Time to get in the Bigger Pockets mix

11 Replies

​Hope everyone is happy and filling up those pockets😎 I've always been fascinated with real estate investing. But like most everyone else my fear of the unknown got in the way of ever even trying. The most important thing has always been security for my Wife and daughter. So Im an Electrical Journeymen in Colorado and have been working 50 to 75 hours a week at the same place for 12 years. My dad worked himself to an early death at the age of 36. i didn't get enough time with him. As I just turned 35, all i want is more time with my family. I honestly believe that this can be accomplished with a little bit of work and the right people in your corner. I love the BP Podcasts, I've probably listened to 40 or 50 of them in the last 2 months. Tons of good info on the podcasts and also here in the forums.  My goal is to have small portfolio of Longterm and Vacation Rental properties in South Carolina within the next year. I would like to get the first one under my belt asap. I look forward to learning from all the helpful tips and criticism you will all have for me. "Jump in or fall back in line"

Welcome @Daniel Stepp . As an electrician I would bet you have a good network of contractors around you or know how to do stuff yourself as well. Take a look into house hacking and buying a home that needs some work. Live in it while you fix it and gain equity and sell it in 2 years to take those profits tax free. Quick way to accelerate your $ and accomplish some of your rental goals.

@Kyle Doney thanks, good suggestion. We are actually in the process of putting our home of 7 years on the market. We are going to be using the equity to start up. Our plans have changed slightly as we were looking into investing out of state. But recently decided that we want to move to the myrtle beach area. So, kind of a lot on the plate. But we think it will be worth it. Just a little unclear on the process of moving out of stat and getting things going.

@Daniel Stepp Instead of selling your home, why not refinance, pull out some cash and use that to invest instead? You can rent out the house and have a local property manager. Just a thought. Best of luck with real estate investing! It's fun and rewarding. 

@Jamie Turner In the beginning, we thought about doing that. I guess when we decided to make the move, we assumed that we would need as much money as possible to make everything fall in line. Maybe we should revisit the idea. If we can crunch some numbers and figure out if the amout we need from a cash out fits with the Rental value. If so, that just might be the ticket. Thanks

@Daniel Stepp Welcome to BP. We are actually in similar situations. I just turned 35 and just had a baby girl. I’m an operating engineer and want to spend more time with my family. We are looking to move to the Myrtle Beach area and I’m trying to get a small portfolio of long term rentals down there. Let me know if I can help in any way. Where exactly in MB are you looking to move/invest?

@Chris Rosenberg That is Awesome. First off, congratulations on the baby girl. My daughter just turned 11 and even though ive been there for every "Important" event , i feel like its not enough. For our relocation area we a looking mainly in the Carolina Forest area. But as far as investing, i feel there's really no bad place up and down the Grand Strand. But maybe you know something i dont. Lol. Its amazing that within just a few day ive been connected with someone in a very similar situation and time in life. I look forward to our conversations. Thank you again i will be in touch for sure.

Best of luck.  My family loves Myrtle but waiting until my soon to be senior is out of High School before making any moving type decisions.  Hope it all works out, best of luck.

Hello! @Daniel Stepp

Welcome to BP, and congratulations on making the decision to invest in your future via real estate.

I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.

First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

The last one is a post that will help you choose an “investor friendly” real estate agent.

There are many agents out there, but it’s important to choose the right one.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

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