Getting Started, am I ready?

10 Replies

Hey everyone,

I stumbled onto biggerpockets about a month ago and am hooked. This is my first post and I wanted to introduce myself and my intentions.

I am a full time admin/developer and a part time Author. I have never studied real estate and always considered it 'not for me'. However, with the beginners guide and listening to a few of the podcasts here, I can't think of a more straight forward way to earn passive income than owning and renting property. My overall goal is to ditch the full time job and get supplemental income for myself so that I don't have to work full time and commute anymore. Eventually, I'd love to afford the same for my wife who makes significantly more than I do and is definitely the bread winner.

I am currently a renter myself and my wife and I will be buying our first house in Madison, MS. to be closer to family. Once we are settled I hope to commit a large portion of my time to real estate. 

We have a bit of student loans left and a small car payment that should be paid soon. From there, we will be debt free. Our current combined salaries gross around $179,000 and should stay the same post move.

I guess what I wanted to ask was, do you experienced renters have any advice on when I should jump into the market. How would you approach rental properties in the same year that you intend to buy a house to live in? Should I be 100% debt free? Is life too crazy for me right now?

Secondly, if there are any Mississippi or Florida people who have experienced a similar situation, please let me know! I'd even do some work with them for free just to get some experience. 

Let me know!

Hey @Kyle Mathis , welcome to the Bigger Pockets forums!  

Two things (both are my opinion, so do with it what you want):

- You are ready. -- Not for everything in real estate investing, but for some things, so get started.

- You have THE PERFECT opportunity to get started very soon. -- when you move.

You are currently renting and you plan to move to Madison soon, so you have the perfect opportunity to use a low down-payment loan to purchase a House Hack!  If you are not familiar with the concept it is in essence using your primary residence as a very efficient real estate investment -- check out @Craig Curelop awesome book on it.  You can listing to a mind-blowing chapter of it on the Podcast episode 353 and a half (titled: Bonus Audiobook Excerpt: The House Hacking Strategy)

If you'll use this upcoming move and planned purchase of a home to purchase a home that works as an investment, you'll have one of the most efficient and easiest on-ramps to investing that I could wish on you!

Good luck on the journey!

After you give it a listen shoot me a DM and I'll share the story of my current house hack :) 

LOL  @Will Fraser & @Chace Fraser , You guys are totally bots...

As soon as I catch up on house hacking I'll let both of you know. If decide to get a duplex, triplex, etc. The next trick would be getting the wife on board who I'm sure would prefer a detached single family home. I'll be in touch!

@Kyle Mathis my wife and I just closed on our duplex that we're house hacking. Yes, we'd both prefer a SFR, but the allure of being financially independent by sacrificing for a couple years outweighed our desire for short term comfort...

@Kyle Mathis

I’m trying to talk my wife into the fact that we should move into a triplex for a year with our daughter and Saint Bernard from our single family. It has proven to be very difficult but still working on it.

@Joshua Mellor I completely understand. Glad to know I'm not the only one who has to balance out the wants of the family with the sharing of the lot.

@Chace Fraser That's awesome about the duplex. I think the potential problem I may have is finding a property like this in my target areas. I just don't know if I can find a safe area that will have a duplex or triplex. Going to see if I can find a good real estate agent that can point me in the right direction.