Newbie from Deltona, Florida
Hello Everyone,
My name is Eric Reynolds and I am totally new to real estate. I actually found biggerpockets only a few days ago. I came across some videos on Youtube and then came to the sight and saw how active the community was. Also, seeing that they constantly interview people who pretty much got their start with biggerpockets and hearing their stories was pretty inspiring to me. I just got back from teaching English in Korea, and I am waiting till July to start my day job as a substitute teacher. I had a lot of co-workers who did it for elementary school and said it's all movies and playing games with kids. A principal also told my mother that the happiest time in his life was when he was subbing for younger kids and I should do it as much as possible.
So after watching a few videos, I just took a look at some real estate sites that were suggested. I found what appears to be a really good deal in my area. Then I fell into the rabbit hole of doing research. Learning where and how to look up public records, scouting out comps in the area, and looking at the local market around these deals.
After many, many, many hours of research on real estate, HUD, the local market, tracking public records and seeing the rate of appreciation... I have put in my first bid on my first property as of noon earlier today.
With this potential purchase, my goal is to get my family out of a bad situation. I was looking for someone in the family to partner with this deal because the profit margins are so good, I wanted to share it with family first. Someone in the family heard about the deal and now I have a partner who is going to pay cash for the property.
My long term goals are passive income. As passive as possible. 3k a month in 5 years is a conservative and I believe very attainable goal. I do all my hard calculations on the conservative side, and then I also do what I call a more "realistic" calculation.
I am already looking at a duplex in the area, and have pulled the records on it too. I am just waiting until after the results are in for this bidding period on the HUD home. I should know the results Tuesday afternoon. Wish me luck! I hope I will be an active member of the BP community and can't wait to see where watching a random youtube video will wind up taking me.