Seattle area newbie getting started!
Hey there!
I’ve been lurking for a while and after hearing it an uncountable amount of times on the podcast I’ve decided to get involved with the community to whatever level I am capable. That level is a bit limited as I don’t own any real estate, yet. I will however, add value where I‘m able and also thinking of starting a small running thread of my personal finance and recording my path as I work towards that first property. That should keep me focused on my goals and might also provide some insight to others out there in a similar boat.
A little about me:
- Currently an electrician apprentice in the Seattle area.
- Before that, in the Marines. Was stationed in SoCal, Okinawa, and deployed to the Philippines.
- An odd combo of a gym rat and a bit of a nerd.
- Compete in amateur strongman competitions.
As far as my goals go this is copied from my profile.
Task 1: Debt free
Currently, I'm on the cusp of accomplishing my first task on this road and for me that is 100% debt free.
Task 2: 6 month emergency fund
My primary occupation ebbs and flows so an emergency fund is going to be key for my financial safety and health.
Task 3: Save up roughly 30k
Utilizing the VA for the purchase of my first property means I won't need a down payment but having money to invest and fix up that first property will go a long way to speeding up my success.
Task 4: Buy and renovate my first multifamily property (BRRRR)
My first property is up and running and providing positive cash flow.
Task 5: Expand to 3 properties within 5 years still utilizing BRRRR
Get those properties up and running smoothly and make them highly desirable.
Task 6: Reassess where I am
Take note of where I started and where I am. Delve deep into how I feel about it and orient my future accordingly.
For those of you that knew you wanted to be an investor; before purchasing that first property what steps did you take to get there?