Newbie with 75k from Hampton Roads/ Norfolk, Va

Investor · Norfolk, VA · Member since 2018 · 10 posts · 6 votes

I am Michael and I have been stacking paper for a few years to begin real estate investing. I have a full time job with the DOD and am in college as an accounting major. I joined BP because it seems to be an education and mentorship style site.

My Full schedule limits the amount of time I can commit to real estate and think I will do best with turnkey rentals. I prefer to pay with my own cash for the first few homes.

My goal is to cash flow 10k a month by the time I turn forty currently I am in my mid-twenties

If you were I what would you do? (Broad question on purpose)

Any advice is appreciated.

-Michael

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Ivan BarrattBusiness Member

Investor · Indianapolis, IN · Member since 2015 · 764 posts · 953 votes

@Michael Papps congrats on stacking that paper! My advice: keep it in the bank right now and get more financial education. Read/Listen to some books; not just podcasts. Study people who've already achieved your goal. Also, may want to rethink your goal. Pick up 10x Rule by Grant Cardone and aim higher young man! :)

Also, be very selective when selecting mentors, authors, people with "advice" and so on.

Go get it!

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
8y
Michael Papps Wish I knew then what I know now, but with $75,000 I would invest it in performing notes and target 12% annual returns and reinvest those returns every year. In 15 years your money would compound to $400,000. With $400,000 and leverage $10,000 would be easy to accomplish.
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Michael Papps
OP
Investor · Norfolk, VA · Member since 2018 · 10 posts · 6 votes
8y
@Chris Seveney
Thanks for the advice! Bp's YouTube beginner's guide to real estate investing course discussed notes briefly. I going to do a deep dive on note investing this afternoon.
1 Reply
Amahl MillerPro Member
Real Estate Agent · Gainesville, VA · Member since 2016 · 76 posts · 14 votes
8y
multifamily
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Ernest Grindle
Rental Property Investor · Suffolk, VA · Member since 2017 · 143 posts · 78 votes
8y
Hello @Michael Papps It sounds like you have a really full schedule right now which will make it difficult for you to get started. It's a lot of work going through everything the first time and trying to figure out what's what, but after your first deal it is much easier. I recommend partnering up with someone reputable who has experience in REI and the time to get work done (the pool of candidates would include Turn Key like you originally suggested). This would balance what your bringing to the table and help you gain experience. A full time job plus full time school plus getting started in REI may result in one of those three failing, so choose your path wisely. Best of luck!
1 Reply
Lynn McGeein
Real Estate Agent · Virginia Beach, VA · Member since 2012 · 2k+ posts · 1k+ votes
8y
There is a wealth of knowledge here -- I am always searching for answers to weird questions. Network locally with members and guests of the Tidewater Real Estate Investment Group, one of the largest in the nation, that meets once a month, so just a few hours of your time each month. Valuable information, knowledgeable guest speakers, and you may find partners to work with or a mentor to assist you. You're probably already aware, but please avoid the expensive workshops out there that promise the world if you just give them thousands. My daughter's friend spent more on seminars than it would have cost him to actually start investing, when he could have learned more from this site and networking locally and spent his money on real estate.
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Mike Krieg
Investor / Syndicator · Austin, TX · Member since 2015 · 366 posts · 220 votes
8y
If you want to be a landlord and invest some time go for a duplex or fourplex. But if you want to be a passive investor go into a syndication with a sponsor who has a proven track record. You can get close to 20% IRR in some deals. One better would be self storage. http://bit.ly/2CILuJ2
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Ivan BarrattBusiness Member
Investor · Indianapolis, IN · Member since 2015 · 764 posts · 953 votes
8y
@Michael Papps congrats on stacking that paper! My advice: keep it in the bank right now and get more financial education. Read/Listen to some books; not just podcasts. Study people who've already achieved your goal. Also, may want to rethink your goal. Pick up 10x Rule by Grant Cardone and aim higher young man! :)
Also, be very selective when selecting mentors, authors, people with "advice" and so on.
Go get it!
2 Reply
Michael Papps
OP
Investor · Norfolk, VA · Member since 2018 · 10 posts · 6 votes
8y
@Ernest Grindle
@Ernest Grindle Good Advice. If we spread ourselves to thin, our quality of production suffers.

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Michael Papps
OP
Investor · Norfolk, VA · Member since 2018 · 10 posts · 6 votes
8y
@Lynn McGeein I saw Tidewater REI group had a meeting tonight did you go? I did not have the time to go. I will be there next month.
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Michael Papps
OP
Investor · Norfolk, VA · Member since 2018 · 10 posts · 6 votes
8y
@Ivan Barratt Checked out 10x Rule at my local library today and that is thinking like the millionaire next door!
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Ivan BarrattBusiness Member
Investor · Indianapolis, IN · Member since 2015 · 764 posts · 953 votes
8y
@Michael Papps nice work picking up the book. Keep reading until you understand at a molecular level that 10x is playing way bigger than the millionaire next door. MND is a good plan if you want to be average in life. If you want more than grow past it!
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