New to REI and ready to move forward!

Real Estate Agent · Reno, NV · Member since 2014 · 349 posts · 189 votes

2y

@Eric Forsberg - Welcome and congrats on your first successes! Every marriage is different, but if you really want to leave your W2, whatever your plan, even its still very "high level" keep him in the loop and supportive. REI is hard, it's work, it takes time and money. That means it takes your spouses support and buy-in!

That's my two-cents! Keep up the good work!

[email protected]775-741-2326

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Daniel McDonald

Real Estate Agent · Beverly, MA · Member since 2019 · 358 posts · 308 votes

2y

Sounds like you've already done really well. I feel your pain. I am on my second house hack just north of Boston and looking to scale. I don't want to jump out of state yet (at least out of New England). I like being near my properties and being able to self manage. If you can get your hands on a STR in Portland, Maine I bet that would do really well too.

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Samuel DioufBusiness Member

Real Estate Agent · Columbus & Cleveland, OH · Member since 2023 · 1k+ posts · 1k+ votes

2y

Hey Eric,

Welcome to BP! Have you ever looked into the Columbus Market? I believe if you want to invest OOS, there is some great opportunity here. Multiple, billion dollar companies are investing substantial amounts of money into our area, such as Intel, Google, and Amazon. Which in turn will bring plenty of other investors and general business into the market.

Just remember when investing from long distance and still being new, you should invest time into building a core 4. It consists of a realtor, contractor, property manager, and a lender.

I'd be happy to discuss more in depth.

[email protected]614-662-1652

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Anthony L Amos Jr

Real Estate Agent · Columbus | Toledo · Member since 2019 · 607 posts · 768 votes

2y

Quote from @Eric Forsberg:

Hi all – I'm new to REI and just joined BP. I have a W2 job that pays well but consistently leaves me wiped out. I'm really drawn to REI so I can spend more time with my family (spouse and 2 kids), retire a little earlier, and decrease the constant stress from my current job.

I've owned my home together, with my husband, in Boston, MA (purchased Jan 2020) and also a STR in Ludlow, VT (purchased Apr 2018) near a ski resort. We owned our previous primary home that we purchased in 2013 (sold in 2020). We bought the VT house with the idea of renting it out only occasionally; however, when we saw how well it did, we rented it out year-round and it does very well. We renovated about half the house in 2021 and the other in 2023. Bought for $210k and recently appraised for $795k.

As I'm based in Boston, MA, I would love to invest in other rehab/flips, MFHs, and/or STRs. We worked closely with the builders and contractors for the VT rehab projects so we are confident we could continue down that route. We also love the idea of another STR but property is so expensive here (Boston) that it may not be worth it. Also looking in VT for other STR properties. I LOVE managing the STR and really strive to make sure my guests have a fantastic time so I'm really drawn to that aspect.

Additionally, I’m up for long distance investments but I would definitely need some mentoring there because it was hard enough managing the VT reno from Boston.

My current strategy would be to rehab/flip a few houses a year so I can leave my W2 job and also add some buy and hold rentals (MFH, STR). However, I've learned a lot from this site and the podcasts so far and my strategy will likely evolve. If anyone has some advice or guidance to get me started, I would be greatly appreciative. Cheers!

Invest in the wonderful town of Columbus, OH. Home to The Ohio State University with nearly 60,000 students, 5 Fortune 500 companies, over +25% population change since 2000, and the 2016 smart city challenge award winner (https://www.columbus.gov/smartcity/). Furthermore, Intel is spending 20 Billion dollars to build two semiconductor plants, and many more great things presently and coming in the future. Needless to say, Columbus will remain a strong real estate market for the foreseeable future.

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Account Closed

Realtor · Member since 2023 · 18 posts · 6 votes

2y

Hi Eric (fantastic name),

Welcome to the site! I have been where you are and took the opportunity to dive into REI full time this year! I agree, going full time after having a well paying career has its ups and downs along the journey. I'd been a Realtor in MA on the side for the last 8 years which I've been able to leverage in my opportunities.

I'd love to chat with you and share the journey if you're interested. I can share what worked, what definitely didn't work, and hear more about what you're looking to do. If there's an opportunity for me to help, I'd be more than happy to do so. I love chatting about the topic!

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Bob Lett

Rockford, MI · Member since 2018 · 97 posts · 26 votes

2y

Congrats on your success!! Its easier to expand in markets you are already in, especially with STR's but you have the principles down and can apply those anywhere. We have 1 STR 2 hours away and another 12 hours away. The same principles apply, the distance hurdle is what stops most. Another thing to think about is taking the profits from the STR and investing into MFH housing to diversify. It just depends on your goals. How soon do you want to leave your W2? How much do you need to net per month to make that happen?

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Michael Vazza

Real Estate Agent · Boston, MA · Member since 2021 · 32 posts · 31 votes

2y

Hi Eric, awesome job with the success so far! It seems like you are really passionate and enjoyed the project of the STR and have a support system in place with your husband (which is huge) and then contractors and vendors who assisted within that success. Unless you are looking for something as a different challenge, why not continue down that route and see if you can get another STR in VT? As you grow, your management will get easier - I'm sure you already have a better understanding of the market's pricing, occupancy, & challenges and then you'll have even more of a reason to take a well deserved trip up there!

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Alecia LovelessPro Member

Member since 2019 · 3k+ posts · 2k+ votes

2y

@Eric Forsberg Hi Eric, it is definitely easier to get those mortgages while you have that W-2.

That being said if you have a market where you have some connections with contractors that might be a good choice to continue working in.

I’m up by Mt. Washington and all the good contractors are out on new projects at least 1 year if not 2 years.

I’ve just gotten to the point where I’ve quit my full time W-2 but am still working for the company on a limited part time basis. For me it’s the best of both worlds. I make at least enough money to pay for my health insurance each month but still have 98% of my time to myself!

I’d highly recommend trying to add in some small to slightly larger multi family (3-8 units) apartments as buy and holds to supplement your income down the road as you look toward retirement. If you can find some that make financial sense for you and your husband it’s just money in your pocket each month and if you put them with a good property management company then there won’t be all that much for you to do regarding them.

Since I’m up north the cash flow from my 25 units is not anywhere near what you could get from apartments in the suburbs of Boston, or Southern New Hampshire, or likely somewhere else if you so chose but it’s money coming in each month and I aim to retire my wife by the end of 2024.

I love flips for a great chunk of money coming in a couple times a year but a nice $10,000 in rent every month is nice too.

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New to REI and ready to move forward!

New to REI and ready to move forward!

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