New to BP and real estate: Introduction

40 Replies

Hello everyone, I'm Corey from Spotsylvania, VA. I am new to BP and real estate. My long term goal is to replace my W2 income with investment income from multiple sources. In regards to real estate, I aim at primarily investing in buy and hold, but I am not entirely sure where I'll end up and what I'll actually prefer.

Real estate background: The only experience I have inside real estate is owning my own home. I bought my first right out of the military in 2013. After about 5 years, I sold it and bought my current home.

Work experience: My profession is hands on and technical, so I guess I can claim that as a personal characteristic. As far as home repair experience goes, it’s all YouTube and asking around for me. I don’t have a background in home construction/repair, but I love learning and trying projects myself.

I hope to create lasting relationships through BP with experienced (or not experienced! I like friends!) and wonderful people. By January 1, 2020 I would like to finish my first deal.

Thank you in advance to all who will contribute to my future!

@Corey Martin I own a couple properties here in San Diego, but it's almost impossible to have positive cash flow anymore. One of mine I bought years ago, so I'm positive, but my other one has negative cash flow. I'm actually working on buying OOS right now, looking to purchase my first investment property in Memphis soon. It's just gotten too expensive here!

@Corey Martin Like Danielle says, there is a ton of information and people willing to help in these forums. I am from Denver and feel @Danielle Wolter pain about not finding cash flowing properties. I have a few properties as well and let me know if I can be of some help. Do not get discouraged and keep on trucking!

@Danielle Wolter Do you mind sharing details on your Memphis deal? I am also looking to possibly buy some properties in Memphis/Kansas/New Mexico but the biggest challenge I see is getting a good property manager as I will be investing out of state as well. Do you have any advice? You can DM me if that works better for ya! Thanks!

@Jorge A Amaya

Thank you very much for the kind words! I’m pretty much in the same thoughts with you as I am with Danielle. Can I pick your brain about your properties, what you feel you did right/wrong, how you started with the accidental landlord property, and how you think you’ll move forward? And, of course I understand if you are uncomfortable sharing. Feel free to DM me and thanks again for the encouragement!

@Corey Martin welcome to BP and your new journey in life! I am located in Fredericksburg just right up the road from you. Stick to it, read everything you can get your hands on, and listen to as many podcasts as you can that apply to your investment strategy. Good luck and reach out if you need anything.

Corey

@Corey Louton

Thank you and what a great way to put it!  It's very exciting to have someone local I can connect with.  I would love to buy you coffee/lunch/dinner some time to gain some insight if you have the time.  I will definitely be in touch!

Thanks again!

@Corey Martin Welcome to the community! This site has helped me tremendously! So much so that I felt confident enough in the education I gained to purchase my 1st of many properties this past October. My tenant moved in May 1st and it cash flows well!!! Watch the podcasts, ask questions, pick up some of these good reads everyone talks about and be open minded to the avenues of success. The properties will soon come!

Well wishes ... Cassandra

@Corey Martin

Hi Corey, I'm a new investor as well. Welcome! I live in Los Angeles, and recently purchased my first fix and flip in Florida. We are currently in the process of rehabbing and anxious in getting it done soon to put on the market. It is truly a learning experience and hopeful that it gets easier. I found BiggerPockets to be a great source for tools and information. Wishing the best and success for you!

@Corey Martin

Welcome to Bigger Pockets, Corey! I am newer to BP as well. My husband has been studying and investing in real estate the past four years so I learned some through him but in the past few weeks started my own journey of learning so I can assist him better. We have two rental properties (4 units between them) and flipped two homes in the past year so I am familiar with the renovation process at least! :) From my limited experience, REI is a lot of fun and definitely a good path to get going. Wish you the best in this coming year! :D

@Christa Burket

That's awesome, glad to hear you're still positive after two flips.  That gives me hope!  Would you mind if I quized you and your husband on your process?  Like: Self/hired renovation, how you acquired the deals, either of you a real estate agent, and so on?  Thank you for your time!

@Corey Martin   You're very welcome!  I don't even know how I managed to stumble upon the site, but I know if I hadn't I wouldn't be where I'm at today.  Thank you @Joshua Dorkin and @Brandon Turner  and everyone who works in the background for putting such a platform together and keeping it going so we can all prosper!

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