Rental Property Investor · Phoenix, AZ · Member since 2018 · 17 posts · 3 votes
Hi! My name is Martin and I've been living in the Phoenix area aka, “The Valley” for almost 10 years. Even before I moved here from my home state of Michigan, I've been renting. I currently live in a rental with my wife and newborn daughter.
I currently work in the commercial building industry as a licensed Architect. Like many others, I've been looking for additional avenues in which to gain financial independence so that I might have more time to spend with my growing family.
I’ve always been aware of real estate investing as a wealth generation vehicle, but I was always uncertain if it was one within my reach. I discovered BiggerPockets when I started doing YouTube searches on the topic.
I've since realized that financial independence may be attainable through real estate investing and I'm currently learning as much as I can while putting together a strategy forward towards my goals. I'm considering wholesaling to build some capital to then get into flipping and eventually SFH rentals.
At almost 40 years old, I feel as though I’m getting a bit of a late start and my desire is to be aggressive, but smart. I would like to make my first deal within the next six months.
Congrats on the newborn and welcome to BP. You've come to the right place to get started as there is an endless wealth of knowledge and experience here. The best advice I can give is to read/listed to everything you can and don't be afraid to ask questions and network with anyone you can who can help you advance and meet your goals. Feel free to reach out if you'd like to chat about local real estate.
Thanks, Bob! I really appreciate the reach out. I'm definitely trying to absorb as much as I possibly can in order to take the right action as soon as possible. I'm currently thinking about wholesaling to get into the swing of things, analyzing deals, and hopefully build some capital for a first time home purchase, flip, or rental. If you have any advice or resources on pursuing the Valley markets, I would greatly appreciate it!
Rental Property Investor · AZ · Member since 2018 · 36 posts · 37 votes
8y
@Martin Mondejar It was great speaking with you briefly at the meetup, and congratulations on the baby! Having a support group is a huge leap in the right direction. I personally believe that your background as an architect is a tremendous asset giving you "hands on" experience, not to mention established connections. It will help you either start quickly or seamlessly transition into wholesaling office and commercial properties.
If I were in your shoes, I'd first save towards a nice place for your growing family, while learning the wholesale trade, and then focus on realizing your goals as a wholesaler. In the meantime, feel free to share your successes and either mistakes or sticking points with fellow wholesalers, lenders, and peers. We would like to have and architect in the team and hope to see you again!
Real Estate Broker · Phoenix, AZ · Member since 2018 · 83 posts · 28 votes
8y
@Martin Mondejar I'm happy to share my experience with you and help you develop a plan of action. I would focus on buying multifamily that you can occupy as a good starting point if you are light on cash. It's one strategy and is a good foot in the door.
Wholesaling is not a recommendation unless you have a crew and serious connections, plus outlets.
Thanks for reaching out! My plan for now is to focus on getting my family into owning our first home and learn as much about the industry as I can along the way.
My wife would prefer to stick to a SFH as our primary residence, but if I can accumulate some additional capital along the way, I'd like to get into SFH or duplex rentals to start.
I'm also looking for some good local networking opportunities, mentorship, and/or a local organization to join for those just starting out. If you have any recommendations, I would greatly appreciate it.
Thanks for reaching out! My plan for now is to focus on getting my family into owning our first home and learn as much about the industry as I can along the way.
My wife would prefer to stick to a SFH as our primary residence, but if I can accumulate some additional capital along the way, I'd like to get into SFH or duplex rentals to start.
I'm also looking for some good local networking opportunities, mentorship, and/or a local organization to join for those just starting out. If you have any recommendations, I would greatly appreciate it.
How about a good luxury house hack? In Phoenix MSA there a lot of casita homes. Well, perhaps no a lot, but a fair amount. I live in one and AirBnB the casita - works out very well. My wife, @Patrisha Leybovich is an agent and she's helped a lot of folks with these homes. With all of the duplexes in Phoenix being on the old side, this is a much better option. Feel free to reach out. Perhaps we can help.