New Member & My General Plan

4 Replies

Hey Bigger Pockets,

I'm new to Bigger Pockets, been listening to podcast for a while and decided I need to take more action toward my goal of being a real estate investor. I'm 26 and located in San Luis Obispo, CA. Central Coast of California if you aren't familiar, between LA and SF.

My ultimate plan is to Buy and Hold rental properties so I have a retirement income for myself, and so I can retire earlier than later. I work full time at a local software company. Nonetheless, I'm really interested to learn more about wholesaling - no idea if it is for me, but interested. I often work 50-75 hour weeks, so I honestly dont have the greatest number of hours sitting available - but I can grind through the night no problem. I have never worked in real estate. Below is my rough plan on how I'm going to get to my goal - feel free to provide feedback and rip apart my plan.

Plan:

1. Starting in March I am going to take over the property management of a family member's single family house here locally. I think this will expose me to some aspects of buy & hold REI. I'm learning all I can about property management right now.

- during this time I will continue saving money, reading a ton of REI books, and listening to BP Podcast.

2. During this time I will also seek out mentors [anyone looking to be a mentor?], practice analyzing deals, refining my purchase criteria, and deciding where I want to buy my first property.

-where I live real estate isnt cheap, and I am contemplating buying out of state for first investment. I welcome any and all insights on this.

3. Make offers and purchase first property by end of year 2023. I plan to manage it myself in beginning to keep things lean but will factor in property management in the calcs just to be safe.

Goals:

1.Own first investment property by 2023

2 own 15+ units by 2035 (I'll be 42 then). [This might be really low goal and I need to step it up... feel free to share your thoughts on this too]

3. I'm contemplating a ROBS, but will try to avoid as to keep that money as a last resort for REI.

I welcome and appreciate any and all insights, tips, and feedback on my general plan so far. I have a ton to learn so throw whatever you have at me.

Thanks BP community.

-Will Buckingham

Congrats on getting started @William Buckingham ! Great start by identifying goals and plan. I'd challenge you to get that 1st property in 2020. The sooner the better, the longer the wait, the more reasons to not do it. Look for areas in your life where you have surplus (time for 2nd job, space in home to rent out, savings, etc.) that could be converted into cash to go invest. Out of state there are so many options - the Midwest and Southeast US both can cash flow well with the right deal. Get a duplex - first property and now you have 2 units... well on your way to that 15 and way ahead of schedule. 

I started this year and have 4 and have a 12-unit under contract right now... go crush those goals.

Originally posted by @William Buckingham :

Hey Bigger Pockets,

I'm new to Bigger Pockets, been listening to podcast for a while and decided I need to take more action toward my goal of being a real estate investor. I'm 26 and located in San Luis Obispo, CA. Central Coast of California if you aren't familiar, between LA and SF.

My ultimate plan is to Buy and Hold rental properties so I have a retirement income for myself, and so I can retire earlier than later. I work full time at a local software company. Nonetheless, I'm really interested to learn more about wholesaling - no idea if it is for me, but interested. I often work 50-75 hour weeks, so I honestly dont have the greatest number of hours sitting available - but I can grind through the night no problem. I have never worked in real estate. Below is my rough plan on how I'm going to get to my goal - feel free to provide feedback and rip apart my plan.

Plan:

1. Starting in March I am going to take over the property management of a family member's single family house here locally. I think this will expose me to some aspects of buy & hold REI. I'm learning all I can about property management right now.

- during this time I will continue saving money, reading a ton of REI books, and listening to BP Podcast.

2. During this time I will also seek out mentors [anyone looking to be a mentor?], practice analyzing deals, refining my purchase criteria, and deciding where I want to buy my first property.

-where I live real estate isnt cheap, and I am contemplating buying out of state for first investment. I welcome any and all insights on this.

3. Make offers and purchase first property by end of year 2023. I plan to manage it myself in beginning to keep things lean but will factor in property management in the calcs just to be safe.

Goals:

1.Own first investment property by 2023

2 own 15+ units by 2035 (I'll be 42 then). [This might be really low goal and I need to step it up... feel free to share your thoughts on this too]

3. I'm contemplating a ROBS, but will try to avoid as to keep that money as a last resort for REI.

I welcome and appreciate any and all insights, tips, and feedback on my general plan so far. I have a ton to learn so throw whatever you have at me.

Thanks BP community.

-Will Bucking

 Hello and welcome! Best of luck to you!

@Joseph Firmin thanks so much for the insights and perspective! Great point about aiming to get first property in 2020 - the sooner the better for sure, and only good things can come from moving timeframes closer. Thanks for challenging me. Yes, there's definitely areas I can further increase my savings for REI.

Awesome to hear you started this year and already looking to get a 12 unit. Thanks Joseph for the share. I look forward to seeing you on the forum.

Thanks,

Will

Hi @William Buckingham , love the goals! I agree with @Joseph Firmin , it is always better to buy sooner rather than wait. An old Chinese proverb, the best time to plant a tree was 20 years ago, the second best time is today. There are always deals in every market, you just have to be able to search for them and find them. In our area, lots of those deals exist off market, so it is helpful to learn how to find them or know someone who knows how to find them!

House hacking is also a great strategy to make your primary residence work for you. I'm currently house hacking in a 4plex and loving it! The amount of principal pay down and appreciation built up as the rents pay down the mortgage is incredible! I'd be happy to get together and share some spreadsheets/tips I use to analyze deals to help you out.

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