Abbas reached out to me from BiggerPockets and I was immediately excited for him because he had a passion for real estate and it was easy to see he had the skill and temperament to be successful. He has incorporated his son and they are closing on their third property and looking to get their fourth before the end of the year. It takes confidence to get started, and Abbas is a great example of how if you get up the nerve to get started, real estate investing can be fun and profitable.
How do you make your living outside of real estate investing?
I work full-time in Finance.
How old were you when you bought your first property?
I was 45.
Tell me about the first property we bought together.
I was quite hesitant, honestly. I invested over 4 years learning about real estate and contemplating whether this is for me or not. After all the research, I got more confidence and was ready to take the first step. It was not the perfect first property but it taught me invaluable lessons that let me mitigate mistakes in my second property. My strategy now is buy and hold, and after a certain stage, mixing in a fix-and-flip strategy.
How much are you cash-flowing?
Net cash flow is about $800/month taken home after all expenses.
What would you say to encourage an investor who hasn't yet bought their first property?
JUST DO IT, it is a lot of fun. Focus on things you control and try not to leave anything to fate. Know what you are doing and run numbers. Always protect the downside and plan on maximizing the upside. Not everything will work out as planned, but have a plan if things go south and have an exit strategy.
Is being a real estate investor easier or harder than you thought?
So far it has been easier than I thought. None of the horror stories have come true for me. Running the real estate investment as a business vs. a passive activity is the key. That business mindset will help you create long-term sustainable strategies and significant financial wealth if done correctly.
