Beginning stages of Wealth

14 Replies

Hello everyone,

I'm from New Hampshire. I've been researching how to escape this rat race like a mad man for the past six or seven month now. I've consumed countless books on business and investing, and typically find them very disappointing being that the bulk are just a sales pitch for something else. I've been scouring the internet, watching YouTube videos and pod casts. I've even been to a couple seminars. All of this has led me here, and I've been delighted at the wealth of great information I've found so far.

Now, I've come to the realization that the next step is to build a team that will help guide me down my desired path. I'm planning to invest in rental properties (BRRRR), and I will also be building business's which I will sell as turn key.

As of late I have been scheduling interviews with Realtors, Advisors, Attorneys, and CPA's. I have family in construction, so rehabs are covered.

I'm here to make new connections and most importantly expand my knowledge. I only do business with people that I meet face to face, so please keep this in mind if you'd like to work with me. Otherwise any and all advise is very welcome and greatly appreciated.

Best regards,

-Jonathan

Updated about 1 year ago

P.S. Sorry my post subject didn't meet the criteria in the sticky. I'm still learning to navigate the forum, and I'm not able to change the title. 🤷‍♂️

Welcome to BiggerPockets @Jonathan Killam !  I agree that much of the knowledge that is "sold" out there (through books or seminars) tends to be very salesy and motivational, rather than actionable content.  Much of the knowledge here on BiggerPockets is far more actionable and in line with what you are looking for to help get you involved in investing! 

As you grow a network of people you work with, BP can be a great resource for some of those connections, but also I'd encourage you to attend local meet-ups.  There are events that happen monthly in the Seacoast, Nashua, and Manchester here in New Hampshire.  I would encourage you to still grow your network of contractors as well even if you feel like your family has you covered in that area.  I'm good friends with (and family with at least one) contractor and I started getting estimates on a mainly cosmetic rehab project.  Every single estimate was coming in right around double what I had budgeted for.  After weeding through a lot of people, I finally started asking some other investors who these and how they keep their costs down... This connected me directly to some subs (flooring guy, painting guy, general contractor who specializes in apartment rehabs) that I've had to do a little management of, but has gotten my cost back within my budget.  Moral of that story, keep getting second opinions until you're satisfied that the price really is "the price".

Best of luck with your investing and feel free to reach out if you have any questions about the market! 

@Jonathan Killam

Welcome, focus on getting your first deal done as it will be a learning process. I'd probably go the FHA 203k route as it only requires 3.5% down ( minimal investment) and they provide you with the construction funds. Just make sure you have a licensed contractor with good references

....I'd echo Matthew's comments above - BP and local groups will get you a long way toward your goals as an investor. A great book you can read to help you in general when it comes to taking action is "The Slight Edge" - a lot of what we do isn't necessarily all that exciting, but doing the right things over time will compound to produce amazing results...... good luck and don't hesitate to reach out!

Welcome to BP Jonathan! Lots of knowledge here being shared every day. I also suggest going to local meetups to meet some folks and learn. Fairly new at this myself but happy to help if I can!

Rick

I think Lance deleted his comment. Maybe he realized how negative and uninsightful it was 🤷‍♂️

Originally posted by @Jenny Sayavong:

@Lance Alotti many many people are still BRRRRing in 2019, there’s plenty of money to be made.

 

Welcome! I am pretty much in the same boat as you, in terms of current stage of the process you are in. The BRRRR calculator is an incredibly useful tool, as are all of the resources on BP. Good luck with your REI journey!

Welcome! I'd echo what @matthew stanizzi said--start attending some of the meet ups and you'll gain some invaluable insights and make great connections. I'm also an investor in Southern NH and would be happy to talk more if you're interested.

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