Beginner Investor from East Texas

7 Replies

Name: Shawn Westbook

Current Home: Carthage, TX

Home Town(s): Lufkin and Beaumont TX

Occupation: Healthcare Provider

Family Status: Recently Engaged! with two fur babies (cats)

Real Estate Background: Green (Current Renter), Book smarts to street smarts ratio  10:1

Handyman Status: Novice

Strengths: When I am focused it becomes someone of an infatuation. I understand what is required to obtain abs or become an artisan and I am (usually) committed to whatever it is that has caught my focus. 

Weakness: I was born in the wrong era. Handing me technology is much like unleashing a sharpee wielding toddler in a freshly painted rental. Things could get messy. I'm not intentionally ignorant but it seems to be more of a congenital impediment. Fortunately, my better half has got my back here.

Background:  Hello, I am a recent graduate and stumbled onto the BP scene about two months ago. My new W2 job requires an hour long commute and I was fortunate enough to choose the BP podcast to pass the time ( I listen at 2x speed and have consumed 130 episodes since Oct. 1st... Obsessive?). I am used to having zero free time thanks to academia and now that I have time to think for myself, I have discovered an entrepreneurial itch that needs to be scratched. I cannot quite explain my obsession with investing but it has not only lead me here but to many of the books recommended on the podcast. It could be said that my last three months have been somewhat of a renaissance with regards to my financial education. That said, I feel as though I have entered the stage of my education where the dreaded analysis paralysis threatens my future in real estate. Therefore I have begun analyzing properties in the potential markets near me. These are all East Texas towns including (but not limited to) Tyler, Longview, Marshall, and possibly Dallas. 

Short Term Goal: I am going to begin by house hacking or with a live in flip in order to mitigate risk while exposing myself to the hands on experiences that books can't provide. My first purchase will be a SFR 3 bed 2 bath fixer upper, a residential MFR of 4 units or less or a series of mobile homes within a short distance of each other. This investment will be located within 20 minutes of I-20.This unit(s) will be purchased at a maximum of 80% ARV and with the potential to cash flow at least $150. I will finance this purchase with either an FHA or conventional loan.

Long term Goal: I am going to be financially independent ( passive income in cash flow equal to my post tax income) within 17 years. Once this goal has been achieved I will begin to use the passive income to pay off all debt in order to own all assets free and clear. My intention is not to quit my job but to create multiple streams of revenue so that I can pursue my passions. My passion is to spend time with my family and to travel the world with my fiance while providing our specialized medical services to the less fortunate.

I look forward to being a part of this community and hope to build some lasting relationships!

Welcome, Shawn! You sound like a pretty bright individual with a healthy dose of motivation. Keep educating yourself. Work a second job or get a side hustle to save up money. Buy your first hack and learn how to Landlord while saving up money again. Buy your second hack. Then your third. You can be financially independent - and even wealthy - before you hit 30.

You are young so now is the perfect time to live a little dangerous and get a few scrapes and bruises. Don't think you need perfect knowledge before acting! You'll learn to swim much faster by jumping in the water and there are thousands of lifeguards on BP to help pull you in if the water gets too rough.

Originally posted by @Shawn Westbrook :

Name: Shawn Westbook

Current Home: Carthage, TX

Home Town(s): Lufkin and Beaumont TX

Occupation: Healthcare Provider

Family Status: Recently Engaged! with two fur babies (cats)

Real Estate Background: Green (Current Renter), Book smarts to street smarts ratio  10:1

Handyman Status: Novice

Strengths: When I am focused it becomes someone of an infatuation. I understand what is required to obtain abs or become an artisan and I am (usually) committed to whatever it is that has caught my focus. 

Weakness: I was born in the wrong era. Handing me technology is much like unleashing a sharpee wielding toddler in a freshly painted rental. Things could get messy. I'm not intentionally ignorant but it seems to be more of a congenital impediment. Fortunately, my better half has got my back here.

Background:  Hello, I am a recent graduate and stumbled onto the BP scene about two months ago. My new W2 job requires an hour long commute and I was fortunate enough to choose the BP podcast to pass the time ( I listen at 2x speed and have consumed 130 episodes since Oct. 1st... Obsessive?). I am used to having zero free time thanks to academia and now that I have time to think for myself, I have discovered an entrepreneurial itch that needs to be scratched. I cannot quite explain my obsession with investing but it has not only lead me here but to many of the books recommended on the podcast. It could be said that my last three months have been somewhat of a renaissance with regards to my financial education. That said, I feel as though I have entered the stage of my education where the dreaded analysis paralysis threatens my future in real estate. Therefore I have begun analyzing properties in the potential markets near me. These are all East Texas towns including (but not limited to) Tyler, Longview, Marshall, and possibly Dallas. 

Short Term Goal: I am going to begin by house hacking or with a live in flip in order to mitigate risk while exposing myself to the hands on experiences that books can't provide. My first purchase will be a SFR 3 bed 2 bath fixer upper, a residential MFR of 4 units or less or a series of mobile homes within a short distance of each other. This investment will be located within 20 minutes of I-20.This unit(s) will be purchased at a maximum of 80% ARV and with the potential to cash flow at least $150. I will finance this purchase with either an FHA or conventional loan.

Long term Goal: I am going to be financially independent ( passive income in cash flow equal to my post tax income) within 17 years. Once this goal has been achieved I will begin to use the passive income to pay off all debt in order to own all assets free and clear. My intention is not to quit my job but to create multiple streams of revenue so that I can pursue my passions. My passion is to spend time with my family and to travel the world with my fiance while providing our specialized medical services to the less fortunate.

I look forward to being a part of this community and hope to build some lasting relationships!

Welcome aboard Shawn.

 

Texas is a great state to invest in! Welcome! This is a landlord friendly state- maybe not so much in Austin. My newest 3 rental tenants in the past year are people fleeing California. So there is definitely a need here. My advise is when you lease out - use the Texas Realtor lease template, it covers all your bases. Better yet , use a Texas realtor to lease out your property, they take a lot of weight off my shoulders and I am grateful for the help.

Hi Shawn,  Welcome to BiggerPockets and the East Texas Area.  If you get the chance come on over to Longview for a Meetup meeting for Longview and surrounding area.  It meets on the Third Monday at 7:00pm at Cotton Patch Restaurant on McCann Rd.   

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