Newbie From Connecticut

16 Replies

Hi all! My name is Justin and I'm from Connecticut. I am currently working as an engineer but have recently been introduced to the idea of financial independence. I always hated the idea of having to work until typical retirement age but after learning that early retirement is possible I started reading and listening to podcasts about how this has been achieved. This is how I found Bigger Pockets. I never thought of getting into real estate but after reading through many BP blog posts and listening to their podcasts, I have become very interested very fast. As a young investor, I think my best bet is to start with a multifamily house hack. So far, I have been learning as much as possible and even started to research properties in my area so I hope to be able to start by the end of the year. I look forward to being a part of the BP community and welcome any help/advice anyone has to offer!

Welcome Justin,

Just judging by you finding your way here and what you're saying you are on the right track. I would assume you are a Mr. Money Mustache blog reader so definitely stick with that or start reading away if you haven't already. In general I would say work on increasing your savings rate consistently and just get used to living on way less than any money you make, and save the difference for now. There are people way smarter than me who can give you more specific advice on how to invest the money but more so I'll say just if you are thinking of going the real estate route and even if you are unsure I would definitely recommend you evaluate multi-family properties consistently and would say purchasing a 2+ unit house hack is a great idea even if you end up deciding real estate isn't for you. Just take property management costs into consideration when evaluating deals so if you end up really hating it you can pay someone else to manage, but if you like it, you'll have a perfect start to your FI journey.

Again there are guys way smarter and with far more experience around here but still feel free to message me anytime with questions if you need.

Best of luck,

Ryan

           Welcome to BP Justin! The house hack seems to be one of the more efficient ways of getting into your first property. My biggest tip for you right now is to find someone in your area that is a seasoned investor and just take them out to coffee. When it comes time to purchase your multifamily property he/she will be able to look over your numbers to make sure you accounted for everything!

@Justin Wotton I was and still am an engineer. You make a decent salary that I would start with being a passive investor in a sfh property and scale up.

I would not recommend wholeselling or flipping. You make more at your day job.

Hi all, thanks for the welcoming and advice! 

@Ryan Luby Yes, I read Mr. Money Mustache. That's actually the first blog I found regarding FI and led me to find many other interesting blogs about FI and how to achieve it. It's what made me think about going down this path. He also made me realize the money issue that you mentioned. I've always been good about trying to save money but I would also spend it on things that I probably didn't need so I am trying to be better about not spending money and finding ways to save. Also, I think I'm definitely going the route of a multi-family house hack. I was trying to figure out if that was the way to go or if I should try a live-and-flip but I think I've decided that would be the better option.

@Tarren Pettigrew Good point, I may start looking for someone that could help me out. Any tips on how to go about doing this other than looking on BP? 

@Steve Bracero Any advice based on your house hacking experience?

@Justin Wotton

This may be out of your comfort zone but you could try calling on rental ads from craigslist. Hopefully you could find an investor that manages his own properties and ask if you could sit down with him for an hour one day. This may be uncomfortable at first but it will be worth it if you make even a single connection! 

I would recommend pick an area you are comfortable with. What tenant class is your ideal location in? 

Also have some reserves going into it. 

Also know the landlord tenant laws if you plan on self managing. 

If you are inheriting tenants, know if they are under market..

Learn about screening tenants as well,  having minimum qualification requirements for prospective tenants 

Hi Justin! 

Welcome to BP! It sounds like you've already been proactive with learning about the real estate market through the podcasts and books! My recommendation is to search for a software that will assist you throughout your search for tenants. There is free software out there that will effectively market your property, screen tenants, price your rental based on comparable properties, provide renters insurance and online applications, etc.

If you need any recommendations, please feel free to reach out and I am more than happy to send you suggestions.

Good luck in your endeavors!

Katie 

@Justin Wotton welcome to BiggerPockets!

BP is one of the best online real estate investment websites.

Not only does BP have free informative forums for you to learn and comment on, it also has free online courses, guides, and success stories from other real estate investors!

You have come to the right place, Justin, and I wish you all the best!

Originally posted by @Justin Wotton :

Hi all! My name is Justin and I'm from Connecticut. I am currently working as an engineer but have recently been introduced to the idea of financial independence. I always hated the idea of having to work until typical retirement age but after learning that early retirement is possible I started reading and listening to podcasts about how this has been achieved. This is how I found Bigger Pockets. I never thought of getting into real estate but after reading through many BP blog posts and listening to their podcasts, I have become very interested very fast. As a young investor, I think my best bet is to start with a multifamily house hack. So far, I have been learning as much as possible and even started to research properties in my area so I hope to be able to start by the end of the year. I look forward to being a part of the BP community and welcome any help/advice anyone has to offer!

 hey if you are inCT be careful with this  guy MSOOTKAUG. He is relentless, handsome as can be, but relentless.  Compete against him and it's sudden death!

Good luck !

@Justin Wotton hello and welcome to BiggerPockets!

BiggerPockets is maybe the greatest free resource to help you get started in Real Estate Investment there is on the internet.

I wish you a ton of success, Justin, in your real estate investing career.  Happy to help any way I can.

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