Hi everyone - I am excited to begin my real estate journey here on bigger pockets. I have lived my entire life in various parts of the Salt Lake Valley. My husband and I currently live in Riverton with our three young boys. We dabbled in rentals when we were first married since we both owned our own homes prior to getting married and it was not a sellers market. We chose to rent the house we were not living in for a few years until the market picked up and we opted to sell. It wasn't a bad experience, but since neither of us were ready or wanting to go down that path at that time we did not continue with it. Growing up my parents had a few rentals so I had some background, but my involvement mostly consisted of helping to clean, paint, repair, etc. to get the house ready for a new tenant. We are both at a point that we would like to start actively doing real estate investing. We have already increased our knowledge through all the great information available here on Bigger Pockets and look forward to continuing our education.
Currently I work as a CPA doing audit and attest work. I know tax work would probably be more advantageous to real estate investing, but it just wasn't for me. I also teach math and some accounting and personal finance as an adjunct professor at Salt Lake Community College. Teaching is my passion and where I started out. I graduated with my bachelors in math education and taught Jr. High math for 4 years. I absolutely loved the kids and my fellow coworkers, but the teaching environment was changing and I felt it was time for me to change as well. I opted to follow in my father's footsteps and get a masters in accounting and become a CPA. It was a great decision, but I missed teaching so not long after getting my CPA license I applied to be an adjunct professor. I teach early morning, evenings, or weekend classes and work as a CPA during the day. It has been about 8 years since all of that has transpired and it is time once again to do something new.
Just a little background on my husband. He started out as a highway patrol officer, but after our second child was born we both decided it was best for him to quit and be the stay at home parent and for me to keep working. He did that for a few years and once our last child was about 2 he decided he wanted to go back to work. We both thought having alternating schedules would be best so that one of us would always be around. He started working the closing shift at a new gun range as their night manager about 2 years ago. It has been pretty good, but we would like to see each other more often and now that two of the three kids will be in school all day we figured it was time for a change. Real estate investing seems like a good fit for us. My husband is in the process of getting his real estate license.
We have read the beginners guide and it confirms the areas we are most interested in at this time are buy and hold (mostly multifamily, although we are not opposed to single family), possibly some fix and flips, and wholesaling. Our thoughts on this is that we like the long term investment of buy and hold to hopefully allow me to retire early from my current job and eventually provide a good, stable income. Wholesaling and fix and flips could be a means to get a little more up front cash flow than what buy and hold initially offers. Also, we think having a mix of buy and hold and fix and flips offers more than one exit strategy depending on what happens in the market. We know it is important to focus on one or two things rather than trying to do everything so we would be interested to know other members experiences with our initial plan.
Did you start out with a similar idea and where did it lead you?
What were the ups and downs for you?
Monica and Bryan Gardner
Monica, the best way to get started it to attend local Real Estate investor Association meetings. We have 4 really good organizations. Northern Utah REIA, Salt Lake REIA, Utah REIA and Utah Vally REIA. They are run by local people and are great networking and education opportunities. If you want to chat a few minutes, you can give the office a call and we can go over some of the legal needs to get started in real estate investing. It's a great way to make money.
Jeff, thanks for your reply and the information. I was looking at attending an REIA meeting in the near future so its nice to see the recommendation. I will probably take you up on your offer. I definitely want to make sure i understand the legal side of things.
Welcome to Biggerpockets!
If you haven't already done so - listen to some podcasts and read some books on real estate/business.
Connect with an agent and lender in the area that you want to invest in so you can start analyzing some deals.
You can also connect with other real estate investors through networking events to see what other investors are doing.
Some investors take months before they feel comfortable getting their feet wet.
Also connect with a lender to see how much you and your husband qualify to purchase.
@Monica Gardner Welcome to the forums! My husband and I were also working opposite schedules due to our kids but we were doing it in healthcare. I got my real estate license once we had decided that real estate investing was going to be our path to financial freedom. Initially, I only got my license to help with acquiring our own properties but then realized I could work from home and make my own schedule as a real estate agent. Your plan seems to be good. The only thing I might recommend is that if you are planning on doing flips, why not use the BRRRR method? If you are finding good deals, then this would help help you grow fast and maintain or grow your capitol. My husband and I have been buying SFR and are moving into multi now, but the BRRRR method would have helped us grow faster. Just a thought and best of luck!
Thank you Basit
I have been listening to podcasts and reading when ever I get the chance. I have an agent so my next big issue is finding a lender. I still have some trepidation, but it also makes me just want to jump in and do it to get past the nerves. Hopefully in a couple of months I will be able to report that we have our first property!
It is nice to see someone in a similar situation is making it work. Thanks for your suggestion on the BRRRR method - the more I learn about it, the more I like it.
So far everyone who has replied is a PRO. It seems like it is quite beneficial. Is this something you would recommend and why? How has it helped you grow your business?
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