Newbie in Conroe, TX - Eager to learn about REI!

[Michael Crocker]

I am in the process of trying to enter a REI partnership with two close childhood friends. We have been discussing and collaborating for a few months, but there is obviously a lifetime of information to learn! We are excited and eager to do things right, and we are willing to take reasonable risks.

Some background: First I was a musician (two degrees), and now I'm an actuary (career switch when the pandemic started). I'm what people might describe as a "jack of all trades, master of none" (although at this point, due to my current career, I have a fairly deep understanding of interest theory, loan amortization, assessing risk, and certain other financial topics). I am trying to broaden my knowledge base in as many ways as possible. My financial knowledge is one of the skills I bring to the table in the partnership I mentioned above. My main reason for investing in the premium BP membership was to access the calculators for quicker analyses, but I know how to reproduce the results in Excel fairly easily. What I'm trying to understanding better is creative financing, analyzing the surrounding markets, making connections, and many of the other industry-specific concepts that can really only be learned through real-life experience.

The idea of REI came about between myself and my friends because one of them has access to a large amount of capital that he received from his parents as a gift. He intends to use part of it as a down payment for his primary residence, but he wants to use the rest to build something bigger. We are trying to maintain as much of a realistic perspective on things as possible, and we don't intend to go the "get rich quick" route. Our plan is to start this as a side business (we all have day jobs) and play the long game until we can eventually switch careers entirely.

Books I've read recently:

1) How to Invest in Real Estate, Brandon Turner

2) Rich Dad Poor Dad, Robert Kiyosaki

3) The Richest Man in Babylon, George Clason

My goal is to eliminate as much ignorance on this topic as possible. I am not afraid of changing my views and learning new ways of doing things. There are thousands and thousands of people with far more experience and wisdom in this industry than I have currently. I am excited to engage with and learn from these people, including those in the BP community!house

[Jimmy Marks]

Quote from @Michael Crocker:

I am in the process of trying to enter a REI partnership with two close childhood friends. We have been discussing and collaborating for a few months, but there is obviously a lifetime of information to learn! We are excited and eager to do things right, and we are willing to take reasonable risks.

Some background: First I was a musician (two degrees), and now I'm an actuary (career switch when the pandemic started). I'm what people might describe as a "jack of all trades, master of none" (although at this point, due to my current career, I have a fairly deep understanding of interest theory, loan amortization, assessing risk, and certain other financial topics). I am trying to broaden my knowledge base in as many ways as possible. My financial knowledge is one of the skills I bring to the table in the partnership I mentioned above. My main reason for investing in the premium BP membership was to access the calculators for quicker analyses, but I know how to reproduce the results in Excel fairly easily. What I'm trying to understanding better is creative financing, analyzing the surrounding markets, making connections, and many of the other industry-specific concepts that can really only be learned through real-life experience.

The idea of REI came about between myself and my friends because one of them has access to a large amount of capital that he received from his parents as a gift. He intends to use part of it as a down payment for his primary residence, but he wants to use the rest to build something bigger. We are trying to maintain as much of a realistic perspective on things as possible, and we don't intend to go the "get rich quick" route. Our plan is to start this as a side business (we all have day jobs) and play the long game until we can eventually switch careers entirely.

Books I've read recently:

1) How to Invest in Real Estate, Brandon Turner

2) Rich Dad Poor Dad, Robert Kiyosaki

3) The Richest Man in Babylon, George Clason

My goal is to eliminate as much ignorance on this topic as possible. I am not afraid of changing my views and learning new ways of doing things. There are thousands and thousands of people with far more experience and wisdom in this industry than I have currently. I am excited to engage with and learn from these people, including those in the BP community!house

Welcome Michael! I was in your shoes 4 years ago and took the leap into real estate investing. It was the best decision I ever made. I'm in Spring/The Woodlands. Hope to see you at one of the local REI meetups someday.