Newbie looking for MFR - Travelling and Living Vanlife :)
Hi All! My name is Colin and I'm stoked to be here.
About me: I'm 34 and I live/travel in a van. It's basically a tiny home on wheels. I worked for the same construction company as a project manager for 11 years. Great career, but I burnt myself out. So, I adopted a minimalist lifestyle, saved as much money as I possibly could and quit my job to build a camper and see the country. My girlfriend travels with me, and we are having a blast seeing all the National Parks. We like to rock climb, hike and mountain bike. When I'm feeling arrogant, I tell people that I'm retired. In reality this lifestyle is an experiment in sustainable minimalism.
My GOAL: Buy a multi family rental to secure "passive" income that will allow me to continue to live a minimalist lifestyle and live my dream.
The Plan: I have about $300k for a down payment. I am currently trying to identify a market to begin looking at properties and building a team. Some potential locations include Provo UT, Indianapolis, Kansas City, Phoenix, Texas, and Boise.
The Strategy: Buy, Improve, Rent and Hold. I am going to self manage everything I can while still living a mobile lifestyle. I can be present for anything planned, and will have to outsource any emergencies.
Looking forward to learning more from the BP experts and contributing what I can. Cheers!
Here is some eye candy for ya (my house).
Hi! I'm not sure I can really help you but I just wanted to say your lifestyle is AWESOME! I've had the urge to do something similar so often but haven't been able to pull the trigger yet. And, that's a sweet van!
I am in a similar situation as you though; looking to buy value add multifamily properties for passive income and I've looked at most of those markets. So I'm interested to see what the successful investors have to say on the topic.
Sorry I'm not more help but just wanted to commend you on your lifestyle. Stay safe out there on the road and good luck! We should connect.
Best,
Derek
@Derek Bailey Thanks man! This life isn't for everyone, but it's been great for us so far. It took a lot of planning. I've had quite a few people tell us we should get into the camper van building business, but that sounds like a ton of work and kind of defeats the purpose. We want freeeeeeeeeeedoooooooommm!
Love it!! #vanlife If you are ever in Columbus Ohio feel free to reach out. We can climb and talk real estate!!
#2 General Landlording & Rental Properties Contributor
If you think building vans is a ton of work you are going to find real estate investing a real eye opener. Thinking that start a real estate investing business is going to allow you the freedom to continue your present life style could not be farther from the truth. Long hard hours, extreme stress and commitment to achieving success will put a end to any thoughts of travel for a very long time. No one can start a successful business without being present to oversee it. Real estate investing is not passive and can not be built from nothing without commitment.
Put your money in a REIT if you want to maintain your hippy lifestyle and continue smoking the good stuff.
Good for you on both fronts!
We spent the last 7years living in our van and traveling (and loved every second of it)! We've recently moved onto a boat and are teaching ourselves to sail... but I'm certainly we will travel by van again someday!!
It's awesome that you've got that much money waiting on the right project...but one thing to be aware of is that it can be really difficult to find financing with any amount of cash upfront if you don't show a salary/monthly income.
Luckily, most of our purchases were made before we "quit the world" to travel by van, but we had to get pretty creative when it came to loans/financing afterword.
I assume with 300k, there are plenty of markets where you probably don't need financing at all to get into a project... but just something to keep in mind!
Best of luck in finding the first project!!
Hi @Colin Thompson.
Welcome to BP! I currently invest in the Indianapolis area. Let me know if there is anything I can do to help.