Welcome! It looks like you are off to a terrific start and you certainly have the right mindset to succeed. If you are looking for other investors in the area I have had good luck at the local REIA meetings. Hope to meet you there!
@Jacob Henderson welcome! You are definitely on the right track to being financially free and you definitely got the right mindset to get you there. From what i been hearing and the few i analyzed, multifamily residential are overpriced in. Regardless of what I just said there will always be opportunity in the future! Good luck
Welcome to BP!
Financial freedom in 5 years is a very aggressive goal. Just be cautious in what types of returns you chase. The higher the CoC return, the higher the risk. Depending on the numbers behind your goals, it very well could take more than 5 years. Just keep that in mind.
How are you planning on funding your deals?
Good why @Jacob Henderson
Welcome to BP and it sounds as if you are off to a great start.
(Keep the goals lofty)
Your age is your greatest asset. Welcome to BP.
Welcome to BP Jacob. It's always refreshing to find people that are like minded and younger that are chasing their dreams. Well done.
Originally posted by @Jacob Henderson :
@Brian Wilson for this deal I am doing an owner occupied FHA loan. I will need to explore different ways to find future deals. I plan to use the BRRRR method utilizing private money and then refinancing into a traditional loan to pull the cash back out. Do you have any suggestions or any ideas that may work better?
Only input I have is that you refi out of the FHA as soon as you have enough equity.
I think that idea (BRRRR method) is great, but saying you plan on refinancing your properties into conventional loans involves various aspects. For example, what lenders have you shopped for a cash out refi? Seasoning periods usually last 12 months to do a full LTV cash out refi. Limiting your capital to purchase more deals.
I guess what I'm getting at is the time span of it all, 3 properties in 1 year when you're a new college grad seems a bit unrealistic. Unless you're a white collar worker, most new grads start in the 40-55k range. So considering that (even with a solid PML) you still need some source of capital to cover holding costs and the other various costs associated with owning rentals.
Just trying to be the voice of reason. If you can pull it off, great! Being a young guy in the REI space is very easy to get lost in the home run stories of other investors (speaking from experience).
Welcome @Jacob Henderson
Have a couple friends that have worked at QT and one that still does - heard it's a decent place to work and get a start.
Welcome, @Jacob Henderson ! You're off to the races. BP is a great source of information. Great goals, too. Keep it up!
Great start @Jacob Henderson , welcome to BP
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