Hi All! My wife and I are both engineers who live in the Houston area and we are interested in beginning to invest in single family residential rentals. Currently we are at ground zero, owning nothing but our home, but we hope to slowly build wealth by purchasing 4 to 5 single family properties using as little debt as possible.
I look forward to learning more and contributing as I get to know people on this site.
I would suggest that you make sure to educate yourself, learn the environment and the language of investing first and foremost. I started out as a 9/11 investor, meaning I came in as an airline pilot after 9/11 with no idea what to do and how to do it. I spent the next year just educating myself and meeting and talking with as many people as I could to understand why some people are successful and some fail miserably. The biggest reason I have seen many investors fail is lack of knowledge and lack of discipline to run whatever they are doing like a business. At the core of what you are doing is you are creating a sustainable business model that generates income without much of your participation. Which is the trues form of leverage.
Being in Houston myself if I were you i would join many networking events and real estate clubs as you have time to, and as it is just as important to figure out what you want to do. I would say focus also on what you dont want to do. Many people see all these shiny objects and when they sit down and talk with me they realize they are not doing any of them effectively.
I would suggest starting with you and your wife sitting down and asking what is your end goal.. Is it passive income? immediate cashflow? retirement? leverage of having a professional team taking care of all the laws and code enforcements or is it you doing this?
Then once you have your goal, you need to create a strategy to obtain that goal and the steps it will take to make that happen.
Hope this helps, I manage many homes for engineers, my wife is one and as an active airline pilot I deal with them so I am pretty familiar the mindset of one (I think)
If you ever want to sit and chat with me and talk about your plan I would be happy to do so if you think it would help.
Hi @Chad Bailey , as a fellow engineer myself, I was in your position about this time last year not knowing the language of real estate besides from the HGTV shows. I completely agree with @Steve Rozenberg about dedicating time to get educated and planning out the short and long term goals that you and your wife want to achieve. Investing in real estate is a business and my advice is to let your emotions out of the equation and simply look at the numbers to determine if a property is a good deal or not. Also, RE thrives from building relationships and your network. I definitely recommend attending local REI meetings in your area and introduce yourself to other investors. Listen to the podcasts on BP and if there are any concerns/questions, you'll more than likely find that someone else had the same question before.
@Chad Bailey - Welcome to BiggerPockets! The best way to purchase real estate with little to no debt is cash. I live in Katy, as well, and would welcome the opportunity to meet for coffee one mornings.
Hi @Chad Bailey , if I can ever help you out with something, let me know. I am a Realtor/Insurance Agent.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you