I had prowled around the forums for about a year before posting, once I started investing full time. I figured my 101st post would be as good as my 1st post to introduce myself. lol I have read a number of other forums but most were not even close to as professional as this site. I got that "guru" feeling from a lot of them if you know what I mean. Just a little shady.
I am a full time investor doing both flips and rentals. I have been interested in real estate for a long time and read every book in the library in college about it and still read voraciously. It took me about 7 years from the time I started my research till I actually made my first purchase. At this point, I am glad I waited. I nearly purchased a duplex when I was in college but I couldn't figure out why nothing seemed like it would cashflow. I know now that the market was overinflated. My first purchase was a 4 unit building where my wife and I live in the main house. I went full time 2 years after that first purchase.
This year was my first year full time. I purchase properties at the county foreclosure auctions, rehab and sell them off, mostly to other landlords. I completed 4 this year and am of course hoping to ramp it up this coming year. I'd like to build to one month. I'd probably get there faster if I stopped buying rentals for awhile but right now is such a good time to buy in my opinion, I can't avoid it. My current goal is to continue to add one a year.
In addition the the flips I have built from 4 rental units to 9 this year and am at the point where I can now pay my bills from those. That has always been a major goal of mine so maybe I will be able to comfortably put more into the flipping business now. I also manage some rentals for other landlords and would like to continue to expand that. I haven't really set a goal for that but would like to build it to the point that it could pay my bills also.
In addition to that I also have my real estate license to sell my own properties, pull comps, and work with other investors. I'd of course like to build up some more clientele in this business also. I'd like to build up to a 2 million dollar volume a year business.
Right now I get busy every now and then but could certainly take on more business. I have one person right now who works almost full time for me doing repairs and showing apartments every now and then. I'd like to be able to get an assistant by the end of next year also. Another goal of mine. Hopefully I'll need one.
I appreciate all the help I have received here and hope to give some of it back. It's truly a great resource and a place to network.
Thanks for sharing, Tim. It sounds like you've got a good operation running. I can't imagine investing full time and then managing other people's properties on top of that!
County auctions is something I'm currently trying to learn more about since inventory is still low in my area.
Tim, it is never too late to introduce yourself! I really like your strategy and it is somewhat similar to mine. We have been primarily rehabbing and selling but are ready and have the resources to start picking up rentals, in fact, we are only $5k apart with a bank on a foreclosure we would like as our first rental.
Congrats too on being able to do this full time, this is also a goal of mine although I am going to hold out as long as possible so we can keep the forward momentum going...at some point though it the momentum will build quicker if we are full time, I am just not sure when that is.
Anyways, thanks for sharing and good luck!
@Tim Czarkowski - Welcome to BiggerPockets and thanks for the intro, despite it being your 101st post. I'm glad to hear that you've found ours to be the most professional network in the space; we work very hard to make sure BiggerPockets stands far above everything else online.
It sounds like you're off to a good start. Good luck as you continue on your journey and I look forward to your continued engagement here with us.
@Andy Bankston The key for me being able to invest full time is having someone decent work for me that can handle all maintenance work. If it's something he can't handle he has HVAC, electrical, plumbing contacts, etc. He also had been able to help me minimize costs by doing things like refinishing counter tops or painting a refrigerator and buying scratch and dent appliances. It's nice to have someone who can show apartments and handle getting the units ready for rent because turnover is the most time consuming part of managing rentals, for me at least. If I was attempting to do the maintenance, I can't because I'm not all that handy, I wouldn't have time for anything else.
I think the auctions are a great place to buy. If your the high bidder it yours, there is no 45 days to close or negations or inspections or anything like that. That is part of what makes it challenging though. Just make sure you do your research and be prepared as you can for the unexpected. The competition for listed properties here makes it almost impossible to get a property you can flip and even many of the properties at auction are overbid in my opinion. It's like anything else if you stay on top of it and know your values you can get deals.
@James Vermillion What I like about rentals is they are so steady. Once you purchase it you can expect a pretty steady return. You don't have to always be chasing the next deal. With having enough rental income if the market changes or something happens I can still pay my bills. It makes me feel much more comfortable. It helps keep my wife off my back in-between deals also, lol.
Personally I was dying to go full-time but I was also planning on staying at my job longer than I did. They were making cuts so I just left, but it has worked out great. I did much better this year than any year with a regular job. My father has his own business and told me more times than I can remember that I needed to live on less than I make and get my own business. With the economy the way it was it took me longer than I hoped for to get my business but it has worked out better that way. I actually tried to buy a local restaurant but I am glad I couldn't find financing then, it was 2009. Real estate is much better than the restaurant business although I did enjoy managing them in the past. I would say when you feel you don't have the time necessary to continue to grow your business it's time to go full-time. I couldn't imagine handling flipping while also working full-time. I am much happier now that I am on my own.
Im trying to learn the market in Jacksonville . I have a chance to buy some NPN's in the Jacksonville area . Have the markets in this area improved ,and would you be willing to work with me and give me the advice I need.
Im on Linkdin
We have a meetup this Thursday. I hope you can make it.
Hey @Tim Czarkowski welcome! Definitely start jumping into the community here! Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.
Finally -be sure to setup some keyword alerts - especially for "Jacksonville" so you can jump into local conversations.
See you around the forums!
@JC Gauthier , the link is http://www.meetup.com/JAX-REI/events/182355232/?gj=wc1c.2_e&a=wc1c.2_gnl&rv=wc1c.2_e&_af_eid=182355232&_af=event
I think he forgot the dash... Hope to see you there!
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