New to Bigger Pockets
Good Morning! I am new to Bigger Pockets and I look forward to engaging on these boards for the mutual benefit of myself and others who I can share my experience with and help. I have already learned a ton from listening to the podcasts and reading various articles. Now I need to get going.
10 Year Plan: To secure 5+ fully paid for short term rental properties on Cape Cod so that I can retire from my full time job and spend time enjoying life with my family.
15 Year Plan: Pay for home in Costa Rica (to get out of New England in the winters:-)
I currently live in New Hampshire and have another home in MA. I am primarily looking at Realestate in MA but am open to either state as the opportunities present themselves.
Current State:
1 Primary residence in NH
1 Second home (that has turned into a rental property) on Cape Cod (Dennis MA)
- Currently generating 18-20k per year through short term rentals
Preliminary Plan to get there:
- Find mentors by starting conversations with those who have done it (GET STARTED)
- Begin by flipping a house or 2 per year using some of the wholesaling strategies I have learned so far.
- Take profits from these flips to pay off first rental property mortgage.*
- Purchase second of 5 long term rental properties use income from first to pay loan of second.
- Repeat…
*If these intended flips can generate cash flow positive returns will keep them as long term rentals (focused on short term rentals only)
I am open to any feedback, suggestions and criticism that anyone may have on my plan above or if anyone is interested in mentoring please let me know.
Thanks again for the support. I appreciate all that I have learned from those on these boards so far
Sincerely, Jim