Hi everyone, This is the first forum I have seen where newbies aren’t ripped apart by wolves :).
I’m about halfway through The Millionaire Real Estate Investor by Gary Keller.
I am 21 and a jobless & broke college student who’s the least mechanical person on earth.
I’m in the process of checking my credit (having some trouble with freecreditreport.com).
My goal is to eventually make about 40k yr passive income.
I guess that would be about 11 homes @ about $300 month positive.
Too unrealistic for a beginner ?
Totally open to everything (best way to learn).
Thanks in advance
Welcome to the club! You are reading one of the best books for motivation and the how and why of rei. A lot of us are neophytes waiting to get our feet wet and this site and its forums are a great place to learn. Be sure to read each forum to get a thorough understanding of each subject then ask, if necessary, for clarification. The folks here are generous in their advice and are not afraid to kick you in the a** if necessary. You need to set your goals and a realistic plan for achieving them based on your circumstances. As will be suggested, you might try birdogging to get experience and cash. kd, reo, mike, mark, and tedjr are the gurus that will give you sound advice. Follow their lead and you will do well. Good luck and, again, welcome.
Welcome to our site – we also think it’s the best!
11 homes, depending on you timeline is very realistic…whether or not you can get $300 a month positive is going to be dependent upon where you are, specifically, the cost of property (and the associated expenses) versus the rent that you can realistically charge for them.
In this area, the properties that I own realistically rent for $625 to about $750…it is a bit difficult to pay ALL the expenses and still have a $300 positive. But, I run about $175 to $250 positive on each.
Thanks much for the replies.
I am in a Wichita Falls a town of about 100,000 people.
About 100 miles north of Dallas.
@ $175 month about 19 homes would hit 40k.
Maybe I could find an Investor to bird dog.
This place is a fairly cliquey country club town though ( groups are probably harder to get into).
Lo and behold! I live in Vernon and am trying to get started in Wichita Falls but the BRAC closings made me hesitate along with the change in L/O laws in Texas. I think we will be able to pick up SFR rather cheaply as the base closing progresses. Before BRAC the average time to turn around (sell) was at 90 days. I think that will increase. There was a strong rental market but I have noticed an increase in multi-family units for sale, howbeit, most that I have looked at are dumps and do not have tenants. I have looked at Iowa Park and City View areas. Would be glad to get together with you. I have contacted the guys who “buy houses” in the paper but they are not interested in bird dogs or helping much.
Wow reminds me of myself! Yes it can be done and yes I have done it! The only thing is it will take 6 months if you do it right! What are you going to do other then that?
Great, I’d like to get together sometime Richard. (I sure was lucky in my first thread)
I am trying to read as much as I can here.
I still have a lot to learn but, this is a great place to do it.
I’m still learning the process, financing ,etc…
Hopefully I can learn enough to hit the ground running and nail my short term goals.
I picked 40k because It is enough to free me from The Man but, I’d eventually like enough so my grandparents can retire comfortably.
Thanks Again Guys ;D
My shorter short term to action plan.
#1 Learn as much as I can.
#2 When I am ready I’ll start an ask Neophyte what he should know thread and you more experienced investors can quiz me ( I’m sure quiz won’t be a strong enough word).
#3 save reserves 15k to 20k. Maybe via regular J-O-B (do what you gotta do) . Maybe I’ll learn enough to find a place to birddog & then wholesale.
#4 Tend to credit score (it should be pretty good but, it can be made better)
#5 Hit ground running networking and doing deals.
I’m still uncertain of my time frame but, no huge hurry I’d rather measure 10 times and cut once if y’know what I mean
What do you guys think? Critiques?