My name is Josh. My wife and I are both prior Active Duty Air Force (she's not in the guard). I medically retired from the Air Force after breaking my back in 2014. I've since continued to work in IT and now work as a Senior Consultant for a well known software company. Although I've been successful in IT, I don't have much interest in it anymore and want to not only gain financial independence, but transition into a career in real estate.
Like many others, I have minimal experience in in REI (buying and selling primary occupant homes). Furthermore, I have very minimal experience in the DIY aspects of home improvement. Both of which I'm passionate about learning in the years to come.
My goal is to find like minded individuals, from all walks of life, experience levels, goals, focuses and simply meetup for lunch, a coffee, or larger groups - in addition to the local monthly Dayton Meetup group. I'm a huge advocate for professional development and I've learned that even a 15-30 minute conversation can ones self by leaps and bounds.
As with all things, this plan is by no means rigid. I'm still trying to learn my niche, but this is my starting blue print. This will evolve over time as I learn more, but want to provide this to hold myself accountable and transparent.
I have 2 primary goals. One is to create passive income for retirement, my secondary is being able to leave my current profession and focus full time into real estate.
Short Term (1-3 years):
- Sell current property - Class A home, can make equity on sale, but rent level is too high for comfort (too risky)
- Year 1: Purchase first "House Hack" property (duplex)
- Year 2: 1 Duplex (Stretch Goal: 1 multifamily)
- Year 3: 2 Duplex (Stretch Goal: 1 multifamily. 2 flips)
Total Properties: 4 rentals (Stretch Goals: 6 rentals, 2 flips)
Medium Term: (4-7 years)
- Year 4: 3 Duplex (Stretch Goal: 1 Duplex, 3 flips)
- Year 5: 3 Duplex (Stretch Goal: 1 Duplex, 4 flips)
- Year 6: 4 Flips - begin preparation for year 7 goal (Stretch goal: 2 flips)
- Year 7: Trade 3-4 initial rental up for an apartment complex (Stretch Goal: need to identify sizing for initial goal, then shoot for higher target as a stretch)
Long Term (7 years+):
- Needs developed. Expand on first 7 years, continue to focus on compounding capital investments for scale.
Hi @Josh Springer Welcome to BP. You've got some great goals set. There's a lot of overlap the ones you set for yourself, and the ones I had before I retired from the Air Force (also in IT). Those goals are all very doable.
The one thing I would add is, get to the flips sooner. I started out with rentals, and very quickly found myself "capital restricted". Having a steady source of additional capital to infuse early will really help you accelerate your investing for cashflow.
I see you've found our local meetup here on BP. I look forward to meeting you there. https://www.biggerpockets.com/forums/521/topics/52....
In the meantime, if you have any questions, feel free to reach out.
Welcome to BP josh! Good luck with your REI journey.,
Welcome to BP. There are not many duplexes in the suburbs around Dayton so you may run into issues trying to find one. There are plenty of them in the city but that may not fit where you want to live. You may have to consider a fixer upper for your primary residence and get a line of credit for the equity after you complete the renovations. Look forward to seeing you around the meetups.
@Josh Springer , welcome to BP and thanks for sharing! I'm actually flying to Cleveland for a couple days this weekend and will be in Dayton to visit a friend (he's also Active Duty Air Force) on Sat/Sun, would love to meet any locals so pm me if you are by any chance available Sunday.
11AM Sunday sounds good.
@Sergey Tkachev and to you as well! You get your buddy on BP yet? :)
I was actually doing some research in this general area and came across this. Do you guys have a recommendation on a realtor that you trust to help him and myself get started? I'm an out of state investor as well. I've had some trouble tracking down a reliable realtor.