My personal journey Pt.1

4 Replies

hello,

The propose of me witting this is to detail my unique journey and maybe gain a little advice from the community. My name is Ben and Im in the military. i will complete my enlistment in 3 years and move back home. My goal is not to have to need a resume then.

I began striving to reach my goal when I read Rich Dad Poor Dad by Robert Kiyosaki. I've read many books; first, on starting my own business, then on investing in the stock market, lastly in real estate. I've decided to pursue real estate and that's why I'm here.  

I began with reading what ever material i can get my hands on an i started saving 25% of my paycheck. I figured i would be ready by July 2015 at this rate. Then an opportunity presented itself to me. 

My dad has a mobile home in good condition on a patch of secluded land. He bought it for my grandmother to live in and be near family. Last month, she decided to move out of the mobile home on move in with my aunt, leaving the mobile home vacant. I saw this as an opportunity to generate a little passive income for my dad and put to use the things that ive read about in a no pressure situation to see if real estate investing is a good fit for me.

First, I started looking for Property Management Companies (PMCs) in the area that would take the job. In my research I  found that the closes PMCs where over 20 miles away in Baton Rouge (we live in a ruralish area). 

Looking for someone to bounce ideas off about this i called my old college roommate Justin. Justin was the one who introduced me to Rich Dad Poor Dad and is also looking to start a business to become financially independent. After speaking with Justin, he convinced me to start my own PMC using the information we found on this site. I could use this PMC to manage my fathers mobile home as well as any properties I invest in in the future and maybe other investor's properties (like i said, no other PMCs in the area).

if you've made it this far please leave a comment saying hello or any and all advice/criticisms to help me on my path. 

Welcome to BP @Ben Dubroc  !

I manage all of my own properties and I always will.  That's just a matter of personal preference.  I started my own PM company that will manage my properties the way I want them managed. If you want to do PM for others in LA, you have to have a real estate license to do it legally.

If your friend is near the property, maybe he can help you out with your PM needs until you get home to take care of it yourself?  He just needs to understand the importance of screening and not get into a rush to fill the vacancy.  One bad tenant can make the landlord experience a nightmare.  I recommend you read "The ABCs of Property Management" by Ken McElroy.  He has a podcast here on BP and a very informative website too.

http://www.biggerpockets.com/renewsblog/2014/01/09/bp-podcast-052-raising-millions-ken-mcelroy-rich-dad/

Mr. Leonard,

Thank you so much for the advice. I will get that book on my next trip to the book store. Justin is willing to manage the property for me. 

Welcome to Biggerpockets!

Nice to Meet You! My husband is active duty Navy so I get it! We actually self manage our rentals that are all over the country. Our goal is to use the cash flow to retire early at age 42 and 44 on the military pension in 15 years. We have used the transient nature of the military AND our ability to live frugally below our means. 

We are buy and hold investors in single class A real estate, which allows us to invest while working full time! We self manage from all over the country as we invest locally and long distance. We buy foreclosures and short sales. We put as little down as possible. We get forced equity through fixing cheap fixes that turn people off (bad wall color etc) and going through the short sale process (5-15% cheaper)!

Don't let analysis paralysis get you! Bought our first houses 3 yeas and we now have 5 houses with another 5 houses in the plan for the next 18 months. Our first houses wasn't as great as our second deal and so forth. The key has just been to baby steps. One deal at a time!

We have learned to adapted. Where we thought we would be 3 years ago is not where we are today. The only thing we haven't changed has been our end goal to retire off the cash flow in 15 years. So don't be afraid, as long as it fits with your long term goal. Grab everything as an opportunity even if it doesn't seem like it in the beginning.

Don't forget to check out the blogs and podcasts. Participating in the forum is a great way to network, learn and give back. Another GREAT resource is everyone's signature. MANY of us, including myself have put together a blog/website about our niche, strategy and business model. Think of them as "free" books. These are GREAT free resources too!

Look forward to seeing you around! Please feel free to pm me if I can help! 

Hello Elizabeth, thank you for your warm welcome. Unfortunately I missed the notification so im reading it nearly 2 months later lol. Also, I had just recently listen to the podcast that you were featured on and i would like to thank you for taking time to help out all of us knowledge seekers listening. I'm excited, have a plan and i hope to be celebrating my first victory soon. Please keep posting and I will keep reading. 

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