Newbie Working on Financial Freedom

7 Replies

Let me start by thanking my parents, mentors and everyone in the bigger pockets. I came to USA in 2014 with just $400 and joined a 2 year Master's in Computer Science Program in NJIT,i completed this in just 10 months.While doing masters i started reading books related to financial freedom.My first book Rich Dad Poor Dad as most of the people's beginners guide.i moved to florida in 09/29/ 2016 and i closed my first property in 09/29/ 2017 which leads to financial security which means total expenses=total passive income.I am closing second one 5/7/2018 which will bring in extra 800 in passive income.

About Properties: First is Condominium for 120000 , 3 bd 2 bath, i do AirBnB in one room, stay in one and rent the other to my friend.This will bring in 400-750 in passive income.

Second one is near Downtown Orlando for 230000, which is worth 265000 as per appraisal. i will be renting the rooms as this property is having 3 Bd 2 Ba and 1 Studio Apartment which will bring me from 600-1000 in passive.

My Goal is to reach 10000 in passive income, Please guide me how to reach this destination as many of you reached.

i am improving myself and these are the action list

1) Reading books related to Real Estate (One house at a time, Buy houses with No Money Down by Brandon Turner, Millionaire Next Door.

2) This Discussion to reach as many amazing people and achievers as possible.

My Questions

1) How to buy next homes ? ( Private Finance/ BRRR method)

2) How to reach 10000 Magic Number.

Any suggestions and guidance will be appreciated.


Hello Parechay, Rich Dad Poor Dad was a great read. I am also reading Brandon Turners latest book on Audible. looking to learn more about the Orlando Market place, more specific to single family homes. Any suggestions welcomed.

Thanks,

Darren

There are many ways to do it, and what works for one will not work for another, so my advice to you is not to take specific advice from people here (especially the ones who inevitably will offer to sell you properties or their services) but rather to keep reading Bigger Pockets, take in as much as you can, connect with and ask questions of the people that look to be experts, challenge assumptions, and discover what is interesting to you. 

Then explore deals by networking with others on the site (connect with people that post deals in the marketplace) and in local REIAs. Explore BRRR options, but also network and see if you can find someone you mesh with on private financing. You need to have more than 1 ball in the air because you never know from where you will catch the next break / deal. Learn further by attending the BP webinars.

The advantage you have is that Florida is still a great state for making investments, and you have found the right place to learn and network. It sounds like you are off to a great start!

My husband and I are still working towards financial freedom ourselves but have been investing in properties for over 10 years and still have further to go to true independence.  Keep in mind that it is a long road, and sometimes there are problems and unexpected expenses in the way. For example, in one of our properties, an older duplex, we recently had to replace both AC units as well as some ductwork to the tune of $11,000! So the passive income is great, but understand that repairs and unexpected expenses will cut into that from time to time.  Since we own a bunch of properties, we are able to absorb the expense, but that is a lot of cash flow out the window!

Good luck!

@Caroline C. Thanks for such a amazing response, as you mentioned i am trying to connect to people and get educated by reading and learning from others mistakes also. As you mentioned it's a long journey for financial freedom and i need to be more patient on the path and consistent on gaining knowledge. Please accept my request.

Originally posted by @Caroline C. :

There are many ways to do it, and what works for one will not work for another, so my advice to you is not to take specific advice from people here (especially the ones who inevitably will offer to sell you properties or their services) but rather to keep reading Bigger Pockets, take in as much as you can, connect with and ask questions of the people that look to be experts, challenge assumptions, and discover what is interesting to you. 

Then explore deals by networking with others on the site (connect with people that post deals in the marketplace) and in local REIAs. Explore BRRR options, but also network and see if you can find someone you mesh with on private financing. You need to have more than 1 ball in the air because you never know from where you will catch the next break / deal. Learn further by attending the BP webinars.

The advantage you have is that Florida is still a great state for making investments, and you have found the right place to learn and network. It sounds like you are off to a great start!

My husband and I are still working towards financial freedom ourselves but have been investing in properties for over 10 years and still have further to go to true independence.  Keep in mind that it is a long road, and sometimes there are problems and unexpected expenses in the way. For example, in one of our properties, an older duplex, we recently had to replace both AC units as well as some ductwork to the tune of $11,000! So the passive income is great, but understand that repairs and unexpected expenses will cut into that from time to time.  Since we own a bunch of properties, we are able to absorb the expense, but that is a lot of cash flow out the window!

Good luck!

Wow thank you so much for this post! 

I love that you mentioned "it is a long road, and sometimes there are problems and unexpected expenses." We forget this but this is so true! On any journey in life, we have necessary circumstances that come our way, in order to learn and grow. I think it's something beautiful to embrace. :)

Good luck to both of you on your REI journey.

As an exceptional newbie (fresh out the womb), this thread made me happy. @Parechay M. its great because you are trying to reach this 10000 destination. But then I look at the fact that you have two properties, and think to myself how cool that is going to be when I am where you are! 

It sounds like you are on the right path.