Finally getting my feet wet in Gainesville, Florida

Finally getting my feet wet in Gainesville, Florida

Jacksonville, FL · Member since 2013 · 14 posts · 1 vote

Well, as my title says I am finally getting into real estate after watching from the outside for a long long time. I am 28 y/o and have family in real estate, though none are investors. Most are in title ins. I've wanted to be my own boss and generate income through real estate for a long time now. I've read some books here and there (probably the wrong ones) and never had the capital or the guts to jump in. I am currently in school for Nursing and I tell people all the time that this is just to fund my real estate future. I now have the capital to purchase my first property. My tentative plan forward is to purchase a sfh and I will live in it for the next four years or so while I finish up school (grad. in sept '14) and I will rent the spare bedrooms to help cover the mortgage then when I move (or maybe sooner) I will buy my next property and so on. I will keep the first house as a rental. I plan to have some long term rentals and maybe a flip here or there if the #s fit. I know this is not a very aggressive strategy but as my confidence grows (hopefully due to successful ventures) I would like to make this my full time profession. Feed back on this would be greatly appreciated! My name is Dallin btw.

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  • Orlando, FL · Member since 2013 · 165 posts · 62 votes
    13y

    Dallin It looks like a good plan to me. Instead of funding your real estate future with nursing, consider a career as a Realtor. Having access to MLS and being sirrounded by real estate will encourage your investing . If you think having a real estate license will help, here is how to get one. Watch this five minute video. http://www.youtube.com/watch?v=fHHAn4DRDiY

  • Investor · SE, MI · Member since 2013 · 1k+ posts · 461 votes
    13y

    Hi Dallin,

    Welcome to BP! When you get a chance, post a picture, we all like to see who we're talking to...

    Sounds like a good plan to be, albeit a conservative one, but nothing wrong with that. Knowing what I know now, if we could have a 'do over' I think we would have gone this route- buy a SF and live in it, move and rent, rinse and repeat!

    Another thing to consider, see if you can find a nice multifamily property, preferably 3 or 4 units, so you can start renting sooner!

    Kelly

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    13y

    Hey DB Brooks welcome to BiggerPockets! As Kelly said, I'd recommend you look into a small multifamily property, which you can get into just as easy as a regular sfh! Just a thought :)

    Be sure to set up some Keyword Alerts for some of the topics you are knowledgeable about, or other topics that interest you (like wholesale, Gainesville, Rehab, etc ) so you'll be notified that those words were mentioned in the forums and can jump into those conversations! It's also an awesome way to meet new people from your area when they introduce themselves to this forum!

  • Jacksonville, FL · Member since 2013 · 14 posts · 1 vote
    13y

    Thanks guys, I am definitely interested in multifamily property. In my town the only mfh listed that are in my price range are in pretty sketchy areas that I would not want to live. I plan to live in my first property and am unsure about this. Would it be wise to take on a partner for a mfh in a better area that is about double my price range? Also, I will be in school for the next 1.5 years so my income will be limited, what would I do if I needed to make a repair to one or more units w/ little to no cash at hand? These are the main reason I was planning to buy a sfh and rent out a room or 2, the sfh in my price range are in decent shape and I would feel more comfortable about assessing the problems and attempting to repair them. Maybe I'm way off base in my thinking, if so please let me know.

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