I'm 33 and finally in a position to start pursuing a goal I've had for a long time.
About me: I went to UC Davis and came out with a business degree, and worked in real estate for a short time in my early 20's before exploring other avenues of business. I graduated in 2008, so "exploring other avenues" might be another way of saying I was laid off from a lot of jobs during the recession :)
Long story short, I realized i had another calling at 27 and worked hard to become a firefighter, which I finally accomplished this year. If I learned anything during those years, it's that persistence is powerful.
I love my job, and after years of working as a paramedic I finally have a decent income. With my current expenses (which are low - the only advantage of working for $17/hr for years) I've been able to save $2k a month (plus any overtime I work), which I have been using to pay off the credit card debt I accumulated (nothing crazy, but I had some big automotive expenses).
I finally have that paid off, and am starting to save for my first investment property. I have been listening to the BP podcast and have been reading every real estate book I can get my hands on (or listening to them on audible during my drive from Sac to Fresno).
I am mostly looking at out of state investing because of the high prices here in my state. The BRRRR method makes sense to me, and would require I save around $100k in cash before I could take on my first deal. That will take me about 3-4 years depending on overtime, during which I plan to learn as much as I can. I am not interested in a hard money lender. I'm well aware I may screw up my first few deals, and don't want to owe somebody money when I do.
I am also considering house hacking a multifamily to cover my mortgage, which would not only help me save more money each month, but also give me some experience in the process. Plus with a 3.5% FHA loan, I can realistically expect to be in a position to do that in less than 6 months
Anyway, it's a pleasure to meet you all. I know there is so much knowledge and experience here to help me learn, and I'm looking forward to spending more time here.
Welcome to BiggerPockets! Truly nice to meet you. Good luck going forward! 😁 Thank you for your service as a fire fighter.
I wish when I was younger I was smart like you to want to take this path. Use all the tools available to you. The FHA would be a good start. But if you have a hard time finding something affordable, consider using the FHA 203.
Welcome to the family. Congrats on your newish job and your dogged persistence to achieve success! There's lots of great deals in Fresno! Keep building your network!!
Welcome @Tom Conant and congratulations on taking the necessary steps to start building wealth through real estate! You're in good company. Your perseverance to pursue your calling (even though it took a long time and required a ton of hard work) is admirable!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you