All Forum Posts by: Joshua Fowler

@Daray Olaleye thank you for your input. I sometimes take an idealistic approach to things and it really helped seeing realistic negative outcomes for each of my options.

@Dj 

@DJ Cummins honestly, this is the best advice I've received so far. There are a lot of mobile homes nearby and even a mobile home park a few miles away. I see no problem finding tenants and I have a comparable properties to look at when setting my monthly rent amount. 

I think I'm going to do a combination of both, house hack my primary residence and rent out a mobile home on my dads lot.

Thanks guys!

I have a bunch of ideas of how I want to begin building my real estate investing portfolio and I'm having trouble choosing which option to pursue first. I think it would be appropriate to lay out my long term goals, as that influences how I begin my real estate journey.

- Replace my monthly W2 income with passive real estate income

- Pay off my parents mortgage

- Have $1,000,000 net worth (what a small minded goal right lol)

- Employ at least 3 family members with my property management firm

- Eventually retire from a W2 job and become a full time real estate investor

My options for my first property are:

1. Build and rent out a duplex on lot that my dad owns and will sign over to me whenever I'm ready

main pros: the land is free and my family grew up in the neighborhood so I'm familiar with the area

main cons: the area isn't in the best shape, with many abandoned and poorly built/maintained houses surrounding my property. I don't know how much I could charge for rent and also how attractive the property would be due to the surrounding homes 

2. BRRRR a foreclosed property in the metro Atlanta area

main pros: I'm confident that I could secure financing and I'm confident that I could renovate in a short time-frame with minimal expenses (DIY with my dad and uncle for most renovations)

main cons: I've never done this before so I'm not sure if I would choose a property that would generate a satisfactory ROI 

3. House hack and BRRRR a $100 down HUD home

main pros: $100 down

main cons: I would be tied to this property/location. I'm 24 and just 1 year into my IT career, I don't know where I could be in the next few years and if I would still want to be tied to the city of Atlanta

These are just pros and cons that I've identified myself with no real estate experience. If you could think of any other factors that could help influence my decision that would help a lot.

@Rush Wall I am definitely interested in joining the GaREIA as well as the North Metro REIA and North Georgia REIA. If you could point me in the direction of any one of these groups websites or facebook/linkedin pages that would be very helpful.

Hi everyone, I’m a 24 year old IT consultant that wants to begin building wealth through real estate. My mom is a real estate agent and my grand mom has held a rental property for the past 5 years. One of the first books i picked up for recreational reading was Rich Dad Poor Dad and i knew then that i was going to eventually get into real estate investing. This past weekend I‎t clicked “The longer i wait, the less i make” so I️ began researching general real estate investing info. I came across the bigger pockets podcast and 6 episodes later, I’m here on the forum looking to soak up as much information as i can. Goals -Short term Create a property management firm Buy two properties to rehab and sell Buy one property to rehab and rent out Build a house on my dads property to rent out - Long Term Create monthly passive income that matches my monthly W2 income Employ at least 3 family members with my property management firm Eventually retire from a W2 job and become a full time real estate investor I realize that i am young and dumb. Unlike most my age, i know that i don’t know everything, so I am actively looking for mentors that could point in the right direction and help me avoid common pitfalls that most beginners make. If you have any threads, post, articles, or just general tips for beginners please don’t hesitate to share. Thank you, Josh