My name is Jeff Boardman, I am a 34 year old desk jockey with dreams of FI. I have recently decided to pursue my interest in real estate in the hopes of generating enough passive income to support myself and future family (soon-to-be DW) without feeling the need for a 9-5. I currently live abroad but plan on moving back to the States in the next couple of years. I have a 3bdrm condo in eastern WA that I purchased in 2006 as my primary residence (with the intent to rent when I inevitably left the area), it has been earning rental income for me for ~5 years now.
My REI plan is to purchase buy-and-hold MF investment properties to generate cash flow. I have chosen a few markets around the USA to begin with including Des Moines, Salt Lake City, and the beautiful Pacific Northwest (I know large area, refining based on potential relocation) to start with but trying not to limit myself at this point. I plan to obtain my RE license after moving back to the states to assist in my entrepreneurial endeavors.
I think my biggest challenge currently is one of location, everything is just a bit harder from abroad. In a more general sense just getting started is the biggest hurdle. I believe that once I close on that first (second, currently renting out prior primary residence) property I can begin the process of refining and replicating for maximum efficiency.
I am reading and learning regularly here on BP, hoping to make some contacts with experience or skills I can learn from first hand. If said contacts happened to be located in any of my target markets, so much the better! I am ready and willing to receive advise, pointers, tips, admonishments of any variety, and happy to help in whatever way I can with anyone kind enough to offer up their knowledge. Hello BiggerPockets!
@Jeff Boardman , and a Travian player twoud seem! Where are you trying to get to in FL?
One thing to not worry so much about now is location as long as you can find solid deals and management. Everyone's path is different. And while the normal course is for folks to grow actively and then transition over to passive investments, there's nothing wrong with going the other direction and starting with more passive investments that are opportunistically located geographically. With an eye to moving them with 1031 exchanges so you avoid tax on gain into FL when the time is right and you go for it actively and start playing in the sand box for yourself.
@Dave Foster That was Financial independence, rather than Florida, sorry for the confusion! That being said, I am not opposed to looking in to FL either, I do LOVE Key West!
@Jeff Boardman well that makes more sense. Although you've gotta beware. Key West captured me for 3 years and the addiction has never gone away!
@Dave Foster - Me too! I first came to Key West when I was 7 years old and knew I would call it my home. I'm a real estate agent/ investor living and working in Key West, lots of opportunity!
Hey @Jeff Boardman , welcome to BP. If you're looking to get connected to the investor community in Spokane, I can definitely help you out there. If I can be of help, let me know :)
@Jeff Boardman Hey Jeff and welcome to Bigger Pockets! Bigger Pockets is the one stop shop for real estate investing. Get deals done the right way and connect with seasoned investors only on Bigger Pockets. Congratulations and I wish you luck on your journey to success.
Thanks for the warm welcome everyone! I look forward to many future collaborations and successes!
I've also seen some family friends invest in commercial property and in boats (AirBnB just off the island). I'd be curious to hear what both of your focus has been in Key West.
When I was there we lived on our boat so anything on land was a needless distraction. This was also during the crash so the landscape was very different. The Truman area was just coming into it's own. Boat slips themselves and racks (which actually can qualify for 1031 exchanges with real estate) were interesting but the HOA and taxes on them made the rent necessary for rental pretty darn high. But supply was large. That may have tightened up. Yacht Club of the Americas and Sunset Marina were looking good. The condos at Sunset on Stock Island rented very well and came with a slip you could rent at that time for addl revenue or rent as packages to weekend warriors.
It's quirky I know but the house boats in Garrison Bight and spread around the area were really what attracted me as air bnb (which didn't exist at the time) places. Again, with the right deeding these could be considered replacement real estate for a 1031.
@Dave Foster I can appreciate the diverse set of investments you've explored. Key West is a unique place with a lot of unique opportunities. I think that has been the hardest part for me also is figuring out where the opportunities in the market and then determine what would fit with my investing strategy.
I've looked at the AirBnB boats also out in Garrison and then some of the retail & restaurants littered along Duvall, White, & Green St. Prices have risen dramatically as I'm sure you know just like everywhere.
I didn't realize you could 1031 boat slips & boats. That is an interesting thought and definitely will leverage that information.
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