If You Were In My Shoes...

If You Were In My Shoes...

Atlanta, GA · Member since 2017 · 17 posts · 4 votes

Hello My Fellow BP Users,

Let me first introduce myself. My Name is Shub, current residence in Atlanta, GA. I graduated in 2016 from Georgia State University with an Information Systems degree. I am employed as an Information Security Analyst at Anthem, Inc. I recently started getting into Real Estate Investing about a month or two ago. I became a member of the REIA group here in Atlanta. My goal is to have real financially freedom (this is in a border terms). I live with my parents (rent free!) and saved more than 80-90% of my earn income (I live like I'm broke). I am interested learning the different type of strategies of investing (please go in depth). I was thinking Buy & Hold and then renting it out (CF & Appreciation!) but, worry about carrying a lot of debt.

I am curious to know what would you do if you were in my shoes. I have somewhat of the money (save to invest!), I make the time to learn Real Estate Investing (usually 3-5 hours a day) and trying to create a network to help support it. I know the approach master a niche to get rich (Atlanta market but, waiting for the cooldown), and look where the trend is going?

Overall, I want to know what would you do if you were me? There’s no right or wrong answers, please criticize me.

Look forward hearing your responses,

-Shub Virk

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Investor · Sugar Land, TX · Member since 2012 · 554 posts · 232 votes
9y

Consider this, buy 1 rental per year for 10 years (see BRRRR strategy). Starting around year 5 you can sell one of your existing houses and use the proceeds to replace it with 2 more. At the end of 10 years you'll have 15 properties with cash flow and equity to build on. Run those numbers and plan how aggressive you want to run that strategy.

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  • Atlanta, GA · Member since 2017 · 17 posts · 4 votes
    9y

    @patrick thanks! I will definitely need to get that! I read Millionaire Real Estate Investor by Gary Keller, I felt that gave me a great baseline for Real Estate Investing.

  • Rental Property Investor · Seminole, FL · Member since 2014 · 85 posts · 68 votes
    9y

    I don't have good advice for you here, but I think you saving 80-90% of your income is amazing!  You'll hit financial freedom really quickly.  Keep up the great work!

    http://www.mrmoneymustache.com/2012/01/13/the-shoc...

    We're saving 40% of our income and now our dividends and rental income covers our fixed cost (minus mortgage).  Now we're trying to tackle our mortgage (might pay it off in 4 to 6 years but haven't decided).

  • Atlanta, GA · Member since 2017 · 17 posts · 4 votes
    9y

    @Erwin F . Thanks! You're doing great too! Hope you can accomplish tackle that mortgage.

  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y
    Shubneet Virk I would househack something for now and continue to live rent free
  • Atlanta, GA · Member since 2017 · 17 posts · 4 votes
    9y

    @Jordan Moorhead Thanks for the advice! It's much appreciated. :)  

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