New Member from Monroe, CT
Hi Everyone,
I am a new BP member from Monroe, CT. I have been listening to the BP podcast for about a month now as I work to engulf myself in the real estate investor community. I am eager to make connections with other members as I hone my skills and look to purchase my first investment. I already found a meetup about 20 minutes from my house in Wallingford, CT which is great.
A little history about me is that I work in tech sales and my wife works in the music industry. We have been fortunate enough to save a significant lump sum of money in the past 3 years. After discussing additional market investment opportunities with our financial planner, we decided to turn towards real estate. My thought about buying 1-2 rental properties has been moved aside after listening to the BP podcasts for the past few months. I am fully on board with focusing on real estate, in addition to my FT job, for the next few years in an effort to "retire" early. My initial long-term goal is to produce $4,000/month in positive cash flow by 2023 so my wife can quit her job and be with our kid(s) - we just had our first 8 weeks ago! My first strategy is to purchase single family homes local to my area and then rent them. I would anticipate needing about 10 homes in 5 years to reach my goal - assuming an average of 400$ cash flow per home. Based on others experience, is this 400$/month profit as an average too high to assume?
From there, I am willing to branch out into new strategies or even adjust my approach after my first few investments base off what I learn. Ideally, I would like to look into duplexes, triplexes etc. as a next step. I look forward to meeting many of you in the future and will do my best to participate on these forums as much as possible to make connections.
Happy Thanksgiving to everyone!
Chris Sherman