a local investor-friendly lender and agent to come up with a plan and break down current and projected numbers. They'll be helping you throughout the process even if you're away. So make sure you go with reliable specialists.

    1Reply
  • Ivonne Pinedo
    Realtor 路 Miramar, FL 路 Member since 2020 路 56 posts 路 18 votes
    3y
    Quote from @Alexis J Villatoro:

    Hello everyone!

    First of all, let me tell you I am glad to join this community and I am coming here very humble and with an open mind. I bring a set of skills as well which I will later discuss so that I can also be useful to this community too. So here is my situation; I am 34 years old, truck driver, 775-800 credit score, great credit history, and not much debt. I was very irresponsible during my 20s so it took me a while to build my financial situation to where I am today.

    I've been cleaning up a lot in my 30s but I am still not a homeowner. I drive and live in the truck full time so that is why I have been able to increase my savings and clean up most of my debt. I am looking to buy a 2 family house with a basement so I can rent out both floors and use the basement as a sort of base of operations or when I am off the truck. As for location since I am living in the truck I can definitely do it anywhere in the country but I want to be close to a major international airport since I travel frequently overseas. 


    I found about BiggerPockets through Youtube and I will be going through Education and many of the books recommended on the podcasts which is great and very informative. However, I do feel lost on where to start and need direction. I'd highly appreciate if someone could point me out on where to start since there is so much to learn. I'd like to go through the Owner Financial route but I am wondering if it is difficult to find these people? Like I said I am a complete noob on this but would sure love some feedback. 

    Welcome to BP! Congratulations on your accomplishments! I started my investment journey inspired by BP YouTube videos, their different podcasts, and their books, too!  I would also suggest local real estate investor meetups. I go to different meetup groups in Fort Lauderdale and you can get so much value from the different people you meet. 
    1Reply
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