Rookie Investor - Eastern NC
Hi BiggerPockets members. My name is Matt and I am a rookie investor that is currently looking for my first rental property. I want to stay in the Eastern NC area for my first property due to ease of travel and familiarity (somewhat) with the area. I'm currently married with a 2-year old daughter (shown in my profile picture). I'm here to build wealth and become financially independent to spend more time with my family. What drew me to real estate investing is the "thrill of the hunt". My family/friends will always come to me to find "the deal". Whether it be a vacation rental, new car, new TV, etc. They are always calling/texting me, telling me what they want, and waiting to hear back. I enjoy the hunt for a deal. I think I get more pumped up/excited during the hunt than when I actually find the deal/purchase it haha. Along with enjoying the hunt, I’m also known as the guy who gets stuff done. I enjoy any type of work if I feel it’s of value to the person I’m helping. I take pride in being the guy who can solve the puzzles & problems for other people and myself. It gives me a sense of accomplishment while helping others. And helping others is my true passion in life. I'm looking forward to taking my "passions" to the next level and start making some money with it.
My daytime job is project manager on a large roadway project (CF Harvey Parkway Extension in Kinston, NC if you are familiar with the area). The value of the project is approximately $75 million dollars and I'm responsible for overall profitability and all things money. I feel my job in roadway construction gives me a great head start in the real estate investing business because my day job is budgets, forecasts, management of construction, etc. I work 10-12 hours/day and have a 1 hour commute each way, so time is very valuable to me. However, there is a lot I need to learn and that's why I'm here.
I am excited and willing to help anyone on this forum in any way I can. As I mentioned I’m good at finding deals and getting stuff done. I’ve heard those are good skills to have in this industry so I’d be very excited to help any experienced or inexperienced investors in any way that I can. Put my skills to good use! Send me a message and let’s collaborate!
I'm working on my overall business plan right now and below are my early stage ideas. I know time is our most valuable asset and I don’t expect many to continue reading. But I would definitely appreciate any feedback. I know my 5+ year plans need more specific & measurable goals, but everything is a work in progress.
My niche to start - multifamily homes - duplex to 4-plex, rental period 5-10 years, city water/sewer (no exceptions), pricing up to $175k, cosmetic repairs but do not want to take on major repairs/complete rehab (especially structural). I would like to use seller financing, if possible, on my first couple deals. If not, I plan to use conventional loans and then explore additional avenues. I will always be looking for private funding but will not plan on having any for my first few properties.
Short Term Goals (0-5 years) - I am looking for $200/month/unit positive cash flow (If I’m being unrealistic please let me know). I will definitely need to use a management company due to time constraints so any recommendations in the area will help greatly! I want to purchase my first property within the next 4 months. I need to find a mentor that has experience in my current niche, add value to his/her investments, and use him/her as a resource for my business. I need to build a team of professionals that I can use for all my deals (Lenders, attorneys, real estate agents, handymen, etc.). My business will stay in Eastern NC for the next 1-3 years and then open to new markets under the same niche. I would like to have a handful of private finance options in my markets for flexibility and easier funding.
Midterm Goals (5-10 years) - my 5-year goals are $7,500/month worth of "passive income" from these properties and build $250k worth of usable equity. I plan to learn and use some of the $250k of equity to invest in commercial real estate. Not entirely sure which area of commercial real estate but will niche down and have a plan to move forward. I also want to continue investing in multifamily homes and increase my passive income to $15,000/month worth of passive income from all my properties by the end of 10 years. I want to have an established mentor that I continue to gain knowledge from and bounce ideas off. I would like to have 1 or 2 inexperienced investors that I am mentoring in the multifamily niche. I will have established teams of professionals in all markets of my investments. Brokers will know who I am in my established markets and bring me deals before they hit the market. I will continue growing my private lending resources. I also want to start building a real estate consulting business.
Long Term Goals (10+ years) – Continue commercial real estate investing. Slowly sell off my multifamily homes and concentrate on commercial real estate. Grow the real estate consulting business and hire full-time employees to assist with the business. I do not know how the real estate industry will grow within the next 10+ years so my consulting business will be based on the current industry.
If you’ve gotten this far (which most won’t haha) I really appreciate you taking the time to read everything. Any comments, questions, concerns, critiques, or complaints will be greatly appreciated. I know everyone’s time is very valuable and I can’t say thanks enough to everyone who participates in these forums and helps other real estate professionals out!
Sincerely,
Matt