Newbie from Boca Raton

10 Replies

Hello, I'm Andrew a 32 year old yacht captain and fisherman from Miami now living in Boca Raton, Fl. I'm excited to start this journey in the REI world and have spent the last couple months absorbing as much info as possible. I have listened to every BP podcast from the last two years (changing the speed to 1.5x helped me breeze through that), purchased ebooks, and participated in some webinars. I try to evaluate two properties a day using the awesome BP calculators. I'm hungry and ready to dive in.

The 1st challenge: My wife would prefer a move in ready home in the Boca area since we have been renting the last two years (very cheaply BTW) I don’t want to tie up our capital and would prefer a smaller home where we can force appreciation through rehab or others means. I have little experience in RE but see the importance of approaching our first joint purchase financially as opposed to emotionally. 

I need some tips on strategy and persuasion. How do I get her onboard and is there a middle ground or compromise that might make the most sense given our scenario? Based on our market in Boca which is competitive and expensive to enter, what are some other options that you guys can recommend? Thanks in advance for everyone’s help and I look fwd to my involvement in the BP community. 

Andrew - welcome! I'm a newbie on BP, as well. As far as "getting your wife on board", my best advice is just continue to show your interest in REI, and follow through with your REI plan. My wife took quite awhile to become accepting of REI, but now is very supportive (still doesn't care too much about participating, but not a road bump anymore). Good luck!

Welcome man I'm with you and just getting started. My wife is kind of on board, but not really wanting to dedicate her time to learn it. I just keep bringing things up to her and explaining the why. Hopefully she gets more and more involved. 

As for your first property, could you do something multifamily and house hack it? 

@Tristan Colborg Hey bud. A house hack or multi would help us ease into it for sure. I’m on board for that or doing a Live n fix. In my market I would have to actively pursue something off market or elicit help from others that have these listings. Where are you in the process and what’s your initial strategy? Thanks for reaching out

Welcome to BP Andrew.  

I wouldn't solely focus on FSBO's. There are plenty of motivated sellers that sell their property through realtors on the mls. Every month in Boca I see numerous properties being flipped with a nice profit coming straight from the mls.

Originally posted by @Andrew Greenberg :

Hello, I'm Andrew a 32 year old yacht captain and fisherman from Miami now living in Boca Raton, Fl. I'm excited to start this journey in the REI world and have spent the last couple months absorbing as much info as possible. I have listened to every BP podcast from the last two years (changing the speed to 1.5x helped me breeze through that), purchased ebooks, and participated in some webinars. I try to evaluate two properties a day using the awesome BP calculators. I'm hungry and ready to dive in.

The 1st challenge: My wife would prefer a move in ready home in the Boca area since we have been renting the last two years (very cheaply BTW) I don’t want to tie up our capital and would prefer a smaller home where we can force appreciation through rehab or others means. I have little experience in RE but see the importance of approaching our first joint purchase financially as opposed to emotionally. 

I need some tips on strategy and persuasion. How do I get her onboard and is there a middle ground or compromise that might make the most sense given our scenario? Based on our market in Boca which is competitive and expensive to enter, what are some other options that you guys can recommend? Thanks in advance for everyone’s help and I look fwd to my involvement in the BP community. 

 Hi Andrew, welcome to BP great resource for all real estate. Great that you are looking to get into real estate and looking for a property to live in as an investment. Have you given any thought into a duplex triplex or Quad? These offer the ability to purchase as a residential property and rent out 1-3 units (depending on size) and can force appreciation as well as lower, if not cover your monthly mortgage/note payments. Feel free to reach out whenever. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

We hate spam just as much as you