New to Investing

[Nick Halula]

Hi everyone, My names Nick and I'm a 27 year old nurse hoping to buy a property soon in the San Diego area. My goal is to own a few properties over the next 10 years or so and get a stream of passive income while gain equity on the properties. I have around 100k, I am able to put down. Growing up, my brothers and I did a lot of handyman working with renovating units because our parents owned 2 large apt complexes, totaling 45 units in Pittsburgh, PA. So I ideally, I'd like to buy my first property as a fixer upper here in SD where I could live and fix up, while I'm not working, all while utilizing a FHA loan. I'm also considering buying in an area where properties are cheaper and I could hire a property manager to run it, so I could save more money on a property.

I just finished reading Brandon Turner’s The Book on Rental Property Investing and Rich Dad Poor Dad. I feel like it gave me a lot of information but I still feel like I need to learn a lot more before buying. Does anyone have any advice on resources/things I should should read/learn next? I feel like there is just so much information out there that I am having analysis paralysis. So if anyone could please point me in a right direction of where I should focus my time and energy on learning, I would greatly appreciate it! Sorry for the lengthy post but hope to hear from someone. Thanks in advance!

[Kenneth Donaghy]

Hi @Nick Halula, 

You have done a good job putting yourself in a good position. A lot of people I work with from BiggerPockets, who have gather a lot of information, read a lot of books, have reach out to me with in similars situations. Our goal is to find where you are at, what you are comfortable with, what you are qualified for, and help you set some realistic expectations, then take the next steps to get you in the game. Teaming up with the right lender and realtor will help coach you in the process. 

I'm a big believer in the House Hack strategy, combine with the mid-term rental strategy. For Example, being a nurse you know how travel nurses are always looking for a furnished rental. This could be a small multifamily or a rent-by-the-room strategy. It really starts will figuring out your budget based on what loan amount you qualify, then based on that amount, what area of town makes sense for you, your lifestyle, your commute, the kind of tenants you want to attract. 

Over the last 5 years, I have help dozens of people from BiggerPockets figure this out, and many are now on their 3rd househack with positive cash flow every month. 

Hope that helps!