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Updated over 2 years ago,
New Investor Advice.. Where to start.??
Hello to all, I'll set my situation with you. Hopping to hear some suggestions.
- Currently good paying job, combined income + $200K
- Savings $60K (Could save a little more if needed)
- Experience Zero.
- Currently living in Southern Ca, so there is no such a thing as cheap property to buy over here. People want $$$$$$$$$ for their run down properties, so buying ugly home, move in and fix is not a cheap option.
- Currently rent: $3k a month
- Goal get into REI ASAP, probably out of state
- Zero real estate owned
- Rehab experience zero
I have a good friend in Atlanta with experience in flipping and brrrr. Originally he was willing to mentor me, get a property from his wholesaler. he wanted to finance the property cash and me finance the rehab. Because of current state of finances in the country he is not interested in doing any deals for now. I know interest are high but It makes purchasing easier for the small guy like me, I understand that currently buying and flipping may not be good idea, but the opportunity of buying and holding seems good.
Currently I am back to Zero, I want to get started ASAP, but out of partner. I do not know many ppl with extra $$$ willing to invest, or the ones I know do not have much saved. I am interested in SFH or MFH. How to fund my BRRR? Should I jump into a property and trust a contractor to run numbers for me?
Suggestions?