I'm new but eager

[Garrick Goodheart]

Hi everyone,

My name is Garrick, and I’m new to the real estate investing space. I live in rural Montana and currently work as an engineering and environmental manager in the mining industry. I’m a single dad to two young boys, which is a big motivator behind my goal: to transition into a more flexible, family-friendly lifestyle while building long-term financial security.

I’m calling this my Exit Plan Strategy, and real estate is a big piece of it.

So far, I’ve:

• Read Long-Distance Real Estate Investing, BRRRR, and Rental Property Investing

• Built my own Excel analyzer (profitability, cash flow, cap rate, amortization, 1% rule, etc.)

• Set aside ~$50k–$60k in startup capital

• Started identifying markets and partners (realtors, contractors, PMs)

• Focusing on value-add rentals, flips, or BRRRR in desirable-but-undervalued areas

I’d really appreciate help with:

• Recommended software or tools for remote market analysis

• Tips from anyone who got started while still working full-time

• Advice for evaluating smaller multifamily or distressed properties

• Mistakes you wish you’d avoided on your first deal

• Any Montana-specific or Western U.S. insights (but I’m open to investing anywhere)

If anyone’s open to chatting or mentoring, I’d be extremely grateful. I’m taking this seriously and want to do it right—ethically, sustainably, and profitably.

Looking forward to learning from you all and hopefully contributing value in return.

– Garrick

[Lisa Choi]

Hey Garrick, welcome to the investing world—and props to you for coming in with a clear vision, solid groundwork, and an admirable "why." You're already ahead of the curve with the books you've read, your financial prep, and your analytical mindset. That engineering background will serve you well.

Here are a few thoughts based on your questions:

1. Remote Market Analysis Tools:

• PropStream is helpful for pulling lists, comps, and ownership data.

• RentCast is great for rental estimates and tracking rent trends.

• City-Data, BestPlaces.net, and Niche.com give solid demographic and neighborhood-level info.

• Google Street View and local Facebook investor groups can also provide boots-on-the-ground insights in areas you're considering.

2. Starting While Working Full-Time:
It’s 100% doable—I work with a lot of investors who juggle W-2 jobs and investing. The key is building a reliable local team. Focus on one market initially and build strong relationships with a trustworthy agent, contractor, and property manager. Delegating well will be your lifeline.

3. Evaluating Small Multifamily / Distressed Properties:

• Always underwrite conservatively. Use worst-case rents, high vacancy estimates, and realistic rehab costs.

• Smaller multifamily = economies of scale but also shared systems—make sure plumbing, electrical, and roofs are solid or budget accordingly.

• Distressed properties can be goldmines if you have the right GC and exit strategy.

4. Mistakes to Avoid on Your First Deal:

• Don’t skip on due diligence (permits, comps, title issues).

• Avoid overestimating ARV or underestimating holding/rehab costs.

• Make sure your lender (especially hard money) is vetted—read every line of the term sheet.

• Always have more reserves than you think you’ll need.

5. Montana / Western U.S. Insights:
I'm based in Texas, but I do work with out-of-state investors frequently. Western markets can be tight on cash flow but strong on appreciation. If you're open to other regions, there may be stronger ROI opportunities depending on your strategy.

If you’re ever considering Central Texas or want to talk through strategy, I’d be happy to connect. No pitch—just here to help if I can.

Keep taking intentional steps like you are now, and you’ll be well on your way.