I did it! I choose my dreams and goals, so now what?

I did it! I choose my dreams and goals, so now what?

Investor · Studio City, CA · Member since 2017 · 20 posts · 2 votes

Hello world!

I freakin did it! I quit my job, to focus on something more meaningful. I took on driving Lyft, so I could create the schedule I need to make my real estate investor lifestyle work. More about me? 

In my spare time I sing, dance and I love whale watching. I have 5 business ideas that involve real estate and giving back to the community, to decrease violence in cities I once lived like Chicago and DC. My first fix and flip just went under contract last week and is being inspected today. I am super stoke. I have over 11 years of marketing experience developing marketing campaigns with big brands like Verizon Wireless and Qualcomm, 6 years of event production experience and over 11 years as an entrepreneur and small business coach. So why am I reaching out? I need YOUR support on this venture. There's nothing like team work. I also I want to ensure that the money I make from my first flip, goes into another property that I can 1) live in and 2) pay my debt down and 3) utilize Airbnb to pay down the mortgage faster. 

I currently live in Studio City, California. I used to have my apartment on Airbnb and I got a ton of requests.  I need some guidance on where to go to obtain a home that I can fix up, move guests into and begin to generate positive cash flow. I've heard of going to auctions, looking for motivated sellers etc. I just found a house online that sold for something stupid low like $12k. I didn't think those homes were still out there. Any who, my overall goal is cashflow and to also retire my father. Any words of encouragement and or guidance would be great. If you are interested in working together, lets connect. 

Much Love, 

Stephanie B. 

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Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
9y

Now its time to make a plan to accomplish your goals and take on step at a time to achieve them. Write out in detail what steps you will take to achieve your goal!

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  • Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
    9y

    Now its time to make a plan to accomplish your goals and take on step at a time to achieve them. Write out in detail what steps you will take to achieve your goal!

  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hello @Stephanie Benjamin, welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!

    BiggerPockets
  • Specialist · North Hollywood · Member since 2017 · 71 posts · 19 votes
    9y
    Hey Stephanie! Funny enough you have a very similar story as I do. I was selling solar panels in LA. Quit, took up Lyft to create brainspace, started studying real estate. My wife and I also AirBnb our place here in Alhambra and just got our Superhost badge. The long game is to get cash by fixing and flipping and then get more
  • Investor · Studio City, CA · Member since 2017 · 20 posts · 2 votes
    9y

    @Antonie Martel, roger that! I will post that plan here for accountability by tomorrow 9pm CST.

  • Investor · Studio City, CA · Member since 2017 · 20 posts · 2 votes
    9y

    @Dave Visaya Thank you so much!!! I most certainly will jump right in. My first step is learning how to analyze a deal and then looking at which market I want to invest in. Would you say this is the best place to start? 

  • Investor · Studio City, CA · Member since 2017 · 20 posts · 2 votes
    9y

    @Anssi Viljanen Nice!!! Wasn't it so liberating??? We quit what occurred to us as the most stable way to make money and stepped into the unknown. We said "there's gotta be a better way." How freaking intentional are WE? 

    Your post is super inspiring. I want to get something here in Cali so I can move in, pay my rent towards a mortgage and Airbnb the rest of the place out. I have to be in the Studio City area since my dance classes are here. I'm just not trying to pay a half a mill for a 2 bedroom though, LBVS. Ponder says I...

  • Specialist · North Hollywood · Member since 2017 · 71 posts · 19 votes
    9y

    @Stephanie Benjamin

    My first post slipped out in the ether before it was ready :) i just updated it.

    We totally took our destinies in our own hands! I actually switched over to driving a limo giving me more down time between the rides for a better pay and miles on my own car.

    To not pay half mill for a place in Studio City is going to be a tough find Id think. Would NoHo be too far? Theres a ton of solid AirBnb activity there too.

  • Realtor · Camarillo, CA · Member since 2014 · 162 posts · 102 votes
    9y
    Congratulations on the first step! To minimize your risk and start generating cash flow I would build a success portfolio of vacation rentals you managed and identify what qualities make a successful property. I would then reach out to property owners that meet the criteria and approach them on a lease where you have the right to run a vacation rental. They benefit from a higher rent and you can build a portfolio quickly. With the cash flow you can then start investing in owning the properties you rent. Best of luck!
  • Investor · Studio City, CA · Member since 2017 · 20 posts · 2 votes
    9y

    @David Gonzalez Thank you so much. I love your advise and this idea. Won't I need to be licensed to manage vacation rentals? I have been considering getting my realtors/brokers license as well. 

    @Anssi Viljanen NoHo is right around the corner. It's definitely heavy with the younger crowd. Not sure I want to go to that area. They won't take care of the property. I'll look into the suburb areas you mentioned as well as David Gonzalez's suggestion above. 

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